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Gary Forster’s Article on the New Nevis LLC, published in the Sept. / Oct. 2017 ABA Property and Probate Magazine

Sep 25 2017

ABA Property and Probate Magazine

The Nevis Limited Liability Com­pany (Amendment) Orclinance (NLLCAO), 2015 (the "New Ordinance") strengthens and clarifies the prior Nevis Limited Liability Company Orclinance (NLLCO) of 1995 ("Prior Orclinance"). Among the improvements made by the New Orclinance are the addition of (1) fraudulent transfer pro­visions governing assets contributed to a Nevis LLC, (2) language prohibit­ing enforcement of foreign judgments against member equity, and (3) enhanced limitations on creditor remedies. This article explores several significant aspects of the New Orclinance.

Introduction

Nevis is a small island located in the West Indies of the Eastern Caribbean. Nevis is primarily known in the United States for being the birthplace of founding father Alexander Hamilton. Other historical significance includes a period during which Nevis was home to substantial sugar plantations and the hub of the English slave trade. Nevis is one of the two islands that constitute the Federation of St. Kitts and Nevis.

The first ordinance adopted in Nevis establishing a beneficial planning entitft the Nevis asset protection trust was the Nevis International Exempt Trust Ordi­nance. See Nevis International Exempt Trust Ordinance (1994, as amended). The trust ordinance was modeled on the Cook Islands International Trust Act passed in 1984. The Nevis Interna­tional Exempt Trust Ordinance offers several protective features, including prohibitions against the enforcement of foreign judgments against trust assets, limited fraudulent transfer remedies, and binding choice of law provi-sions. To complement the trust Nevis adopted a limited liability company ordinance in 1995.

 

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Gary Forster

Gary is the author of two books. In 2013, he wrote Asset Protection for Professionals, Entrepreneurs and Investors, a guide to asset protection strategies for clients and their financial advisors, now in its second edition. This year Gary finished the first edition of The U.S. Estate and Gift Tax and the Non-Citizen. This new book explains how resident and non-resident foreign nationals are impacted by the U.S. Estate and Gift Tax.

We cater to the professional, entrepreneur and investor seeking customized domestic and international asset protection strategies.

Our firm also analyzes potential exposure to individuals and businesses and provides strategies to insulate vulnerable assets.

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