The Foundations Act, 2003, (No. 8 of 2003) was passed in September of 2003. This piece of legislation provides for the establishment of Foundations in St. Kitts.
What is a Foundation?
A founder or a person acting on behalf of the founder may, on delivering Articles of the Foundation to the Registrar and on the payment of the prescribed registration fee apply to have a foundation registered in accordance with the provisions of the Foundations Act.
The concept of a foundation consists of the endowment of a specific amount of assets for a specific purpose (object) determined in the articles of the foundation. An appointed body known as the Board of Councillors is entrusted to carry on the business and affairs of the Foundation and to pursue its objects. The person(s) who creates the endowment is known as the founder and the persons who benefit from the endowment are known as the beneficiaries.
