View all newsletters
Have the short, sharp Spear's newsletter delivered to your inbox each week
  1. Wealth
June 15, 2009

Jersey Finance: Foundations Law approved

By Spear's

The approval of the Jersey Foundations Law by Privy Council this week has been welcomed by Jersey Finance as a hugely positive step in affirming the Island as a centre of excellence for private wealth management business.

Press release from Jersey Finance:

The approval of the Jersey Foundations Law by Privy Council this week has been welcomed by Jersey Finance as a hugely positive step in affirming the Island as a centre of excellence for private wealth management business. 

Passed by Privy Council on 10th June, the law will enable the first foundation structures to be established from mid-July.  Jersey becomes the first of the British Crown Dependencies to offer foundations as an investment vehicle for financial planning. 

Foundations sit alongside existing vehicles such as companies, trusts and limited partnerships for use in financial planning and private wealth management strategies.  Whilst similar in design to foundations in other jurisdictions, the Jersey structure introduces the concept of a ‘guardian’ with oversight on  the council’s activities in relation to the foundation and ensures that it achieves the broad objectives outlined in its constitutive documents. 

Robert Kirkby, Technical Director of Jersey Finance, said: 

‘The approval of foundations is a hugely important development for Jersey’s Finance Industry. There has been extensive consultation between Industry, legislator and regulator throughout the development of the Jersey foundation, which offers Jersey-based trust and wealth management providers a highly attractive addition to their existing range of options. 

‘There has been significant interest in Jersey foundations for some time now. We expect them to be a particularly attractive option for wealthy clients in civil law jurisdictions where the concept of a trust vehicle is not so familiar.’

Content from our partners
Finding a purpose for family wealth during uncertainty 
Porto Montenegro: Adriatic Elegance Tailored to You
Family office gold rush in Hong Kong

Select and enter your email address The short, sharp email newsletter from Spear’s
  • Business owner/co-owner
  • CEO
  • COO
  • CFO
  • CTO
  • Chairperson
  • Non-Exec Director
  • Other C-Suite
  • Managing Director
  • President/Partner
  • Senior Executive/SVP or Corporate VP or equivalent
  • Director or equivalent
  • Group or Senior Manager
  • Head of Department/Function
  • Manager
  • Non-manager
  • Retired
  • Other
Visit our privacy policy for more information about our services, how Progressive Media Investments may use, process and share your personal data, including information on your rights in respect of your personal data and how you can unsubscribe from future marketing communications.
Thank you

Thanks for subscribing.

Websites in our network