Offshore law firm Mourant du Feu & Jeune announced on July 21 that it has established the first two Foundation structures in Jersey. The two foundations were established on the first day the new law came into force in Jersey.
Jersey’s new Foundations law came into force on July 17, having been approved by the Privy Council in June. Jersey is the first Crown Dependency to offer Foundations. The new law has been welcomed as a positive step in affirming the island as a leading jurisdiction for private wealth management business.
Whilst similar in design to Foundations in other jurisdictions, the Jersey structure has mandatory requirements for one member on its council to be licensed as a Qualified Person by the Jersey Financial Services Commission and for the Foundation to have a ‘guardian’, who has a duty to supervise the council’s activities. In addition, the flexibility of the Jersey structure allows it to be tailored to suit a broad range of needs.
Giles Corbin, partner at Mourant du Feu & Jeune, said:
"Mourant du Feu & Jeune are delighted to be involved in establishing the first foundation in Jersey. There has been significant interest in Jersey foundations for some time and this firm has seen a steady flow of enquiries and instructions over recent weeks, particularly from wealthy clients in civil law jurisdictions where the trust concept is not readily recognised. In fact, the potential flow of work could be considerable and we have further foundations in the pipeline."
"Due largely to Jersey’s reputation as a well-regulated jurisdiction, and its ‘white list’ status, we have experienced a flight to quality in terms of the administration of trusts moving to the island and we expect to see a similar effect in relation to foundations."
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