Jersey Finance Delighted With Interest In Foundations

by Jason Gorringe, Tax-News.com, London

24 July 2009

Jersey Finance has welcomed Jersey’s new Foundations law as a significant success, that will have long-term appeal as an addition to the jurisdiction’s financial product offering.

There has been clear interest shown in Foundations already, with five being established by five Jersey firms on July 17, the same day that the law came into force. In addition, more than 40 registrations to allow practitioners to establish Foundations have already been approved less than one week since the law was introduced, reflecting the scale of demand for such structures for wealth management and financial planning purposes.

The introduction of Foundations is a hugely positive step in affirming Jersey’s position as centre of excellence for private wealth management business, with the island becoming the first British Crown Dependency to offer such structures, says Jersey Finance.

Robert Kirkby, Technical Director, Jersey Finance, commented:

“It is particularly encouraging for the future of Foundations that practitioners are reporting a steady flow of enquiries, many from wealthy individuals in civil law jurisdictions where the concept of the trust is not so familiar. The option to migrate structures from certain other jurisdictions to Jersey is also prompting a great deal of interest, underlining the attractive nature of their flexibility and Jersey’s reputation as a well-regulated, transparent, ‘white-listed’ international finance centre.”

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