The text of the Foundations (Jersey) Law 2009 has been released for public viewing ahead of establishment of Jersey’s first foundation following the Privy Council’s approval of the text in mid-June. A consultation paper setting out the proposed registration and process fees for foundations has been issued by Jersey’s Financial Services Commission.
Broad agreement from industry has been obtained via the Foundations Working Group that fees for foundations should track, where similarities exist, those currently set for Jersey companies.
In order to be consistent, amendments are being proposed to other Registry Fees Notices, with respect to searches, to bring them into line with the proposed search fees for foundations.
Foundations are commonly used for wealth management, and residents of jurisdictions like the Middle and Far East are more familiar with foundations than with trusts, which do not exist in their legal systems.
Welcoming the Privy Council’s decision in a prior statement, Economic Development Minister Alan Mclean said: “More than ever, in these difficult times, we need to do what we can to support and diversify the island’s Finance Industry. I am pleased that Jersey is the first of the Crown Dependencies to bring in Foundations, and we hope this kind of innovation will help to protect and develop the industry that pays for more than half of Jersey’s essential services.”
Responses to the consultation paper are invited and should be provided in writing to either the Commission or Jersey Finance Limited in accordance with the timescales stated in the consultation paper, which is available from the Jersey Financial Commission’s website. The Foundations (Jersey) Law 2009 is accessible through Jersey’s dedicated law site – Jerseylaw.
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