|Jersey Foundation Law Approved By States Assembly|
By Robert Lee
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The law that will enable Jersey to permit the formation of foundations was approved by the States Assembly.
The decision means that, subject to final Privy Council approval, Jersey will be the first of the British Crown dependencies to offer foundations as an investment vehicle for financial planning.
Geoff Cook, Chief Executive of Jersey Finance, welcomed the news, stating: “foundations will be available in Jersey alongside existing vehicles such as companies, trusts and limited partnerships, for use in financial planning and private wealth management strategies. It’s an important development for the industry because foundations tend to be a popular option for wealthy clients in civil law jurisdictions where the concept of a trust vehicle is not so familiar. Up to now, we haven’t been able to offer this alternative, but with foundations on the statute book, Jersey based trust and wealth management providers will be able to offer a wider choice to their clients.”
It is anticipated that the first foundations will be formed in Jersey in the New Year once the Privy Council approval is obtained.
Published on our website on Oct.30, 2008