|Jersey to Allow Establishment of Foundations|
By Jason Gorringe
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The Jersey government has announced that it has taken a further step towards introducing regulations which will allow foundations to move to Jersey from other countries. Jersey’s Minister for Economic Development on June 2 lodged regulations with the States, in preparation for the new law, which has already been passed, to allow foundations, and which is expected to receive Privy Council approval in the near future.
Foundations have a long history in continental Europe. In medieval times they were used for charitable or religious purposes. They are now 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.
The regulations which have been lodged with the States will permit foundations to migrate in and out of Jersey. They also provide for existing Jersey companies to convert to foundations.
Economic Development Minister, Senator Alan Mclean said:
“It is important that we keep working hard to support the Finance Industry in these difficult times. One of the initiatives that we are working on is the new Jersey Foundation. I am pleased to announce that Jersey is the first of the Crown Dependencies to bring in a genuine foundation product. Through such innovative steps we are helping the industry that pays for more than half of Jersey’s essential services, to diversify and develop its global offering.”
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Published on our website on June.17, 2009