In the summer of 2009 Jersey introduced a new law, which enabled
the establishment in the Island of Foundations for the first time. Since that date, 200 of the structures have
been registered in the Island – not a huge number, but a respectable
performance given the current financial gloom.
So what are they being used for?
Interestingly, according to Jersey Finance, around one third of
the Foundations formed are being used for philanthropic or charitable purposes,
with a further third being used specifically by ultra-high-net-worth families
as part of their family wealth management and dynastic planning strategies. The
remainder are being used for commercial purposes and for holding high value or
luxury assets.
Jersey Foundations are apparently proving
particularly popular in civil law jurisdictions, where the common-law concept
of the trust is less familiar. As well as a strong uptake in continental
Europe, including Switzerland and the Netherlands, there have been high levels
of interest from Asia, including the Far and Middle East, with a number of
Foundations being used for Sharia’h-compliant financing arrangements.
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