Less than four years after the form was first introduced, the number of foundation structures registered in Jersey has crossed the 200-mark.
The Jersey Financial Services Commission, the promotional agency for the island’s financial services industry, began accepting applications for the formation of Jersey foundations on 17 July 2009, when the Jersey Foundations Law came into force. Jersey was the first British Crown Dependency to offer such structures and has seen a steady stream of registrations since the legislation’s enactment.
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Jersey estimates that approximately one third of Jersey foundations have been formed for philanthropic or charitable purposes, with a further third being used specifically by ultra-high-net-worth families as wealth and inheritance planning structures. Foundations are also being used for commercial purposes, for holding high value or luxury assets.
Jersey Finance CEO, Geoff Cook, said: "It is encouraging that, almost four years since their introduction, Jersey Foundations have established themselves as mainstream vehicles within global wealth management strategies."
Jersey Foundations are proving to be particularly popular in civil law jurisdictions, where the common-law concept of the trust form 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 Shariah-compliant financing arrangements.
"The consistent growth both in terms of bare numbers but also in terms of the levels of funds being placed into Foundations reflects the success of Jersey’s Foundations Law and reinforces Jersey’s position as a centre of excellence for private wealth management business," Cook said.
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By GlobalDataGiles Corbin, partner at law firm Mourant Ozannes and a leading practitioner on Jersey Foundations, said: "The growth in Foundations being used for philanthropic purposes demonstrates Jersey’s position as a leading offshore center for this type of activity.
"In addition, while the majority of Jersey Foundations have been new structures, a number have been migrated from other jurisdictions, providing more evidence of Jersey’s attraction as a flexible jurisdiction with high standards of regulation and governance."
