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Jersey Islamic Private Wealth Management
Jersey has a long established history in structuring trusts for investors from around the globe due to Jersey’s tax neutrality, straightforward and flexible legal system, high level of investor protection and appropriate client privacy.
Islamic Private Wealth Management - Waqf, Jersey Trusts and Foundations
Due to the similarity of Waqfs and trusts, combined with Jersey’ s international reputation for trust expertise, Jersey trusts appeal for generational wealth planning for multiple family groups and broad charitable / philanthropic institutions from the Gulf Region.
The recently introduced Jersey Foundations offer High Net Worth Individuals in the Middle East an attractive alternative to Trusts for holding wealth with a structure designed to meet their needs and allowing a greater degree of control than is possible with Trusts. The benefits of setting up a Jersey trust or foundation include;
- Shariah-compliant – whilst a trust may be extremely flexible, it is possible to restrict the trust to ensure that it complies with Shariah law at all times
- Protection of assets – assets are ‘ring fenced’ helping to protect from creditors or seizure by politically unstable regimes. Article 9(4) of Trust (Jersey) Law 1984 as amended protects and strengthens the position of Jersey law trusts from attack from other jurisdictions by declaring that foreign law does not apply.
- Family business – holding the family business in a trust may allow for the whole family to continue to benefit by preventing fragmentation of the business upon the death of the patriarch.
- Tax mitigation – with the right planning a trust can assist with the reduction or deferment of tax liabilities.
- Succession planning – the Jersey trust is a key tool for Family Offices and can be used to address generational change concerns facing multiple family groups.
- Confidentiality – there is no requirement to register trusts in Jersey with any regulatory body.
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