Jersey Foundation structures have received a steady flow of interest in the six months since they were introduced and their appeal is expected to grow during the coming year, according to an offshore legal expert.
Twenty-six Jersey Foundations have been established since they were introduced into Jersey law in July 2009 and Giles Corbin, Partner and Head of Mourant du Feu & Jeune’s Trust practice, believes that many more will be created in 2010.
“2009 was a challenging year globally and there was understandably some hesitancy when it came to new structures or concepts. However, in the six months since they were launched, there has been a healthy interest in Jersey Foundations, evidence of the demand there was for such a wealth planning vehicle. Moreover, the indications are that the Jersey Foundation will really grow in stature in 2010, with many more structures in the pipeline.”
Mourant du Feu and Jeune has advised on about half of all the Jersey foundations currently established, and completed a foundations hat-trick in 2009, advising on the first Jersey Foundation for private beneficiaries, the first Jersey Foundation for charitable purposes and the first migration of a foreign foundation to be registered in Jersey and to continue its life as a Jersey Foundation.
Giles Corbin added:
“A key issue last year was Jersey being white-listed by the OECD and described as a well-regulated jurisdiction, confirming the island’s status as a leading international finance centre with an excellent reputation for private wealth management business. As a result, we are seeing increased interest in the migration of foundations to Jersey from other jurisdictions, such as Liechtenstein and Panama. In addition, we expect to receive a growing number of enquiries from clients and advisers in civil law jurisdictions, such as China, Russia and some continental European jurisdictions, where the foundation is a more familiar and accepted structure for financial planning than a trust.”
In introducing the Foundation in July 2009, Jersey became the first Crown Dependency to offer the structure.
Martyn White, Marketing Manager, Mourant du Feu & Jeune
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