The Foundations (Jersey) Law 2009 comes into effect today and Hawksford filed a registration at 7.45 this morning.
‘We have been working on foundations for a number of months, primarily for our civil law based clients who intend to transfer their existing structures now the law has come into force,’ said Hawksford International director Julian Hayden.
The new Law means that the Island’s range of financial vehicles has been enhanced to complement trusts, companies, cell companies and limited partnerships. Mr Hayden said that foundations are contractual in nature and therefore a more familiar concept for some clients, depending on their culture and background.
As well as complementing Jersey’s existing suite of structures, the Jersey foundation is remarkably flexible and has a number of advantages over foundations in other jurisdictions.
‘Jersey foundations reinforce the Island’s adaptability to the market place and demonstrate it is open for business. There are great opportunities for Jersey in this area, both for new foundations and the inward migration or continuants of existing foundations. Foundations have always been a popular choice of structure for wealth preservation and asset holding for clients based in Europe, Asia and the Middle East and are now seeing increasing activity from traditional trust strongholds,’ said Mr Hayden.
Mr Hayden said Hawksford International had already received significant interest in this area and they expected an increasing number of enquiries now that the new Law had come into effect.
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