Figures collated by Jersey Finance show that the number of Jersey Foundations established in the first six months of this year (33) is almost the same as the number formed in the whole of last year (36).
This month marks the fifth anniversary of the Jersey Foundation and, despite the Isle of Man having introduced its own version of a foundation in 2012, with Guernsey following suite in 2013, demand for the Jersey structure has continued to increase. As at 30 June 2014, 264 Jersey Foundations have been formed, more than four times the combined total in the other Crown Dependencies.
Around a third of Jersey Foundations pursue charitable or philanthropic objectives, and the vehicle is finding particular favour with clients in civil law jurisdictions across the EU, Switzerland, Russia, South America and the Middle East.
This year also sees the 30th anniversary of Jersey's pioneering Trusts Law, which remains a model framework for jurisdictions around the world and which continues to attract clients looking for flexible and innovative wealth management structuring, underpinned by a solid body of jurisprudence and case law.
Geoff Cook, CEO of Jersey Finance, commented:
“As it marks its fifth anniversary this month, the Jersey Foundation continues to prove itself to be a flexible and attractive proposition, equally suited to charitable administration as to orphan structuring and private wealth management. We have welcomed the introduction of competitor Foundations by our fellow Crown Dependencies over the past couple of years as an opportunity to test the parameters of the distinct Jersey offering and are delighted that the appeal of the Jersey Foundation has continued to rise.
“We now have clear evidence that the flexibility offered and governance required by the Jersey Foundation offers the right balance of potency and proportionality, and accords with the expectations of both individual and institutional clients. The strength of the Foundation, together with its trust and company counterparts, means that Jersey provides a platform able to cater for the broadest range of bespoke family, philanthropic and commercial