Foundation for young people in Asia
A client of RBC Wealth Management selected Jersey as the place of incorporation for a foundation providing scholarships and training for young people in Asia. They were attracted by Jersey’s reputation as a well-regulated jurisdiction and the flexibility to create a bespoke structure offered by Jersey’s Foundations Law. Although Jersey’s lighter touch charities regulatory scheme meant that unnecessary bureaucracy was avoided they took comfort from the fact that the service providers who were administering the foundation were subject to Jersey’s robust regulatory regime for trust company businesses.
Charitable trust for European client
BKS Family Office created a philanthropic charitable trust to manage the inheritance of a titled European client who wished to have the monies used for medical aid, education, water distribution and helping the elderly, predominantly in Latin America, Africa and India. The allocation of the donations is determined by a committee consisting of representatives of the client and the trustee.
Charitable and noncharitable objectives
Carey Olsen recently advised a wealthy philanthropist on the establishment of a significant new Jersey foundation with broad charitable and non-charitable objectives. The philanthropist wished to create a structure which could act as a business angel to start-up companies and thereby further development and research in the fields of environmental science and medicine.
Assistance for disadvantaged young people
Walkers recently established a Jersey charitable trust on behalf of an ultra-high-net-worth family to provide philanthropic assistance for disadvantaged young people. A Jersey trust was chosen principally because of its flexibility, and the recent introduction of the new Jersey Charities Law.
Philanthropic structures for family client
Affinity Private Wealth has a long-standing family client who chose Jersey to help them plan, invest for and deliver funding over a series of years from philanthropic structures, aiming to bring about a cure for an illness that kills hundreds of thousands of people annually. With their help, scientists have been hired safe in the knowledge that significant funding has been secured over an extended period.
Meghraj family foundation well established
Independent trust company Minerva works with the Meghraj Charitable Foundation, which targets its philanthropic activity on sustainable business or welfare-orientated projects making a social impact in East Africa and South Asia. Jersey has been home to the Foundation for over 30 years and the Meghraj family and their family office continue to be reassured by Jersey’s flexibility, regulatory integrity, and the professionalism of its practitioners.
Foundation for Dubai private equity house
Whitmill Trust Company has established a Jersey charitable foundation for a private equity house based in Dubai, whose shareholders are drawn from across the GCC. The aim was to enable them to make a large endowment as part of their ongoing corporate social responsibility program, whilst still having a hand in the long-term management of the funds donated, in order to ensure that it had both the right long-term commitment to the region.
Entrepreneurs choose Jersey for philanthropy
Bedell Cristin is seeing increasing numbers of entrepreneurs choosing Jersey for philanthropy. Jersey foundations allow them to have an ongoing role, deploying their business skills to achieve success for their chosen projects. The firm is also working with families who are keen to introduce the next generation to family wealth and values.
Health and welfare projects in SE Asia
SG Hambros Bank (Channel Islands) has a client from the Middle East who recently chose Jersey to establish a Jersey charitable trust structure, which will initially provide assistance to health and welfare projects in South East Asia. A flexible solution was needed to give effect to his family’s philanthropic aims, which the client hopes will evolve with the family over many years.
Structure to help fund medical aid in Africa
In conjunction with international charities and charitable foundations in the US and Australia, Standard Bank in Jersey is currently developing a structure for private philanthropists to help eradicate specific diseases and fund targeted medical aid in different parts of Africa. A wealthy African family has also established a foundation and a Jersey trust with Standard Bank, each of which helps to fund programs to monitor public sector expenditure and performance.
Foundation supports early child development
UBS recently provided advice for a new international client who has chosen Jersey as the place to house their foundation. This involved working with them to pioneer a new approach to Early Child Development in Jersey, which UBS believes will have global significance and set a new standard for collaboration between philanthropist’s charities and the third sector.
Trusts for philanthropic wealthy families
Fairway Trust has a number of clients who have set up trusts to preserve and enhance their family assets. These families, having created substantial wealth, feel that it is important to distribute a substantial proportion of that wealth to needy and deserving causes, particularly those which have limited or no access to essential funding from government or charitable sources. Fairway’s client families often prefer to give on an anonymous basis and using their trustee as a donor ensures their anonymity.
A proactive approach to increasing interest
ZEDRA takes a proactive approach when discussing with clients their wishes on how best to share or pass on their wealth for philanthropic purposes. It is starting to see an increasing interest in those wanting to do more and create structures for this specific reason.
Foundation assisting those affected by conflict
Mourant Ozannes has acted for a local trust company business in drafting a bespoke charter and regulations of a Jersey foundation to assist in the relief of poverty, the advancement of education and medical support for families affected by conflict. The specific purposes include support for those living with the consequences of personal loss, displacement, political repression and violence and, in particular, to assist children orphaned by the loss or incapacitation of one or more parents.
Returns for European family helping in Africa
Rathbone Investment Management International provides investment services to assist a European family with their philanthropic activities in Africa. A Jersey structure serves to help generate returns for onward investment in education, training and enterprise, enabling longer-term self-sufficiency and higher living standards.
Assistance for client setting up charities
Capita Asset Services recently provided support to a long-standing client setting up UK registered charities which provide assistance to small communities in Africa, with the aim of making them self-sufficient over the longer term.
Guidance at start of philanthropy journey
Equiom regularly assists clients with both agreeing formal philanthropic strategies and then implementing appropriate structures to allow them to fulfil their ambitions in terms of charitable giving. Many have no idea how to start on a formal philanthropic journey and require guidance and advice – this will depend upon the level of involvement they wish to have and whether they want to have a formal charitable trust or foundation established.
Bespoke regulations for HNW client
Ogier assisted a high net worth client who chose Jersey’s Foundations Law because it enabled him and his family to draft some highly bespoke regulations by which different family committees and councils were created enabling them to have a role in the work of the foundation without actually being on the council.