Positive Steps Towards a Brighter Future

Global philanthropy is on the rise as a growing number of wealthy individuals and businesses want to make a difference to society.

Along with high-profile initiatives such as the Giving Pledge in the US and Founders Pledge in Europe, new channels and vehicles for giving are fuelling the development of the philanthropic sector.

A 2019 Wealth-X report on trends in ultra-high net worth (UHNW) giving suggests that around half of the world’s UHNW donations are made by North American philanthropists while Europeans account for just under a third of the global total. Philanthropic giving by ultra-wealthy Asians is lower, reflecting the region’s significantly younger wealthy population and less developed not-forprofit and education sectors.

For some wealthy donors anonymity is important. When philanthropy is in the public eye the focus is often on entrepreneurs and businesspeople creating their own foundations and making considerable donations on a global scale. One of their main motivations is a sense of duty, with the most popular causes related to education, healthcare and medical research, and arts and culture.

Why Choose Jersey for philanthropy?
Stability and convenience

With a stable political and economic climate, Jersey is a self-governing British Crown Dependency that has complete autonomy over its domestic affairs, including taxation. The Island’s financial services industry has been a world leader for 60 years, benefiting from a location that’s readily accessible from the UK and a central time zone that makes it easy to work with philanthropists from across the globe.

Flexible legislation

Jersey’s Trusts Law and Foundations Law both emphasise flexibility, so structures can be tailored to the specific needs of a philanthropist and their family. The Island’s judicial system is held in high regard internationally and its trust law template has been adopted by many other jurisdictions across the world.

Tax neutral environment

Jersey provides a tax-neutral environment for running philanthropic structures, including exemptions from income tax and goods and services tax (GST). This means that assets can be pooled for future deployment without complex cross-border taxation.

Robust regulatory regime

Jersey is able to apply a lighter touch to the regulation of charities because its regulatory standards are already high and its structures can only be managed by qualified and experienced professionals. The Jersey Financial Services Commission (JFSC) oversees Jersey’s robust regulatory framework, which not only meets the highest regulatory standards, but is often considered the benchmark for good compliance and adaptability.

More than 13,000 professional advisers

Now that an increasing number of philanthropists want to measure the impact of their donations, they’re seeking advice in various areas including tax, structuring and financial management. Jersey has a world-class network of specialists in wealth management, private banking, law and accounting. These professionals are experts in setting up philanthropic structures, managing tax requirements and administering financial assets.

Expertise in key regions

Jersey has excellent relations with the Middle East, Asia, India, Africa and the USA. Thanks to its first-class professional infrastructure and skills and its expert governance, the Island is able to provide vital support to philanthropists in each
region. In the Middle East, Jersey’s expertise and experience in Islamic finance ensures that philanthropic structures are established in a Shariah-compliant manner.

Unique legal frameworks

Jersey’s modern and sophisticated Charities Law supports the needs of small local charities as well as global philanthropic enterprises. The frameworks provided by the law are unique, combining flexibility with appropriate levels of governance and accountability.

Global recognition

As a forward-thinking jurisdiction, Jersey has high regulatory standards, reflected in the many endorsements received from authorities such as the Organisation for Economic Cooperation and Development (OECD), the International Monetary Fund (IMF) and MONEYVAL, the Council of Europe’s monitoring body for anti-money laundering.

Vital substance

Together with the many major financial services organisations based in Jersey’s capital, St. Helier, the Island’s financial services industry employs almost a quarter of the local workforce. Over its 60-year history, this industry has developed a breadth and depth of products and services that set Jersey apart from other jurisdictions – offerings that will continue to grow in the future.