When making large donations, wealthy individuals and families need the reassurance that their money is working as well as it should be. Jersey already has extensive experience in providing the trusts, foundations, expertise and management vital for the structuring of philanthropic activity, with robust yet flexible structures that help to maximise the benefits.

Stability

Jersey is a self-governing British Crown Dependency with complete autonomy over its domestic affairs, including taxation, and has a stable political and economic climate. The Island is readily accessible from the UK, and is based in a central time zone that makes it easy to work with both west and east, meaning it can work with philanthropists from across the globe. Meanwhile its financial services industry has been a world leader for over 50 years.

Tax neutral environment

Jersey provides a tax neutral environment for the running of philanthropic structures, including exemptions from income tax and goods and services tax (GST). This enables the pooling of assets in the structure for future deployment, without the concern of tax burdens.

Flexible legislation

Jersey’s Trusts Law and Foundations Law both emphasise flexibility, so structures can be tailored to the specific needs of the philanthropist and their family.

Robust and highly regarded regulatory regime

Jersey is able to apply a lighter touch to the regulation of charities, as its regulatory standards are already high, and its structures can only be managed by qualified and experienced professionals. Jersey’s funds industry is robustly supervised and regulated by the Jersey Financial Services Commission (JFSC), which is well respected by organisations such as the OECD.

Experienced professional advisers

The appetite for professional advice on charitable giving is growing, according to a report published by Charities Aid Foundation in 2015. Wealthy benefactors are 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 structures for philanthropy, managing tax requirements and in administering financial assets.

Expertise in key regions

Jersey has excellent relations with the GCC (Gulf Cooperation Council), China, India and Africa. Thanks to its first class professional infrastructure and skills, and its expert governance, Jersey is an ideal jurisdiction for the formation and administration of philanthropic structures for philanthropists in each region. In the GCC, Jersey’s experience and expertise in Islamic finance ensures that these structures can be established in a Shariah-compliant manner.

Charities law

Phased in from November 2014, this law has seen the term ‘charitable’ defined and has paved the way for the establishment of a charities register and the appointment of a Charities Commissioner. So, whilst the treatment of charitable structures is more aligned to that of the UK, compliance is far less cumbersome, allowing vehicles to be established quickly and more cost effectively.

Work
Jersey for Philanthropy
Jersey is an ideal jurisdiction for the formation and administration of philanthropic structures. It has the technical means and the experience, and is continuing to develop its laws to make philanthropic activity even easier. Professional firms in Jersey are working with individuals and families around the world to assist them with their endeavours.
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