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.
Jersey was selected as the place of incorporation for a foundation providing scholarships and training for young people in Asia. RBC Wealth Management’s client was attracted by Jersey’s reputation as a wellregulated 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.
Phased in from November 2014, this forward-thinking law will pave the way for the establishment of a charities register and the appointment of a charity commissioner. The Jersey Charities’ Register will set itself apart by offering a restricted section, which is not available in the UK. This will provide validation for the charity, whilst maintaining necessary levels of privacy
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. They also run structures which significantly or completely fund a range of philanthropic initiatives. These include a ‘Right to Read’ project in Rwanda; funding a ward, equipment and medical professionals in Bangladesh treating Cleft sufferers; and support for a project in Cape Town giving disadvantaged young people a better future.
Whitmill Trust Company 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 philanthropic impact, as well as it underscoring their long-term commitment to the region.
A Japanese client of R&H Trust Co (Jersey) recently chose to move an established charitable foundation from Liechtenstein to Jersey. Jersey appealed to the family due to the suitability of the modern Jersey Foundation and Charities Laws, the high level of professional expertise available in Jersey in running such structures, the ability to understand complex international tax matters and the scope it offers in terms of control and flexibility.
SANNE established a Jersey foundation for an entrepreneur, which, once its investment disposal programme is completed, is expected to have over US$500 million available for charities supporting education and the environment. The founder was attracted by the stability of Jersey as a jurisdiction, the flexibility of Jersey’s Foundations Law and the ability for the wider family to have a meaningful engagement in the process over the long term.