The Foundations (Jersey) Law 2009 allows for the establishment of Jersey foundations, and adds significantly to the structuring opportunities available to clients selecting Jersey as a jurisdiction for private wealth management purposes.
As a concept with its roots in civil law, and so familiar to clients based in locations such as the Middle East and continental Europe (to whom the trust concept is less familiar), the Jersey foundation is a new incorporated vehicle, with its own legal personality and therefore able to transact, hold assets and to sue (and be sued) in its own name.
In addition to advising those interested in establishing new foundations, our Trust and Private Capital Group is also able to advise in relation to both the migration of existing foreign-law foundations and similar entities to the Island so that they can thereafter continue as Jersey foundations, and the merger of such entities with existing foundations so that they can, again, continue as Jersey foundations.
Three members of our Trust and Private Capital Group - Alan Dart, Zillah Howard and Anthony Dessain - are members of the Foundations Law working party.