Nancy Chien, Partner and head of Bedell Cristin’s International Private Client practice in Jersey, spoke last Friday (15th July) about the establishment of trusts and foundations in Jersey during a cross-jurisdictional online event held by Shanghai-based consulting firm Hui Xiao Law Group.
During the event, entitled ‘Setting Up a Trust or Foundation in Jersey and China’, Nancy was joined by Maria McDermott, Business Development Consultant – Asia, Jersey Finance, and Ellen Xie, Founder and Managing Director of Shanghai Hui Xiao Law Group for the discussion. The event consisted of three presentations followed by a Q&A session moderated by Ellen. During the presentations, Maria provided an introduction to Jersey’s International Finance Centre, Ellen spoke about setting up trusts and foundations in mainland China, and Nancy provided insights into their establishment in Jersey.
Nancy discussed topics such as the reasons for using a Jersey trust, the use of trusts in the corporate sphere, and the role of the trustee as a regulated entity in Jersey. She provided an outline of Private Trust Companies, Settlor Reserved Powers trusts, and Foundations, comparing the strengths of each structure.
Nancy commented: “It was a privilege to take part in the event and to provide context and information about Jersey’s landscape for these structures, and their main uses for wealth and succession planning and philanthropy. Having the opportunity to share these details highlights the global interest in the flexibility of Jersey’s offering.”