There’s been a leap in the number of Foundation structures registered in Jersey, with around a third set up for philanthropic purposes.
They grew by 9% last year, meaning more than 350 have been set up in the island since the structure was introduced in 2009, according to figures from Jersey Finance.
Zillah Howard, Partner at Bedell Cristin and a leading practitioner on Jersey Foundations, said: “Industry indications suggest that a significant proportion of Foundations – around one third – are being used for philanthropic purposes. The features and flexibility offered by the Foundations Law which make it so attractive for philanthropic structuring, together with Jersey’s innovative Charities Law, underline how seriously the island is taking the important and growing area of philanthropy as part of its overall wealth management framework.”
Foundations are proving attractive in the Middle and Far East, often as part of Sharia’h-compliant financing arrangements, and are being used for family wealth management, dynastic planning, and as holding vehicles for luxury assets.
Geoff Cook, CEO, Jersey Finance, said: “When Jersey introduced its Foundations law in 2009, it was seen as a trailblazing move that a number of other jurisdictions have since tried to copy, albeit with their slight differences. Interestingly, the total number of Foundation structures set up in Jersey now outstrips the combined total in the other Crown Dependencies by around 25%.”
“It’s encouraging that, nine years since they were introduced, we are still seeing a steady rate of incorporation – particularly in the area of philanthropy and in support of our Asian market activity, where the blend of flexibility, control and oversight are seen as attractive features. With the latest set of proposals currently being consulted on, we fully expect the Jersey Foundation to retain its appeal as a core structure within our wealth management landscape.”
