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Jersey foundations grow nine percent in 2017

17/01/2018 News Team

The number of foundation structures registered in Jersey grew by nine percent last year, with a total of more than 350 foundations having now been set up in Jersey since the structure’s introduction in 2009.

Some 30 foundations were registered with the Jersey Financial Services Commission (JFSC) last year, the biggest rise since 2014, meaning that the total number of foundations established in the jurisdiction over the past nine years, including active and dissolved foundations, stood at 357 at the end of 2017, according to figures collated by Jersey Finance.

Jersey’s Foundations Law came into force in July 2009, when it became the first British Crown Dependency to offer such structures.

Geoff Cook, chief executive, 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 percent.

“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.”

Jersey Finance is currently working with its members, the Government of Jersey and partners as part of a foundations working group to consider enhancements to Jersey’s offering. These include amending the criteria around who can act as a ‘qualified member’ overseeing a foundation structure; clarifying how a foundation may act as a private trust company; and clarifying the process around winding up a foundation.

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