A total of five Jersey Foundations have been established and more than 40 registrations have been approved within a week of the introduction of the Jersey Foundations Law.
The new law permits Foundations or incorporated bodies that can hold assets, transact business and sue and be sued in their own name.
According to Jersey Finance, the new structures will be a "significant success" that will have long-term appeal.
While similar in design to Foundations in other jurisdictions, the Jersey structure has mandatory requirements for one member on its council to be licensed as a Qualified Person by the Jersey Financial Services Commission. The Jersey Foundations must also have a ‘guardian', who has a duty to supervise the council's activities.
"It is particularly encouraging for the future of Foundations that practitioners are reporting a steady flow of enquiries, many from wealthy individuals in civil law jurisdictions where the concept of the trust is not so familiar," says Robert Kirkby, technical director at Jersey Finance.
He also believes the option to migrate structures from other jurisdictions to Jersey is prompting a "great deal of interest".
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