Jersey to allow foundations

Jersey is poised to introduce legislation enabling the establishment of foundations on the island for the first time. Foundations will be available alongside existing vehicles such as companies, trusts and limited partnerships, for use in financial planning and private wealth management vehicles. Unlike a trust, a foundation is a distinct legal entity similar to a company, although it has no shareholders. The powers of the foundation will be exercised by a council, where one of the members must be registered under the Financial Services (Jersey) Law 1998 to conduct business of this type...