Jersey Finance has greeted the approval of the island's Jersey Foundations Law as a "hugely positive step" in positioning Jersey at the forefront of the private wealth management industry.
Passed by Privy Council on 10th June, the law will enable the first foundation structures to be established from mid-July. Jersey is the first of the Crown Dependencies to offer foundations as an investment vehicle for financial planning. Foundations sit alongside existing vehicles such as companies, trusts and limited partnerships for use in financial planning and private wealth management strategies. While other jurisdictions have similar foundations, the Jersey structure introduced the concept of 'guardian' with oversight on the council's activities in relation to the foundation. I...
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