Offshore

Jersey Foundations Flourish; Jurisdiction Eye Tweaks To System

Editorial Staff, 17 January 2018

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The jurisdiction is looking at amendments to its foundation regime and has logged a rise in the number last year of 9 per cent of these structures.

The number of foundation structures registered in Jersey grew by 9 per cent in Jersey last year from a year before, with more 357 foundations having now been set up in the island since the jurisdiction introduced the structures in 2009.

Some 30 foundations were registered with the Jersey Financial Services Commission last year, the biggest rise since 2014, according to Jersey Finance, the organisation promoting the island’s financial sector.

Lawmakers in Jersey say they are looking at developing foundation law, amending the criteria around who can act as a “qualified member” overseeing a foundation structure; clarifying how they may act as a private trust company; and clarifying the process around winding up a foundation.

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