Jersey: Offshore Trusts Guide
In 2009 Jersey became the first Crown Dependency to offer Foundations.
Whilst 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 and for the Foundation to have a ‘guardian’, who has a duty to supervise the council’s activities. In addition, the flexibility of the Jersey structure allows it to be tailored to suit a broad range of needs.
Whilst Jersey is first and foremost a trust jurisdiction, with many years of experience in the administration of trust structures, there are many countries in which the trust is an unfamiliar concept. Consequently the ability to create a more familiar vehicle such as the Foundation will be of interest to those from areas of the world where the trust is not well understood, and will likely encourage more HNWIs to do business with Jersey.