Guernsey Expertise Tapped By Wealthy Philanthropists
by Jason Gorringe, Lowtax.net, London
09 October, 2017
A sizable new stream of business for the legal sector and other professional service providers is emerging as Guernsey becomes recognized as a centre of excellence for the founding of charitable and philanthropic structures, Guernsey Finance says.
A recent example of a Guernsey firm advising in this expanding area was law firm Carey Olsen in establishing a philanthropic foundation holding shares in a client family's multibillion-dollar multinational business. The Chinese client is to transfer a substantial sum for charitable and philanthropic purposes into a Guernsey foundation with the intention that it will receive the balance of his business and personal estate on his death. Carey Olsen was also recently called upon to advise on a similar structure for a Chinese ultra-high-net-worth individual.
Partner Natasha Kapp, speaking at the firm's autumn trusts conference, said increasingly wealthy families and individuals are demanding resources and expertise to be applied to their philanthropy.
"Guernsey is highly experienced in administering high-value and complex structures. This same wealth of experience and regulatory framework can be applied in administering charitable and philanthropic structures ... and make the island a center of excellence for charity and philanthropy," said Kapp.
Kapp highlighted the escalation in the commitment among ultra-high-net-worth families to philanthropy. 170 billionaires, including Bill & Melinda Gates and Mark Zuckerberg & Priscilla Chan, have signed up to the Giving Pledge, a commitment by the world's wealthiest individuals and families to dedicate the majority of their wealth to "giving back."
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