Jersey Foundations

Overview

With effect from 2009 foundations can be established in Jersey - the only OECD white listed international finance centre to offer foundations. Foreign incorporated foundations are also able to migrate to Jersey thereby benefiting from the international reputation of Jersey.

Jersey foundations are likely to be of particular interest to persons based in the Middle East, Asia and Continental Europe to whom the concept of a trust is less familiar. A Jersey foundation has some of the characteristics of both companies and trusts and may be established for such purposes as succession planning, as a vehicle for philanthropic purposes, to hold 'family' or wasting assets.

Foundations have their own legal personality, hold assets in their name, enter into contracts with third parties and can sue and be sued in their own names. They do not have any shareholders and they hold assets for the benefit of the beneficiaries.

Seymour Trust Company Ltd, which is regulated by the Jersey Financial Services Commission in the conduct of trust company business, is fully licensed in the provision of Foundation business, and can arrange for the formation and ongoing administration of Jersey foundations.

Migration of Foundations to Jersey

The Foundations (Continuance) (Jersey) Regulations 2009 (the 'Continuance Regulations') allows Jersey Companies to continue as Jersey Foundations and Companies incorporated in certain jurisdictions outside Jersey to migrate to Jersey and continue as Jersey Foundations. Such jurisdictions include Bahamas, Malta, Liechtenstein, Panama, St. Kitts and Nevis and in particular allow a variety of Foundations, Stiftungs and Anstalts incorporated in those jurisdictions to migrate to Jersey.

For more detailed information on the formation, uses and a comparison to trusts, please follow the link : www.jerseyfoundations.co.uk to our technical brief on Jersey Foundations, or contact us directly via enquiry@seymourtrust.co.je