The following Private Client guidance note Produced in partnership with David Dorgan of Appleby, Jersey provides comprehensive and up to date legal information covering:
For general information about Jersey, see Practice Note: Private Client jurisdictional guide—Jersey [Archived].
The foundation is a civil law concept and is a creature of statute under Jersey law introduced by the Foundations (Jersey) Law 2009 (as amended) (Law).
A foundation can best be described as a hybrid having the characteristics of a company, but operating for a similar purpose to that of a trust. It is similar to a company in that it has separate legal personality and has a council to administer its business, just like a board of directors. However, unlike a company, a foundation does not have shareholders and, unlike a trust, there are no beneficiaries who have an interest in the foundation’s assets or who are owed a fiduciary duty. Consequently, a foundation does not have any owners and is regarded as an ‘orphan entity’.
A Jersey foundation can be utilised for virtually any legal purpose, save for two which are specific to Jersey’s public policy and jurisprudence. Typical uses of foundations include:
Families looking to ring-fence certain assets or wishing to avoid forced heirship rules and making provisions for how family wealth should be disseminated.
Family businesses are often lead by elder members of the family and it can be beneficial
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