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Following approval by the Privy Council, the Foundations (Jersey) Law 2009 came into force on 17 July 2009. This legislation allows for the introduction of a new type of Jersey legal entity: the Jersey foundation.
The introduction of the concept of a foundation into Jersey law is intended to achieve a number of objectives, namely, inter-alia:
attracting clients from parts of the world where the concept of a trust is not widely known or accepted, particularly civil law jurisdictions such as continental Europe and the Middle East;
enhancing levels of transparency in wealth-holding structures;
encouraging the use of Jersey structures to facilitate charitable giving; and
acting as an attractive alternative asset management and estate planning vehicle.
Originally established in Guernsey, the cell company was introduced in Jersey in February 2006 by way of an amendment to the Companies (Jersey) Law 1991. There are two types of cell companies available under Jersey law – the Incorporated Cell Company (“ICC”) and the Protected Cell Company (“PCC”).
Asset Protection Trusts (APT’s) first came to prominence in the mid 1980s. The underlying concept behind an APT (sometimes called an Integrated Estate Planning Trust (IEPT)) is merely to bring estate planning theory, which used to focus on death or terminal planning, into line with the new reality of clients:
Living very much longer; and
becoming richer much earlier in their life.
Essentially a trust is an arrangement whereby one person, known as the settlor, transfers money or other assets to another person, known as the trustee, to hold for the benefit of others, who are known as the beneficiaries. Often the beneficiaries will be members of the settlor’s family but the settlor can name anyone (including himself) as a beneficiary. The terms of a written trust are set out in a document called the trust deed. This ensures that the settlor, the trustee and the beneficiaries all know exactly what their respective rights and duties are.
It is now possible for a Private Trust Company (“PTC”) to operate in Jersey under an exemption from the registration requirements of the Financial Services (Jersey) Law 1998 (the “1998 Law”).
The 1998 Law provides that no person shall carry on (or hold itself as carrying on) financial service business (investment business, trust company business and general insurance mediation business) in or from within Jersey and that a Jersey incorporated company shall not carry on (or hold itself as carrying on) financial services business anywhere in the world, unless that person is acting in accordance with the terms of a registration under the 1998 Law.
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