The long-awaited Foundations (Jersey) Law 2009 (the Law) was brought into force by the States of Jersey on 17 July 2009. The existence of this wealth management product along with the many structuring opportunities that accompany it has been of considerable interest to a wide variety of clients. For this reason it is essential that all private client lawyers and wealth management advisers are familiar with the key features of a Jersey foundation as well as some of the many uses to which it can be put.

Jersey Foundation Key Features

  1. When it was introduced, the Jersey foundation was an entirely new legal concept and wealth management vehicle for Jersey.
  2. The Jersey foundation is an incorporated body which, in contrast to a trust, is able to transact in its own name.
  3. The foundation acts through its council which governs the foundation in accordance with the terms of the foundation’s charter and regulations.
  4. It is a legal requirement for every Jersey foundation to have a qualified member on its council as well as a duly-appointed guardian.
  5. There is no requirement for a foundation to have beneficiaries and if it does their interests are limited and their rights may be restricted.

Jersey Foundation Legal Requirement

Jersey Foundation

Corporate Details

General

  • Registered Agent and Office

Yes

  • Foundation Legislation

Jersey Foundations Act 2008

  • Type of Entity

Foundation

Assets

  • Minimum Requirements

 $10,000

  • Beneficial Owner

Yes

Founder

  • Minimum No Founders

2

  • Nominee

Yes

  • Qualifications 1

An Individual or Legal Entity

  • Qualification 2

Beneficiary but not a sole Beneficiary

Foundation Council

  • Minimum No of Councillors

1

  • Qualifications 1

Founder may be a Councillor but not the sole Councillor

  • Qualification 2

May be natural persons or legal entities

  • Publicly Accessibility

No

Secretary

  • Local Requirements

Yes

Accounts

  • Requirements to Prepare

Yes

  • Requirements to file accounts

Yes

  • Publicly accessible accounts

Yes

Jersey Foundation Tax Treatment

In Jersey, the foundation is chargeable to tax at the rate of 0%

Jersey Foundation Duration for Set- up

Around 4 Weeks

Jersey Foundation Distinctive Benefits

  • A flexible structure to hold assets to benefit family members Flexible structuring of the entity
  • the foundation is chargeable to tax at the rate of 0%
  • There is no requirement for a foundation to have beneficiaries and if it does their interests are limited and their rights may be restricted.

The Valsen Advantage

  1. End to end comprehensive service
  2. Speedy and efficient service
  3. Expert advice on structuring options
  4. Dedicated ongoing compliance support
  5. Extensive network pool of service providers