Jersey Foundation

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