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New foundations law for Guernsey

A new foundations law for Guernsey has been approved in principle and is expected to be introduced by the end of this year.

12 July 2012

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The law has been agreed in principle by the island’s government and is due to go before the states later this month. Subject to approval, it will be sent for final ratification by the UK’s privy council.

Following enactment, the law will provide Guernsey’s fiduciary sector and its clients with additional choice and flexibility when setting up wealth management structures in the island, says Guernsey Finance, the promotional agency for the island’s finance industry.

“Guernsey was one of the first jurisdictions to introduce trust law and we now want to further develop that expertise and experience built up over many years in the fiduciary sector by looking towards the future and introducing new products,” said Fiona Le Poidevin, chief executive of Guernsey Finance.

Insight into what the introduction of Guernsey’s new foundations law means for the wealth management industry will be given at a London seminar in September. An expert panel of both Guernsey and off-island practitioners will give advisers a practical insight into how foundations can be used and use case studies to illustrate this.

“The event will also explore why it’s equally important to consider a foundation as well as a trust when adopting wealth structures because they may appeal more to some clients. In particular, the foundation structure is attractive to clients based in civil law jurisdictions in Europe and also further afield in the emerging markets of China, Russia and Latin America where the trust concept is less familiar than in common law countries such as the UK,” said Le Poidevin.

The Guernsey Finance seminar, titled The Foundations Alternative, will take place from 4pm on Tuesday 18 September in the Stevenson Theatre at the British Museum, Great Russell Street. For more information contact Jen Baudains at Guernsey Finance j.baudains@guernseyfinance.com

Categorised in:

Tax & Wealth structuring Wills, Trusts & Probate