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any) of the Council members and set out how Council annual administration fee is to be paid to the registrar of
decisions will be made. companies and a foundation is obliged to notify the
registrar of any changes to be made to the charter.
Unless the charter and regulations provide otherwise, a
foundation is not required to provide any person (whether The law allowing the establishment of foundations should
or not a beneficiary of the foundation) with any be welcomed in Jersey. It is innovative and will make
information relating to the foundation (including Jersey attractive to those looking to manage their wealth.
information relating to the Foundations will not replace the use
administration, assets and of trusts in Jersey and will,
carrying out of the objects). instead, be another product to be
used for wealth management in
The Royal Court will have the Jersey. It is unlikely that there
power to amend the charter or will be a huge influx of business
regulations of a foundation, to Jersey with the launch of
give directions, dismiss or foundations and it may take
appoint the qualified member several years before the true
and order observance of a value of foundations is realised.
requirement of the foundation. However, foundations will be a
welcome addition to the wide range of
The name of a foundation must end in the words products available in Jersey to those looking to manage
“foundation” or the equivalent in a foreign language. An wealth.
20/20 sixty three
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