Monday, July 16, 2012
Guernsey trust advisors will be able to offer the foundation corporate form by the end of the year, the government has confirmed, announcing the launch of an event to examine opportunities the structure offers for the wealth management sector.
It has confirmed that the law to enable the establishment of foundations is to be introduced by the end of this year, and has already received approval in principle from the island's government. This legislation is to be tabled before the island's legislative assembly this month, and subject to approval, will be forwarded for final ratification by the UK's Privy Council.
Fiona Le Poidevin, Chief Executive of Guernsey Finance - the promotional agency for the island’s finance industry, said: “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."
To prepare advisors in Guernsey for the introduction of the law, the Guernsey government is to hold a seminar in London in September which will feature guest speakers from both Guernsey and off-island practitioners.
“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," Le Poidevin explained.