Giles Corbin

JERSEY’S latest financial product is already gaining momentum, say practitioners.

Since the Jersey Foundations Law came into effect last Friday  five structures have been established and over 40 registrations have been approved enabling practitioners to set up foundations.

Law firm Mourant du Feu  and Jeune was one of the firms which established two structures last Friday.

Partner and head of trusts Giles Corbin said: ‘There has been significant interest in Jersey foundations for some time and this firm has seen a steady flow of inquiries and instructions over recent weeks, particularly from wealthy clients in civil law jurisdictions where the trust concept is not readily recognised.

Alan Binnington, private client director at RBC Wealth Management, described the product as ‘a significant new vehicle’ for high net worth individuals, particularly those with international ties.

‘Jersey is keen to ensure that its foundations are subject to the same regulatory regime as trusts and accordingly the new law contains a requirement that one of the members of the council of the foundation is a regulated person,’ he said.