The idea that Jersey’s finance industry should have access to such a law was flagged up three years ago, but seems to have been dogged by lack of available drafting time and technical problems.
The ability to offer private clients the option of foundations as an alternative structure to trusts will give Jersey a competitive edge over rival finance centres, practitioners believe. Foundations could also be a useful alternative in the light of the forthcoming changes to UK tax legislation for non-domiciled residents.
Blockages
Robert Kirkby, technical director at Jersey Finance, told a seminar audience last week that UK specialist John Goldsworth had been able to pinpoint areas of the draft law which needed to be redefined and been able to ‘remove some of the blockages’ which had hitherto been perplexing practitioners.
