Privy council approves charities law06 Nov 2014
The draft Charities (Jersey) Law 201- (the "Charities Law") received Privy Council approval yesterday. It is now awaiting registration in the Royal Court, after which it will be brought into force on a staged basis. This legislation forms part of the Island's initiative to develop Jersey's position as a centre of excellence for philanthropic wealth management.
Trusts and foundations are the two key structures used for philanthropy in Jersey, with the Trusts (Jersey) Law 1984 and the Foundations (Jersey) Law 2009 both placing a strong emphasis on the importance of flexibility, allowing for the creation of structures tailored to meet individual client requirements. The Charities Law will complement these two pieces of legislation by offering a system of registration in the Island, for those wishing to register structures as charities.
Jersey is an attractive jurisdiction in which to establish philanthropic structures for a variety of reasons. As well as allowing clients to pursue philanthropic ventures tailored to their own particular passions, the Island offers:
• stability (politically, economically and geographically);
• a robust and highly regarded regulatory regime;
• a well-respected judicial system with adherence to the rule of law; and
• a depth and breadth of experience amongst its professional advisers.
Added to this list is the fact that Jersey is readily accessible from the UK (with several daily flight connections and a flying time to London of under an hour) so that, for clients with business interests or family connections in London or elsewhere in the UK, choosing the Island also makes logistical and practical sense.
Please click here to see our briefing in relation to charities registering under the Charities Law.
For further information, please contact Zillah Howard (a member of the charities law working group in Jersey) or Edward Bennett.