Guernsey Begins to Register Foundations

Guernsey Begins to Register Foundations

The Guernsey Registry began accepting applications for the formation of foundations on January 09, 2013, after the UK Privy Council approved the relevant legislation.

Foundation is an incorporated, self-owning, legal entity having a distinct legal personality. Foundation has much in common with a trust, but some features are more commonly associated with companies. A foundation’s founder is similar to a settlor of a trust, beneficiaries have similar rights to those of a discretionary trust, and a foundation instrument and rules are similar to a trust deed. Foundations are used for wealth management and are more familiar in civil law countries than trusts, which do not to exist in their legal systems.

The opportunity to register foundations in Guernsey appeared due to appeals from a number of industry practitioners over the past few months who reported of a great deal of interest in the Guernsey foundation. Now the clients who are interested in setting up a foundation can do that here, and those who have foundations currently domiciled in other jurisdictions can move them to Guernsey.

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