A Jersey law firm advises on a foreign foundation

Mourant du Feu and Jeune, one of Jersey’s leading law firms, has completed a Foundations related hat-trick.

The firm, which advised on the first Jersey Foundation for private beneficiaries and the first Jersey Foundation for charitable purposes, has now advised Royal Bank of Canada on the first continuance of a foreign foundation to be registered in Jersey and to continue its life as a Jersey Foundation.

The continuance came from Liechtenstein and involved a team of Mourant du Feu & Jeune advisers assisting in the flow of information between the Jersey and Liechtenstein registrars.

Clients and advisers from many civil law jurisdictions, such as China, Russia and some continental European jurisdictions, do not readily recognise the concept of a Trust, a universally-accepted financial planning tool in common law countries, and prefer Foundations because they offer familiarity, transparency and flexibility.

Giles Corbin, head of Mourant du Feu & Jeune’s Trusts practice, which advises on the structuring and drafting of Foundations, said:

“A Foundation is a new concept for Jersey and has been welcomed as a positive step in affirming the Island as a leading jurisdiction for private wealth management business. Jersey is fast becoming a jurisdiction of choice for the structuring, drafting and administration of Foundations because of its OECD white-list status and the expertise of its advisers and administrators.”

Since Jersey’s Foundations law came into force in July, making it the first Crown Dependency to offer Foundations, Mourant du Feu & Jeune has advised on over half of all Jersey Foundations that have been created.