Foundations
Guernsey's Department of Commerce and Employment published a
consultation document on the draft Foundations (Guernsey) Law
earlier this year. The consultation process closed on 23 May
and it is expected that the legislation will come into place early
next year.
The new law will allow for the establishment of Guernsey
Foundations. This will provide the Guernsey fiduciary
industry and its clients with extra options and flexibility
regarding the formation of wealth preservation structures.
The law will assist Guernsey in being able to compete with other
offshore jurisdictions that already have foundations legislation in
place.
Once in place, Guernsey will offer an attractive alternative for
migration of existing foundations to Guernsey or for the set-up of
new ones.
Further information will follow as the introduction of the new
law progresses.