Alasdair Davidson, Partner at Bedell in Guernsey, looks at the
Island's proposed new Foundations legislation, how it compares
to trusts and companies and who might consider using the new
structure.
Guernsey has a long and successful history in demonstrating its
flexibility and pragmatism in reflecting and adapting to changes in
world trade and commercial needs. Stretching back to the days of
the "impôt" and merchant trading with the European
continent through to the success of the modern finance industry
Guernsey has never rested on its laurels.
The next significant piece of financial services legislation
will provide another useful tool to wealth planning. The drafting
of the Foundations (Guernsey) Law is now at an advanced stage
having passed through the consultation process launched and is
expected to enter into law in late 2012. The uptake in the use of
private trust companies and non-charitable purpose trusts are
examples as to the success of recent
