The Guernsey Registry has approved the first migration of a
foundation from another jurisdiction to Guernsey.
Lloyd's Trust Company (Channel Islands) Limited made the
decision to move a Liechtenstein-based foundation to Guernsey
following the introduction of foundations legislation into Guernsey
law last year.
Carey Olsen prepared the migration application for submission to
the Registry and advised Lloyds on the foundation's new charter
and the rules that needed to be adopted to comply with the
Foundations (Guernsey) Law, 2012 as well as the legal and
regulatory aspects of their appointment as a foundation official
and the provision of foundation services.
Natasha Kapp, Senior Associate at Carey OIsen, said that the
firm has had several enquiries regarding foundation migrations into
the island following the introduction of the new law, which allows
Guernsey to offer a product that is more familiar to clients from
civil law jurisdictions.
