Five Years Of Foundations In Guernsey

Foundations registered in Guernsey are nearing 100 in the five years since the island's Foundations Law came into effect.

Foundations were introduced on 8 January 2013 as a new solution for private wealth clients seeking more directional power over assets compared to traditional trust structures. They have been established in civil law countries for many years.

There are 88 foundations on the register at present, which Angela Calnan, Group Partner in the trusts and foundations team at law firm Collas Crill, described as 'encouraging'.

"Most of those that we have been involved with have been for 'super structures'," she said, 'and in my experience, Guernsey foundations are not being used for 'cookie cutter', volume business.'