DOCSLIB.ORG

Jersey Foundations: the Infinitely Capable, Infinite Duration

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Jersey Foundations: the Infinitely Capable, Infinite Duration Jersey foundations: The infinitely GUIDE capable, infinite duration vehicle Last reviewed: September 2018 What is a Jersey foundation? A Jersey foundation is an entity designed to blend highly attractive features of both Jersey companies and Jersey trusts. In many ways it can be regarded as an incorporated trust. It has its own legal personality, as evidenced by a registered number with the Jersey Financial Services Commission, and is able to own property and sue and be sued in its own name. Its constitutional documents are a public charter and private regulations. The charter has to be lodged with the registrar of companies in Jersey and contains certain basic items of information as required by the Foundations (Jersey) Law 2009 (the 'Law'). The privately kept regulations typically identify those who are to benefit under the foundation, establish the foundation's council (which is to administer the foundation's assets and to carry out its objects), and identify the foundation's guardian (whose duty it is to ensure that the council carries out its functions). The foundation may, and often does, have infinite duration. Speed of incorporation Foundations can be established on a same day 'fastrack' basis like Jersey companies. Drafting flexibility A key feature of the Law is the flexibility it allows as to the precise terms of each foundation, in that although the Law dictates matters which must be included in the charter or regulations it leaves it entirely to the founder to decide the precise manner in which such matters may be dealt with. By way of example, the Law requires that the regulations provide for appointment retirement and removal of council members but does not dictate who is to have powers to appoint and remove members. The founder may decide that. Incorporation An application for the incorporation of a foundation in Jersey may only be made by a 'Qualified Person', being a person registered under the Financial Services (Jersey) Law 1998 to conduct financial services business of this type. The application must be accompanied by a copy of the proposed charter and a certificate signed by the Qualified Person confirming (amongst other things) that: • a Qualified Person will become a member of the council on incorporation; • the Qualified Person making the application is in possession of regulations approved by both the founder and the Qualified Person; • the identity of the original member or members of the council; and • the identity of the guardian. The charter is a public document which must include the following details: • the name of the foundation; 2021934/73819100/2 BVI | CAYMAN ISLANDS | GUERNSEY | HONG KONG | JERSEY | LONDON mourant.com • the objects for which it is established, which must be lawful, charitable or non-charitable, or both, and may be to benefit a person or a class of person, carry out a specified purpose, or do both; • any initial endowment; • the term of the foundation if any; • details of the rights of any person to have the foundation wound up; and • what will happen to the assets of the foundation on dissolution. The Registrar of Companies must be advised of any amendments to the charter. The regulations are not filed with the Registrar of Companies and remain confidential. The regulations must: • establish a council to administer the assets of the foundation and carry out its objects, • make provision for the appointment, removal, retirement and remuneration of council members; • set out how decisions of the council will be made and specify any decisions which may require the approval of another person; • set out the functions of the council and if and how such functions may be delegated; and • make provision for the appointment of a guardian. A foundation does not need to have any initial property to come into existence. The majority of the foundations we have set up so far have had no initial endowment. The objective behind the requirements that only a Qualified Person may incorporate a foundation and that the council of members must always include a Qualified Person, is to ensure that Jersey's extensive regulations to prevent and forestall money laundering are observed from the outset and on a continuing basis. The founder The founder is the person (who may be an individual or a body corporate) who instructs a Qualified Person to apply for the incorporation of the foundation, regardless of whether or not that person donates any assets to the foundation. The founder may be both a member of the council and the guardian, so a direct and very high degree of control is possible subject to relevant tax and legal advice. A person who donates assets to the foundation after incorporation will not be regarded as a founder, unless the regulations of the foundation provide otherwise. The founder may retain rights under the foundation and may assign those rights to any other person at any time during the lifetime of the founder or by will. The identity of the founder or of the beneficiaries does not need to be disclosed on the foundation's publicly available charter. The foundation's objects The objects of the foundation may be to benefit • a person or a class of persons (i.e. beneficiaries); • specified or general charitable purposes; • non-charitable purposes; or • all or any of the above concurrently or consecutively in any order. The objects must be specified in the charter, save that in the case of the objects being to benefit a person or class of persons the charter may simply provide that the person or class of persons may be determined in accordance with the privately kept regulations. Subject to the charter or regulations being drafted to the contrary, a beneficiary under a foundation: • has no interest in the foundation's assets; • is not owed any fiduciary duty by the foundation or by the council, the guardian or any other person appointed under the regulations of the foundation; and 2021934/73819100/2 BVI | CAYMAN ISLANDS | GUERNSEY | HONG KONG | JERSEY | LONDON 2 mourant.com • has no right to any information about the foundation. The council Each foundation has an executive body (like the board of directors of a company) known as the council made up of one or more members whose collective role is to administer the foundation's assets and to carry out the foundation's objects. The members of the council must conduct the foundation in accordance with its charter, its regulations and the Law. Total flexibility exists as to the residency of the membership and organisation of the council, save that the council must include at least one Jersey licensed Qualified Person (see above). The duties of the council members are largely the same as the duties of directors of Jersey companies (i.e. to act honestly and in good faith with a view to the best interests of the foundation and to exercise the care, due diligence and skill that a reasonable prudent person would exercise in comparable circumstances). The Law provides that nothing in the terms of the charter or regulations will relieve a council member from liability for that person's fraud, wilful misconduct or gross negligence. The guardian A Jersey foundation must have a guardian, whose duty it is to take such steps as are reasonable in all the circumstances to ensure that the council carries out its functions. There are no residency restrictions on the guardian who can be a natural or legal person or a committee of persons or indeed another foundation. The founder or the Qualified Person, but no other council member, may be the guardian. Where an action of the council is not permitted by the charter or regulations, the guardian will have power to sanction or authorise such action of the council unless the regulations provide otherwise. The regulations must provide for the appointment and retirement of a guardian and for his or her remuneration. The safeguard role of the Royal Court of Jersey The Royal Court has powers in respect of foundations as it does with trusts, including powers to give directions on the administration of foundations and to dismiss and appoint council members or the guardian. In addition, the Royal Court has an independent power to amend the charter or regulations. Applications may be made to the Royal Court by a 'person with standing', which includes the foundation itself, the founder, the guardian, a beneficiary, a creditor or the Attorney General. Contacts A full list of contacts specialising in Jersey foundations can be found here. This guide is only intended to give a summary and general overview of the subject matter. It is not intended to be comprehensive and doe s not constitute, and should not be taken to be, legal advice. If you would like legal advice or further information on any issue raised by this guide, please get in touch with 2021934/73819100/2 one of your usual contacts. © 2018 MOURANT OZANNES ALL RIGHTS RESERVED BVI | CAYMAN ISLANDS | GUERNSEY | HONG KONG | JERSEY | LONDON 3 mourant.com .
Load more

Recommended publications
  • Disclosure of Information Relating to Jersey Entities
    Disclosure of information relating to GUIDE Jersey entities Last reviewed: February 2021 The Financial Services (Disclosure and Provision of Information) (Jersey) Law 2020 and some ancillary legislation amending the law and filling in certain details (the Registry Law), came into force on 6 January 2021. Purpose and overview of the Registry Law The Registry Law provides a new legal framework for requiring entities to disclose certain information to the Jersey Financial Services Commission (the JFSC), in line with the international anti-money laundering standard set by Financial Action Task Force (FATF) Recommendation 24. In many respects, the Registry Law is a restatement of pre-existing obligations but there are some new concepts and new obligations, which can be summarised as: What's new? What's not changed? Nominated persons must be appointed by every Beneficial owners continue to be those individuals entity who are beneficial owners and controllers of an entity Significant person information must be disclosed to the JFSC and some of it is publically available Beneficial owner information for companies must be disclosed to and kept private by the JFSC Beneficial owner information for foundations and some funds must be disclosed to and kept private by Criminal offence for failure to comply with disclosure the JFSC obligations Nominee shareholders and their nominators must be Annual Confirmation Statements are new disclosed to the JFSC terminology but largely replicate Annual Returns, to be filed annually by end of February (extended to 30 JFSC has the power to strike off entities for failure to June for 2021) comply with disclosure obligations JFSC can issue a Code of Practice applicable to all entities Registry Law applies to entities The Registry Law imposes obligations on entities.
    [Show full text]
  • Banking Litigation Law Review Banking Litigation Law Review
    the Banking Litigation Law Litigation Banking Banking Litigation Law Review Review Editor Christa Band Christa Band Editor lawreviews the Banking Litigation Law Review The Banking Litigation Law Review Reproduced with permission from Law Business Research Ltd. This article was first published in The Banking Litigation Law Review, - Edition 7 (published in September 2017 – editor Christa Band) For further information please email [email protected] Banking Litigation Law Review Editor Christa Band lawreviews Chapter 11 JERSEY Stephen Alexander and Jonathan Speck1 I INTRODUCTION Over the past 50 years, Jersey has developed into a leading international finance centre. Sectors of the industry include banking, collective investment funds, private equity, and trust and company administration, as well as associated legal, accountancy and other professional services. As of 2015, there were 32 banks registered in Jersey (representing a third of the top 25 banks in the world by tier 1 capital) holding a total of £126.5 billion in sterling and non-sterling deposits. The total value of collective investment funds administered from Jersey was £226 billion. In addition, private equity funds, companies, trusts and other vehicles administered in Jersey hold substantial assets. Banks, and other financial services providers, are regulated by the Jersey Financial Services Commission (JFSC). The standard of regulation in Jersey has been endorsed by the International Monetary Fund (IMF) and other international agencies. Jersey achieved a top-tier ranking by the IMF in 2009 (higher than the UK or the US) and has been on the Organisation for Economic Co-operation and Development (OECD)/G20 ‘white list’ since 2002.
    [Show full text]
  • The 22Nd Jersey Youth Assembly Convened on 19Th March 2019 at 1.30 P.M
    The 22nd Jersey Youth Assembly convened on 19th March 2019 at 1.30 p.m. in the States Chamber, under the Presidency of the Bailiff, Sir William James Bailhache _________________ The following members were present: Lily Dobber Storm Rothwell Jenna Stocks Emma Pallent James Dunn Sam Wright Ross Laurent Jacob Burgin Patryk Lalka Morgan Brady Jemima Butler Eoghan Spillane Rhian Murphy Heather Orpin Aimee Hugh Rosie Nicholls Clara Garrood Max Johnson Sean Hughes Sam Gibbins Thomas Glover Jennifer Luiz Evan Campbell Stella Greene Fynn Mason Jennifer Cullen Christie Lyons Romy Smith The following members were en défaut: Philip Romeril Thomas Eva Christopher Stride Thomas Bowden Tanguy Billet Masters Scott Douglas Lysander Mawby Matthew Mourant Liam O'Connell Jack Rive Oscar Shurmer Holly Clark Alice O’Connell States Members present: Senator John Le Fondré, Chief Minister Senator Ian Gorst, Minister for External Relations Senator Tracey Vallois, Minister for Education Senator Sam Mézec, Minister for Children and Housing Deputy Kevin Lewis, Minister for Infrastructure Deputy Montfort Tadier of St. Brelade, Assistant Minister for Economics, Tourism, Sport and Culture Deputy Susie Pinel of St. Clement, Minister for Treasury and Resources Deputy Richard Renouf of St. Ouen, Minister for Health and Social Services Deputy Russell Labey of St. Helier, Chairman of the Privileges and Procedures Committee _________________ Prayers were read in French by Miss Rosie Nicholls of Jersey College for Girls _________________ COMMUNICATIONS BY THE BAILIFF The Bailiff of Jersey, Sir William James Bailhache, welcomed students to the 22nd Annual Jersey Youth Assembly. QUESTIONS Storm Rothwell of Jersey College for Girls asked a question of Senator Tracey Vallois, Minister for Education regarding the range of issues covered by the PSHE curriculum.
    [Show full text]
  • Private Client 2018 7Th Edition
    TheICLG International Comparative Legal Guide to: Private Client 2018 7th Edition A practical cross-border insight into private client work Published by Global Legal Group, in association with CDR, with contributions from: Aird & Berlis LLP Maples and Calder Alon Kaplan, Advocate and Notary Law Office Matheson Aronson, Ronkin-Noor, Eyal Law Firm Miller Thomson LLP Arqués Ribert Junyer – Advocats MJM Limited Berwin Leighton Paisner LLP Mori Hamada & Matsumoto Bircham Dyson Bell LLP Mourant Ozannes Cadwalader, Wickersham & Taft LLP New Quadrant Partners Limited DORDA Rechtsanwälte GmbH O’Sullivan Estate Lawyers LLP Griffiths & Partners and Coriats Trust Company Limited Ospelt & Partner Attorneys at Law Ltd. Hassans International Law Firm P+P Pöllath + Partners Higgs & Johnson Rovsing & Gammeljord Holland & Knight LLP Society of Trust and Estate Practitioners (STEP) Katten Muchin Rosenman LLP Spenser & Kauffmann Attorneys at Law Khaitan & Co Studio Tributario Associato Facchini Rossi & Soci (FRS) Lebenberg Advokatbyrå AB Tirard, Naudin, Société d’avocats Lenz & Staehelin Vieira de Almeida Loyens & Loeff Withers Bergman LLP Macfarlanes LLP Zepos & Yannopoulos The International Comparative Legal Guide to: Private Client 2018 General Chapters: 1 BREXIT: The Immigration Implications – James Perrott, Macfarlanes LLP 1 2 Keep Calm and Carry On: The Increasing UK Regulatory and Tax Issues Facing Offshore Trustees – Matthew Braithwaite & Helen Ratcliffe, Bircham Dyson Bell LLP 11 3 Pre-Immigration Planning Considerations for the HNW Client – Think
    [Show full text]
  • Education and Home Affairs Panel
    STATES OF JERSEY Education and Home Affairs Scrutiny Panel Quarterly Hearing with the Minister for Education FRIDAY, 22nd SEPTEMBER 2017 Panel: Deputy L.M.C. Doublet of St. Saviour (Chairman) Deputy J.M. Maçon of St. Saviour (Vice-Chairman) Deputy S.Y. Mézec of St. Helier Deputy T.A. Vallois of St. John Witnesses: The Minister for Education Chief Education Officer Chief Operating Officer Communications Manager [11:31] Deputy L.M.C. Doublet of St. Saviour (Chairman): Let us begin. Welcome, everybody, this is a quarterly public hearing with the Minister for Education. We are the Education and Home Affairs Scrutiny Panel. My name is Deputy Louise Doublet. I chair the panel and I will let the rest of my panel introduce themselves. Deputy J.M. Maçon of St. Saviour (Vice-Chairman): Good morning, vice-chair and panel, Deputy Jeremy Maçon of St. Saviour, District Petite Longueville. Deputy T.A. Vallois of St. John: 1 Tracey Vallois, Deputy of St. John. Deputy S.Y. Mézec of St. Helier: Sam Mézec, Deputy for St. Helier No. 2. Scrutiny Officer: Andy Harris, Scrutiny Officer. Deputy L.M.C. Doublet: This is our quarterly public hearing and we have for the first time engaged on social media with members of the public to request that they send in questions. We have a rather long list of questions. We will not be able to fit in every single question that the public has submitted to us but I wanted to take the opportunity to thank the public for submitting their questions and to promise that we will try and fit in as many of those as we possibly can.
    [Show full text]
  • Guernsey, 1814-1914: Migration in a Modernising Society
    GUERNSEY, 1814-1914: MIGRATION IN A MODERNISING SOCIETY Thesis submitted for the degree of Doctor of Philosophy at the University of Leicester by Rose-Marie Anne Crossan Centre for English Local History University of Leicester March, 2005 UMI Number: U594527 All rights reserved INFORMATION TO ALL USERS The quality of this reproduction is dependent upon the quality of the copy submitted. In the unlikely event that the author did not send a complete manuscript and there are missing pages, these will be noted. Also, if material had to be removed, a note will indicate the deletion. Dissertation Publishing UMI U594527 Published by ProQuest LLC 2013. Copyright in the Dissertation held by the Author. Microform Edition © ProQuest LLC. All rights reserved. This work is protected against unauthorized copying under Title 17, United States Code. ProQuest LLC 789 East Eisenhower Parkway P.O. Box 1346 Ann Arbor, Ml 48106-1346 GUERNSEY, 1814-1914: MIGRATION IN A MODERNISING SOCIETY ROSE-MARIE ANNE CROSSAN Centre for English Local History University of Leicester March 2005 ABSTRACT Guernsey is a densely populated island lying 27 miles off the Normandy coast. In 1814 it remained largely French-speaking, though it had been politically British for 600 years. The island's only town, St Peter Port (which in 1814 accommodated over half the population) had during the previous century developed a thriving commercial sector with strong links to England, whose cultural influence it began to absorb. The rural hinterland was, by contrast, characterised by a traditional autarkic regime more redolent of pre­ industrial France. By 1914, the population had doubled, but St Peter Port's share had fallen to 43 percent.
    [Show full text]
  • Council of Ministers Minutes 26 April 2017
    466 Re-issued: 16.05.17 PM/SC/136 COUNCIL OF MINISTERS (72nd Meeting) 26th April 2017 PART A (Non-exempt) All members were present. Senator I.J. Gorst, Chief Minister Senator L.J. Farnham, Minister for Economic Development, Tourism, Sport and Culture Deputy R.G. Bryans of St. Helier, Minister for Education Deputy S.G. Luce of St. Martin, Minister for the Environment (not present for items A1 and A2) Senator Sir P.M. Bailhache, Minister for External Relations (not present for items A1, A2 and B4-B9) Senator A.K.F. Green, M.B.E, Minister for Health and Social Services Deputy K.L. Moore of St. Peter, Minister for Home Affairs Deputy A.E. Pryke of Trinity, Minister for Housing Deputy E.J. Noel of St. Lawrence, Minister for Infrastructure Deputy S.J. Pinel of St. Clement, Minister for Social Security Senator A.J.H. Maclean, Minister for Treasury and Resources In attendance - Senator P.F. Routier, M.B.E., Assistant to the Chief Minister Connétable J.M. Refault of St. Peter, Assistant Minister for Treasury and Resources (for items A1, A2 and B6-B9) Deputy G.J. Truscott of St. Brelade, Assistant Minister for Social Security (for items B3) Deputy P.D. McLinton of St. Saviour, Assistant Minister for Health and Social Services (for item B2) J.D. Richardson, Chief Executive, States of Jersey Dr. M. Egan, Greffier of the States R.J. MacRae, Q.C., H.M. Attorney General C. Walwyn, Director – Finance, Education Department (for item B1) T. Mourant, Executive Officer, Education Department (for item B2) J.
    [Show full text]
  • An Account of the Island of Jersey; Containing a Compendium of Its
    THE LIBRARY OF THE UNIVERSITY OF CALIFORNIA LOS ANGELES TA 2S<WUU o^^^tA^/ L&rWt? AN ACCOUNT OP THE ISLAND Or JERSEY; CONTAINING A COMPENDIUM OF ITS ECCLESIASTICAL, CIVIL, and MILITARY, HISTORY: A STATEMENT OP ITS POLITY, LAWS, PRIVILEGES, COMMERCE, POPULATION, and PRODUCE ; A SURVP.T OP THE PUBLIC BUILDINGS, ANTIQUITIES, AND NATURAL HISTORT: TOGETHER WITH SOME DETAIL RESPECTING THE MANNERS & CUSTOMS of the INHABITANTS. CmbtHiB^tn toiti) scacral tjtgtf? fim^tn Cnsrairings > AND A CORRECT MA» OF THE ISLAND, From a recent Survey, made exyrettlgfor thU W*rk. BtW. PLEES; Many Years Resident in Jersey. SOCTHAM PTON I MINTED BY T. BAKER, AVB SOLD BY I » FLBTCRER » •OLD ALSO IN LONDON, BV LONGMAN, HURST, REES, OlME, AND DROWN, PATERNOSTER ROW ; l>WR 1. HATCHARD, PtCCADIIXT > AN* RT ALL TBS ROOSUELLXRt IN JERSRT. 1817, Digitized by the Internet Archive in 2007 with funding from Microsoft Corporation http://www.archive.org/details/accountofislandoOOpleeiala DA £70 Cfcft. TO THEIR EXCELLENCIES GENERAL GEORGE DON, LuU Lieutenant Governor, and Commander in ChUf, of the I.landf AND LIEUTENANT GENERAL SIR TOMKYNS H1LGROVE TURNER, The present Lieutenant Governor and Commander in Chief; THIS ACCOUNT OF THE ISLAND OF JERSEY IS, BY THEIR PERMISSION, RESPECTFULLY DEDICATED, BY THE AUTHOR. Jersey, March, 1816. PREFACE. At a time when regions, distantly situated, and un- connected with Great Britain, either by political or commercial affinity, are thought worthy of appearing in print, it seems natural to hope, that an island, in the vicinity of England, so long and so peculiarly at- tached to it as Jersey, will be considered as entitled to still greater attention.
    [Show full text]
  • Jersey Funds Update
    Jersey Funds Update Summer 2021 Quick Updates 1. New economic substance law for partnerships A Jersey fund which falls within scope of the SFDR will be required to make certain basic disclosures as to the way it A new economic substance law for partnerships was adopted by addresses sustainability risk in its policies and procedures, and the Government of Jersey on 29 June 2021 and is expected to its sustainability risk impact assessment. Any fund which either come into force later this year. promotes environmental or social characteristics or has a sustainable investment objective will need to make additional It will apply to certain partnerships which carry on 'relevant disclosures on how those characteristics or objectives are met. activities' (as per the relevant activities set out in the economic These additional disclosures will be dealt with in the impending substance law for companies). Fund partnerships will not be in Taxonomy Regulations due to be published in two instalments scope. The new law will apply to Jersey general partnerships, in January 2022 and January 2023. limited partnerships, SLPs, ILPs and LLPs which have their place of effective management (POE M) in Jersey (or another low tax, Even if a Jersey AIFM or fund falls out of scope, however, it may non-substance jurisdiction), and also to relevant foreign limited be asked to provide assistance to other fund parties or investors partnerships with their POEM in Jersey. who are required to comply with the SFDR in their own right (eg information sharing, agreeing to introduce compliant policies Once the law is in force, new partnerships will have to comply and procedures).
    [Show full text]
  • Jersey Expert Funds
    GUIDE Jersey Expert Funds Last reviewed: September 2019 An Expert Fund is a fund which targets only Expert Investors (as defined by the JFSC – see below) and fulfils the other criteria of the Jersey Expert Fund Guide published by the JFSC. The Jersey Expert Fund Guide provides a streamlined authorisation process for Jersey collective investment funds targeting Expert Investors. In addition to reducing authorisation timescales, the Jersey Expert Fund Guide also relaxed a number of other policies and rules on the structure and running of an Expert Fund. The Expert Fund regime has proved very successful and a popular route for establishing funds in Jersey, for a broad range of asset classes, including private equity, property and hedge funds and other funds investing in alternative asset classes. Following the implementation of the AIFMD in July 2013, regulations and codes apply in Jersey to AIFMs actively marketing funds in the EEA. Please refer to the Glossary at the end of this guide for the definitions of various capitalised terms. Key Features of an Expert Fund • An Expert Fund may only be offered to Expert Investors, on the basis of an offer document setting out all material information. Expert Investors are deemed to be able to evaluate the risks of investing in an Expert Fund and to bear the economic consequences should the investment fail, and are therefore also deemed to require less regulatory protection in relation to the manner in which the Expert Fund is structured. • Regardless of the number of potential investors to whom the fund is offered, a Fund Certificate is required in relation to an Expert Fund.
    [Show full text]
  • The Revocation of Specific Previous Wills by General Wording Not Valid - the Estate of UPDATE Sushila Bhasin (Deceased) [2015]
    NOVEMBER 2015 The revocation of specific previous wills by general wording not valid - The Estate of UPDATE Sushila Bhasin (Deceased) [2015] Update prepared by Jonathan Speck (Partner, Jersey) Mourant Ozannes recently acted in a case where the question arose as to whether a revocation of previous wills, expressed in general terms, by a foreign-domiciled deceased person had the effect of revoking a specific Jersey will, where this appeared not to have been the intention. Mourant Ozannes recently acted in a case where the question arose as to whether a revocation of previous wills, expressed in general terms, by a foreign-domiciled deceased person had the effect of revoking a specific Jersey will, where this appeared not to have been the intention. The case involved the deceased who died domiciled in Kenya in May 1996. His child survived him but died without issue in October 2012. The deceased also had two brothers and four sisters and numerous nephews and nieces, one of whom is the applicant. With the consent of the Court, he stepped into the shoes of his father, (Mr M) a brother-in-law of the deceased, who died in June 2015. Mr M was one of the three executors in the Jersey will. Evidence was heard from a doctor that showed he accompanied the deceased to England in 1995, during the course of his last illness for treatment, where he made arrangements to make an English will and a Jersey will. Following his death, probate of the English will was issued without a problem but the Registrar in Jersey declined to admit the Jersey will on the grounds that the Kenyan will may have had the effect of revoking it.
    [Show full text]
  • A Guide to Jputs (Jersey Property Unit Trusts)
    A Guide to JPUTs GUIDE (Jersey Property Unit Trusts) Last reviewed: June 2019 Contents What is a JPUT? 2 How do you establish a JPUT and how long does it take? 2 What information about JPUTs is publicly available? 2 Who can act as trustee? 2 How many trustees are needed? 2 What are the trustee's duties? 3 Must a JPUT have a manager? 3 Must a JPUT appoint an auditor? 3 How is a JPUT funded? 3 Can a JPUT make distributions? 3 How does the trustee hold the JPUT's real estate assets? 3 How many unitholders must the JPUT have? 3 Rights of the unitholders 3 Can the unitholders control the trustee? 4 Can a JPUT borrow, give guarantees and provide security? 4 UK tax treatment of a JPUT 4 How long can a JPUT last (ie the term of the JPUT?) 4 Jersey tax treatment of a JPUT 4 Winding up a JPUT 4 What are the benefits of a JPUT? 5 Can a JPUT be used for other purposes? 5 How can Mourant assist? 5 Contacts 5 2021934/73070079/2 BVI | CAYMAN ISLANDS | GUERNSEY | HONG KONG | JERSEY | LONDON mourant.com What is a JPUT? A Jersey Property Unit Trust (JPUT) is a specific type of Jersey trust which is commonly used to acquire and hold interests in UK real estate. Unlike a company, a JPUT is not a separate legal entity. The assets of the JPUT are held by its trustee on trust for the unitholders of the JPUT. The unitholders hold units in the JPUT, similar to shareholders holding shares in a company.
    [Show full text]