Jim Gilligan recently visited London, UK to provide
'hands on' insight and support for the new
Guernsey Foundations legislation. This significant
event, hosted by Guernsey Finance and held in the British Museum,
highligted new changes in legislation from the Island's
Government, the States of Guernsey. These are likely to come
into force shortly, currently awaiting final ratification by the
UK's Privy Council.
More than 120 delegates attended the event including the leading legal and tax advisers from London's private client industry. Fiona Le Poidevin, Chief Executive of Guernsey Finance, said: "It was very pleasing to see such a strong turnout and I think this reflects the significant level of interest in the new Guernsey Foundations Law. Indeed, there was a very good debate about the relative merits of foundations compared to trusts as structures for meeting the particular needs of private clients, as well as the nuances of the provisions within the foundations legislation of different jurisdictions."
Jim Gilligan commented. "There is already a great deal of expertise and experience within the Guernsey fiduciary community. This new legislation has the potential to open up further opportunities and new markets. It will offer a flexible alternative to existing foundation jurisdictions, some of which have suffered from negative press in recent years. Guernsey Finance have put together a comparative chart of the new Guernsey law and those of Jersey, Liechtenstein and Panama. I was involved in the production of this document and would commend professionals to judge for themselves how Guernsey's new law may fit their client's needs."
Foundations Comparison Chart: LINK
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