Since Collas Crill opened its Singapore office in August - the
first Channel Islands law firm to do so - there has been a great
deal of interest in the various wealth planning structures both
Channel Islands have to offer.
While Singapore has its own statutory trust law, many Singapore
residents seeking structure to their wealth consider it to be more
constraining then enabling, and have therefore looked
The Channel Islands are attractive because they are perceived as
safe. However it is fair to say the high level of regulation is
sometimes seen as a downside because of the various processes which
have to be gone through. This is because what is sought to be
structured is new entrepreneurial wealth made by people who are
used to making decisions quickly and being able to implement them
without delay. Therefore a degree of education to realise that high
regulation is a positive rather than a negative quality is
While there is interest in the trust offerings of both Channel
Islands, Collas Crill's experience from its first three months
in operation is that there is a definite appetite for Jersey
Foundations, not least for holding family businesses for which
trusts may not be entirely suitable because of duties to
beneficiaries, and also because of concerns about the disclosure of
A Jersey Foundation must have at least one Jersey regulated
trust company with an additional category of licence as a Council
member, and thus most if not all of the administration will have to
be carried on in Jersey. However, given the existence of a time
zone overlap, which is not the case with Caribbean jurisdictions
such as Cayman and BVI, this should not prove to be an
Those best placed to offer this service are service providers
with offices in both jurisdictions, but it is also anticipated that
alliances will be formed by Singapore based operates with Jersey
trust companies in order to be able to provide Jersey Foundations
as part of their offering into an increasing wealthy market place.
There is no statutory restriction on Jersey Foundations being run
in Singapore with the qualified member in Jersey but it must be
remembered that Jersey must always be able to comply with all Tax
Information Exchange Agreement obligations, so sufficient records
must be kept in Jersey at all times.
It therefore seems likely that Jersey's decision to bring in
Foundations will prove to be a wise one, and the presence of Collas
Crill in Singapore should enhance their prospects in this rapidly
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