Jersey could become centre of excellence in philanthropic wealth management

Monday 12 March 2018

Jersey could become a centre of excellence in philanthropic wealth management thanks to the new charities law which provides an innovative new system for charity registration, a partner at a local law firm has said.

On Tuesday, the States Assembly adopted a law that will enable organisations to register with the Jersey Charity Commissioner, from 1 May 2018.

One of the partners at law firm Ogier, James Campbell, said that the new law is already having an impact and generating interest and will be a key component of Jersey's offering as a centre of excellence for philanthropic wealth management.

He said: "The new law brings Jersey's law on charities firmly into the twenty first century but at the same time adopts legal principles long established under Scottish law and English law notably on the test for charitable purposes and what constitutes public benefit albeit updated to reflect modern charity law and philanthropy – this in a stable and regulated environment offering strong legal foundations and access to a wide range of professional services.

"This combination is one that is likely to interest the international HNW market that already sees Jersey as a market-leading option. The number of very wealthy people is growing around the world, and more and more we are dealing with international families and their long term dynastic goals. Increasingly these clients are interested in philanthropy and establishing long term charitable legacies. We expect to see the new charities law expand and broaden Jersey's offering in a way that will resonate with what clients increasingly want."

The firm published a guide on the new law on their website.

Zillah Howard, a partner at Bedell Cristin and a member of the charities law working group in Jersey, also commented on how the introduction of a system of registration puts Jersey in a great position “to operate as a centre of excellence for philanthropic wealth structuring.” She said it added to the "established list of factors which combine to make Jersey an attractive jurisdiction for philanthropy," including flexibility, experience and expertise as well as a robust regulatory system."