Jersey details
Jersey is one of the largest islands of Normandy, located in the English Channel. It is under a jurisdiction of Great Britain (it is not a part of it). A capital is St. Helier. Officially, two languages are used in Jersey - English and French. The island’s currency is the British pound (GBP), the Jersey pound (JEP). The island has an Anglo-Saxon legal system.
Registering a trust fund in Jersey is a promising solution for your business.
A political system
The island is a constitutional monarchy, led by a British monarch. Jersey has its own parliament - the States of Jersey. The Royal Court (the highest court) operates in the territory of jurisdiction, and its administrator is appointed personally by the British monarch.
Registering a trust in Jersey
A trust activity of the island of Jersey implies the ownership of shares in companies, including holding companies, and is aimed at protecting the assets and investment activities of firms in Jersey. Also, a trust activity involves a transfer of assets by inheritance.
A local trust is a politically stable unit with a high reputation, no currency control and a high level of confidentiality. Trust companies do not pay taxes, if their beneficiaries are not residents of Jersey and their income is generated outside the island. You can register a trust in Jersey in the form of a beneficiary or trust (there are no beneficiaries, and a trust pursues the achievement of a specific goal) trust.
Characteristics of Jersey trusts
Opening a trust on the island of Jersey will take 30-40 days. A life-long trust is not limited to time frames. As mentioned above, a legislative system of the island is Anglo-Saxon. A state registration is not required, public access to information on trust activity and all its participants is absent at all stages of conducting a trust on Jersey. Subject to these conditions, a profit taxation is also absent. Assets may include any currency, other than land in Jersey. A Founder may be any legal entity or individual, and the Founder may also be a beneficiary of a trust. A Founder draws up the Trust Deed, appoints the Trustees (at least one representative), the Trustee (an individual/legal entity, it may be the Founder) and investment advisers of the trust, determines the circle of Beneficiaries. A Founder also has the right to terminate the Trust Deed. The trustee of the trust maintains financial statements of the activity. To establish a trust in Jersey, you must pay a fee of $3,747 for registering a trust in Jersey and the first year of its operation. A subsequent annual fee is from $2477.
Professional advice
YB Case will provide you with full qualified support in opening a trust in Jersey or registering an investment fund in Normandy, UK. The company’s specialists will also hold advice on establishing a life-long trust in accordance with the legislation of Jersey. If you don’t want to be affected by further litigation, regarding trust matters, the company’s experts will assist in drawing up a trust agreement in accordance with the laws of Jersey.
