Increased interest and activity establishing philanthropic structures in Jersey is expected after the States of Jersey took the final decision to implement the remaining provisions of the Charities (Jersey) Law 2014 yesterday.
The new law – which will now largely come into force on 1 May 2018 with the last remaining provisions on 1 January 2019 – introduces a register of recognised charities with general, restricted and historic sections which provide distinct levels of public access to data on the register; creates the office of the Commissioner who will oversee all charities and ensure enforcement of the law and provides a framework by which charities in Jersey will be regulated.
Ogier partner James Campbell says 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."
Ogier recently produced an infographic setting out what people need to know about the charities law – you can see it here.