Posted: 22/11/2012
Guernsey foundations are expected to play a pivotal role in facilitating family and corporate governance to ensure lasting, workable structures that will withstand internal and external conflict.
That's according to expert Rose Chamberlayne, speaking at this week's Guernsey Foundations Law seminar held by Collas Crill, who said it may not always be a case of choosing between trusts and foundations when Guernsey's new legislation comes into force.
Ms Chamberlayne, partner in the Private Capital Group at leading London firm Lawrence Graham who specialises in wealth structuring for UHNW international families, was one of a panel of speakers who addressed the question 'Are Guernsey Foundations best of breed?' in front of a packed audience from Guernsey's trust and fiduciary sector at the event on 20 November 2012.
Collas Crill's Edward Stone said: "As economic dynamics fluctuate, offshore jurisdictions need to respond and adapt to their clients' needs; the evolution of the Guernsey Foundation ensures that Guernsey has the most complete and modern toolkit to provide the best and most practicable solutions in the wealth structuring world."
The audience of more than 100 island professionals clearly agreed that the Guernsey Foundation is best of breed, he said.
With the Foundations (Guernsey) Law, 2012 due to come into force imminently, Guernsey should prove a popular jurisdiction for foundations, the panel agreed.
Ms Chamberlayne gave some considered examples of how powerful a combination of trusts and foundations could be in private trust company structures, how a foundation could play a role in family limited partnerships and how they could be used to provide administrative services to family offices.
Collas Crill senior associate Angela Calnan explained some of the key differences between trusts and foundations and why the Guernsey's new law is best of breed, highlighting some of the provisions unique to foundations, how they will be established and how to assist clients wondering whether to have a trust, foundation or both.
Mr Stone outlined how Guernsey's legal system, with its Norman customary rules, was the perfect common law jurisdiction to host the civil law concept of foundations. He also compared how foundations might fare compared to trusts when under attack.
Collas Crill senior associate David Dorgan gave examples first hand of how he had seen Jersey foundations used in Jersey. The audience appreciated the insights he was able to give about the Jersey experience.
The Collas Crill seminar series concludes on 29 November 2012 with the following seminar
29 November: Protecting images and the cult of celebrity - Guernsey image rights
The cult of the celebrity has risen inextricably and with it their ability to generate wealth through their images. The traditional celebrity was controlled by the corporations to which they were contracted but now the individual is able to take control of their affairs - and image rights and other intellectual property have become ever more valuable. As a response to this, Guernsey is launching the world's first registrable image right in December this year.
At this seminar, speakers from our IP team will be joined by Freddie Huxtable of RSM Tenon and Fraser Reid of Couchmans LLP, who will present real world examples of how image rights have been used to date and how the new Guernsey legislation will provide benefits in the future.
SPEAKERS:
Jason Romer - Partner at Collas Crill and Guernsey image rights expert. Jason will discuss the background to the legislation and how it can be used to effectively manage and structure these new rights.
Fraser Reid - Partner at Couchmans LLP
Freddie Huxtable - Private Client & International Tax Director at RSM Tenon
David Evans - Director at Collas Crill IP. David will discuss the requirements for registration and the benefits over traditional forms of IP.
Registration from 4 pm
Speakers start 4.30pm sharp
Close by 6pm
Location - Somerset Suite, Duke of Richmond Hotel
Cost - £25 per seminar
To reserve your place (or make a group booking), please email events@collascrill.com