A foundation can be an effective planning tool for private wealth, asset protection, charitable reasons and, in some jurisdictions, may be used for commercial purposes. In some cases it is an attractive alternative to a common law trust, particularly for those who are familiar with civil law but do not have knowledge of this concept. It may also be appropriate for those who want to retain an element of control over how their assets are managed.
A foundation shares the characteristics of a trust in that it does not have shareholders but instead has a founder and beneficiaries. It also has its own legal personality and the ability to enter into contracts in its own right. A foundation is run, in accordance with its regulations, by a council as opposed to directors or trustees.
We have considerable experience of establishing and administering foundations in a number of jurisdictions including the Isle of Man, Jersey, Switzerland, Liechtenstein and Panama.
We work with our clients and their advisers to establish the foundation and to draft the appropriate rules. We can provide council members that will all be selected from our professionally qualified senior management team. We also act as registered agent and will provide administration and accountancy services that are tailored to meet our clients' specific requirements.