1 Legislative framework

1.1 Which legislative provisions govern private client matters in your jurisdiction?

A large number of statutes and subordinate legislation can touch upon private client matters in Jersey. These include:

  • the Trusts (Jersey) Law 1984;
  • the Foundations (Jersey) Law 2009;
  • the Wills and Successions (Jersey) Law 1993;
  • the Probate (Jersey) Law 1998;
  • the Companies (Jersey) Law 1991; and
  • the Charities (Jersey) Law 2014.


1.2 Do any special regimes apply to specific individuals (eg, foreign nationals; temporary residents)?

In terms of taxation, no distinction is drawn between categories of individual.

Please see question 3.3 in relation to the forced heirship rules which apply to persons domiciled in Jersey.



1.3 Which bilateral, multilateral and supranational instruments in effect in your jurisdiction are of relevance in the private client sphere?

Jersey has signed inter-governmental agreements for the purposes of the US Foreign Account Tax Compliance Act (FATCA) and a multilateral competent authority agreement relating to the Common Reporting Standard (CRS) with more than 100 other jurisdictions, each implemented through local legislation. These regimes involve the automatic exchange of information between jurisdictions.

In addition to the automatic exchange of information pursuant to FATCA and the CRS, Jersey has entered into numerous tax information exchange agreements in compliance with the principles set out in the Organisation for Economic Co-operation and Development Model Tax Convention. The United Kingdom is party to the Convention on Mutual Administrative Assistance in Tax Matters, which was extended to Jersey.

Jersey also has numerous full and partial double taxation agreements with other jurisdictions, including the United Kingdom.



2 Taxation

2.1 On what basis are individuals subject to tax in your jurisdiction (eg, residence/domicile/nationality)? How is this determined?

In Jersey, personal taxation is determined by reference to residence. An individual will be considered resident and ordinarily resident for tax purposes in Jersey in a tax year (calendar year) if he or she:

  • is present in Jersey for 183 days in any one tax year;
  • maintains a place of abode in Jersey and stays one night in Jersey in a tax year. However, by concession, an individual whose centre of life is abroad, in the sense that he or she has a home and business or professional activities abroad which keep him or her more or less continuously outside Jersey, will be regarded as resident but not ordinarily resident, unless the average period spent in Jersey amounts to or exceeds three months; or
  • does not maintain a place of abode in Jersey, but visits Jersey on a regular basis (ie, averaging more than 90 nights per year over a four-year period). The individual will become resident and ordinarily resident from the start of the fifth year.

A person who is resident and ordinarily resident in Jersey is charged to income tax on his or her worldwide income. A person who is resident but not ordinarily resident in Jersey is charged to income tax on all Jersey-source income and any non-Jersey-source income which is remitted to Jersey. A non-Jersey resident is charged to income tax on Jersey-source income only. By concession, Jersey bank interest and social security pensions are deemed to be non-Jersey source income for these purposes.



2.2 When does the personal tax year start and end in your jurisdiction?

The tax year in Jersey starts on 1 January and ends on 31 December each calendar year.



2.3 With regard to income: (a) What taxes are levied and what are the applicable rates? (b) How is the taxable base determined? (c) What are the relevant tax return requirements? and (d) What exemptions, deductions and other forms of relief are available?

The standard rate of income tax for an individual is 20% (and a marginal rate calculation applies so that tax payable cannot exceed 26% of taxable income above the tax exemption threshold). An individual must file an annual tax return, either online by 31 July or by delivery of a hard copy return by 31 May of the year following the relevant tax year.

For an employed resident, income tax is collected from his or her salary by a deduction under Jersey's Income Tax Instalment Scheme (ITIS) regime, and by instalments where someone is self-employed.

There are certain annual income thresholds below which tax is not payable depending on the category of person (eg, single, married or in a civil partnership), and separately in any such case where the person is born before 1952; and there also certain child allowances. Contributions to an approved pension scheme are tax deductible, as are benefits in kind up to £250.



2.4 With regard to capital gains: (a) What taxes are levied and what are the applicable rates? (b) How is the taxable base determined? (c) What are the relevant tax return requirements? and (d) What exemptions, deductions and other forms of relief are available?

There is no capital gains tax regime in Jersey.



2.5 With regard to inheritances: (a) What taxes are levied and what are the applicable rates? (b) How is the taxable base determined? (c) What are the relevant tax return requirements? and (d) What exemptions, deductions and other forms of relief are available?

There is no inheritance tax regime in Jersey.

Probate stamp duty is charged on a deceased person's movable estate. For individuals who were domiciled in Jersey, the whole of their estate is subject to probate stamp duty; while for individuals who were domiciled outside Jersey, only their Jersey situs assets are subject to probate stamp duty. In respect of movable property, stamp duty is currently payable on a tiered ad valorem basis where the estate exceeds £10,000. There is also an £80 administration charge. The maximum duty currently payable is £100,000.

Stamp duty is also payable on registration of a will of Jersey immovable property on the value of the property. Registration of the will is the means by which title is transferred to the beneficiaries under the will. The value of the property must be assessed by an estate agent. Where the property is left by will to the heirs at law, only an administration charge of £80 is payable and no valuation is required, as no stamp duty is payable.



2.6 With regard to investment income: (a) What taxes are levied and what are the applicable rates? (b) How is the taxable base determined? (c) What are the relevant tax return requirements? and (d) What exemptions, deductions and other forms of relief are available?

There are no specific taxes in relation to investment income, which will be treated in the same manner as any other income (see questions 2.1 and 2.3). Non-residents are liable to Jersey income tax at a rate of 20% on their investment income arising in Jersey, subject to the concession that applies to bank interest.

Dividends paid to a resident or non-Jersey resident by a Jersey company are not subject to withholding tax; nor is interest paid by a company, including a Jersey bank.



2.7 With regard to real estate: (a) What taxes are levied and what are the applicable rates? (b) How is the taxable base determined? (c) What are the relevant tax return requirements? and (d) What exemptions, deductions and other forms of relief are available?

Stamp duty is payable on transfers of residential and commercial freehold property and contract leases (a lease for more than nine years); and land transaction tax (LTT) is payable on the transfer of share transfer properties with specific rights to occupy. At present, most commercial properties acquired by purchasing shares in a corporate vehicle are not subject to stamp duty/LTT.

The payment of stamp duty or LTT is on a tiered ad valorem basis, with varying rates. There is an additional £80 registration fee in all cases and a £20 'jurat's' fee applicable to freehold rather than share transfer purchases.

Stamp duty or LTT is also payable on the amount of any loan secured over the property or shares at rates of up to 0.5% of the amount borrowed (with certain exemptions).

There is also a 20% income tax charge on any rental income received net of all allowable expenses.



2.8 With regard to any other direct taxes levied in your jurisdiction: (a) What taxes are levied and what are the applicable rates? (b) How is the taxable base determined? (c) What are the relevant tax return requirements? and (d) What exemptions, deductions and other forms of relief are available?

There are no other direct taxes.



2.9 With regard to any indirect taxes levied in your jurisdiction: (a) What taxes are levied and what are the applicable rates? (b) How is the taxable base determined? (c) What are the relevant tax return requirements? and (d) What exemptions, deductions and other forms of relief are available?

Jersey has a goods and services tax (GST). GST is charged at 5% on the majority of goods and services supplied in Jersey for local use, including imports. GST is collected on goods worth £135 or more (including any freight costs) bought online or overseas and delivered into Jersey.

There are various duty-free allowances for alcohol and tobacco products. Goods purchased on a commercial flight or ferry must be declared where the value is £390 or more; in the case of a private flight or ferry, the limit is £270. Relief is available where pre-owned personal belongings are brought into the island as part of a change of residence.

Local duties are applied to such items as alcohol, tobacco products and fuel.



3 Succession

3.1 What laws govern succession in your jurisdiction? Can succession be governed by the laws of another jurisdiction?

Jersey distinguishes between movable property and immovable property. Immovable property is land, freehold property and leases of over nine years. Movable property is effectively everything else, including cash in bank accounts, shares (including shares in share transfer properties), jewellery and so on. In Jersey, it is the laws of the jurisdiction in which the deceased is domiciled at the date of his or her death which will govern the distribution of his or her movable estate (lex domicilii). When considering immovable property, the validity of a disposition will be governed by the laws of the jurisdiction in which such immovable property is situate (lex situs).



3.2 How is any conflict of laws resolved?

Any conflict of law issue will be determined by the Jersey courts in accordance with the principles of private international law, as applied by Jersey law. This would include consideration of the concept of domicile and the doctrine of renvoi (reference back). The concept of domicile is central to the rules governing the succession to movable property under Jersey law (see question 3.1). Jersey broadly follows the same common law rules as England and Wales, and English cases have persuasive authority in the Jersey courts.



3.3 Do rules of forced heirship apply in your jurisdiction?

Following the same distinction, immovable property in Jersey is not subject to any forced

heirship regime. Generally speaking, a person has complete testamentary freedom in respect of his or her Jersey immovable property. The one exception is in the case of a married person/civil partner, where the surviving spouse/civil partner has a right to the life enjoyment of one-third of all the deceased's immovable property (known as 'Jersey dower'). Separately, to the extent that a surviving spouse/civil partner does not inherit the matrimonial home/civil partnership home (whether an immovable or share transfer property), the surviving spouse/civil partner is automatically entitled to a life interest in the home and any heir will take subject to that life interest.

If a person dies domiciled in Jersey leaving a valid will, there are quasi-forced heirship rules as to how he or she may leave his or her movable property, known as légitime. These rules afford a deceased's surviving spouse/civil partner and/or issue rights to certain proportions of the deceased's movable estate regardless of the provisions of any will of movable property. If a will infringes légitime, the relevant family members can force the deceased's estate to be distributed in accordance with the légitime proportions, which are as follows:

  • Where the deceased is survived by a spouse/civil partner and issue, he or she may only freely dispose of one-third of the net movable estate (net estate). The surviving spouse/civil partner is entitled to the household effects and one-third of the net estate, and the issue are entitled to claim a further one-third share, to be divided between them in equal shares per stirpes (by branch).
  • Where the deceased leaves issue but no spouse/civil partner, he or she is entitled to dispose freely of one-third of his or her movable property. The issue are entitled to claim the remaining two-thirds of the net estate, to be divided between them in equal shares per stirpes (by branch).
  • Where the deceased leaves a spouse/civil partner but no issue, he or she is entitled to dispose of one-third of the net estate, and the surviving spouse/civil partner is entitled to claim the household effects and the remaining two-thirds of the net estate.

The onus is on the entitled beneficiaries to claim their légitime within one year and one day of the grant of probate, failing which the terms of the deceased's will will be upheld.



3.4 Do the rules of succession rules apply if the deceased is intestate?

The movable estate of a person dying intestate is subject to different rules. The entitlements of the surviving spouse/civil partner and surviving issue are as follows:

  • Where there is no issue of the deceased spouse/civil partner, the surviving spouse/civil partner takes the whole of the net estate.
  • Where the deceased spouse/civil partner leaves a surviving spouse and issue:
    • the surviving spouse is entitled to the household effects (a defined term), other movable estate to the value of £30,000 and half of the rest of the net estate; and
    • the issue take the other half of the rest of the net estate in equal shares.
  • Where there is no surviving spouse/civil partner, the issue take the estate in equal shares.

If a person dies leaving neither a surviving spouse/civil partner nor issue, the movable estate devolves to his or her heirs at law in equal shares in accordance with certain customary law rules. If there are no heirs, the property will go to the Crown.

In respect of the immovable property of a person who dies intestate, the entitlements of the surviving spouse/civil partner and surviving issue are as follows:

  • Where there is no issue of the deceased spouse/civil partner, the surviving spouse/civil partner is entitled to the whole of the immovable estate.
  • Where the deceased spouse/civil partner leaves a surviving spouse/civil partner and issue, they are entitled to an equal share with each child who has survived the deceased spouse/civil partner and, if any, the issue of each child who predeceased the deceased spouse/civil partner and surviving the deceased spouse/civil partner.
  • Where there is no surviving spouse/civil partner, the issue share the estate in equal shares as owners in common.

In the second and third cases above, where a child has predeceased the deceased, the deceased child is represented by his or her heirs, who take per stirpes (by branch) if there is more than one of them. In other words, if the deceased and his or her surviving spouse/civil partner only had one child who predeceased the deceased, but that child had a surviving child, that surviving child (ie, grandchild) will count as issue and take the share of the parent.

If a person dies leaving neither a surviving spouse/civil partner nor issue, the immovable estate devolves in equal shares as owners in common between the heirs at law. The heirs at law are determined according to certain customary law rules. If there are no heirs, the property will go to the Crown.

In addition, to the extent that a surviving spouse/civil partner does not inherit the whole of the net movable estate or the whole of the immovable estate, the surviving spouse/civil partner is automatically entitled to a life interest in the matrimonial home/civil partnership home (which includes immovable and share transfer properties), and any heir will take subject to that life interest.



3.5 Can the rules of succession be challenged? If so, how?

Subject to the rules on forced heirship (légitime) and Jersey dower, including the statutory provisions concerning the matrimonial home, it is not possible for beneficiaries to challenge their entitlements under Jersey's succession rules.



4 Wills and probate

4.1 What laws govern wills in your jurisdiction? Can a will be governed by the laws of another jurisdiction?

The Wills and Successions (Jersey) Law 1993 and customary laws relating to Jersey dower and légitime (see question 3.3).

Only a Jersey will may be used to deal with Jersey immovable property. Please see question 4.3 regarding movable property.



4.2 How is any conflict of laws resolved?

Any conflict of laws issue will be determined by the Jersey courts in accordance with the principles of private international law as applied by Jersey law. For example, the material or essential validity of a will of movable property is governed by the law of the testator's domicile at the time of his or her death.



4.3 Are foreign wills recognised in your jurisdiction? If so, what process is followed in this regard?

Foreign wills are recognised in Jersey.

A will dealing with movable property situated in Jersey need not be governed by the laws of Jersey, although it is advisable for it to be so.

As a matter of Jersey law, a will shall be treated as properly executed if, at the time of its execution or at the time of the testator's death, its execution conforms to Jersey law or the internal law in force:

  • in the territory where it was executed;
  • in the territory where the testator was domiciled;
  • in the territory where the testator was habitually resident; or
  • in a state of which the testator was a national.


4.4 Beyond issues of succession discussed in question 3, are there any other limitations to testamentary freedom?

See question 3.3.

Jersey law also prohibits trusts and foundations from directly owning Jersey real estate. If a testator wishes to leave immovable property to a trust or foundation, he or she will need to consider incorporating a company during his or her lifetime and then leaving the property in their will to the company and the shares in the company to the trust or foundation.



4.5 What formal requirements must be observed when drafting a will?

The formalities for making a will in Jersey (including a codicil to a will) are as follows:

  • The will must be in writing and signed by the testator;
  • The signature must be made or acknowledged by the testator in the presence of two witnesses present at the same time;
  • Each witness must either attest and sign the will or acknowledge his or her signature in the presence of the testator and in the presence of the other witness; and
  • The witnesses must be over 18 years of age and must not be beneficiaries under the will.

In Jersey, it is possible to make a valid holograph will of movable property (ie, one which is entirely handwritten, dated and signed by the testator), even if not all of the other formalities have been met.

There are special requirements for the execution of a will of Jersey immovable property. The will must be read aloud to the testator and, if signed in Jersey, one of the witnesses must be a member of the States (Jersey government), a Crown officer or an advocate or solicitor of the Royal Court of Jersey. If the will is made outside Jersey, one of the witnesses must be a notary public.

As a consequence of the COVID-19 pandemic, a temporary regime is currently in place to allow wills to be made using some form of audio-visual facility where the will cannot be signed by the testator in the physical presence of one or both witnesses because of the measures taken to reduce the spread of the disease.



4.6 What best practices should be observed when drafting a will to ensure its validity?

Due in particular to the execution requirements of wills for immovable property and the forced heirship rules in relation to movable property, it is highly advisable for wills to be professionally prepared by local lawyers.

It is customary to have separate wills of movable and immovable property, although a combined will is possible. This is usually avoided, especially where the will is professionally prepared, as a will dealing with immovable property must be registered in the Public Registry for it to take effect, and so could lead to delays in seeking a grant of probate in respect of the movable property.



4.7 Can a will be amended after the death of the testator?

Application may be made to the Royal Court within two years of the death of a deceased person with the consent of all parties who, in in the court's opinion, should be consulted and having regard to the interests of the relevant beneficiaries for an order:

  • to vary any disposition (whether effected by will or under the laws of intestacy) of the movable estate of the deceased person;
  • to provide that any such variation made has effect as if it were a disposition effected by the will of the deceased person or under the law of intestacy, as the case may be; and
  • to direct to whom and in what manner the movable estate of the deceased person should be distributed.


4.8 How are wills challenged in your jurisdiction?

Once a will has been admitted to probate (in the case of a will of movable property) or registered in the Public Registry (in the case of a will of immovable property), or both, it acquires a provisional validity. That validity may be challenged in the Royal Court if the challenge is made:

  • by a person who is injured by the will. This will usually be an heir, but may be, for example, a widow/widower who has been deprived of his or her légitime (see question 3.3);
  • on a recognised ground of nullity (moyen de nullité) which is established to the satisfaction of the court. The moyens de nullité usually arises out of incapacity, illegality, error or undue influence/coercion; and
  • within such period as may be allowed by law for doing so.

An action to annul a will of movable property must be brought within one year and one day of the date of death of the deceased. An action to annul a will or a legacy of immovable property must be brought within one year and one day of registration of the will in the Public Registry.



4.9 What intestacy rules apply in your jurisdiction? Can these rules be challenged?

See questions 3.4 and 3.5



5 Trusts

5.1 What laws govern trusts or equivalent instruments in your jurisdiction? Can trusts be governed by the laws of another jurisdiction?

The principal legislation which governs trusts is the Trusts (Jersey) Law 1984, accompanied by a significant body of case law.

Trusts can be governed by the laws of other jurisdictions, but will not have the benefit of certain 'firewall' provisions (see question 5.2).



5.2 How is any conflict of laws resolved?

Article 9 of the Trusts Law requires questions regarding a Jersey trust to be determined in accordance with Jersey law alone without reference to foreign laws, and any decision of a foreign court will generally not be enforced to the extent that it is not in accordance with the laws of Jersey. The Jersey courts cannot give directions which would have the effect of achieving the objectives of the foreign court.

Subject to this, any conflict of law issue will be determined by the Jersey courts in accordance with the principles of private international law as applied by Jersey law.



5.3 What different types of structures are available and what are the advantages and disadvantages of each, from the private client perspective?

In terms of private wealth structuring, the most common types of trusts used are discretionary trusts and settlor reserved power trusts. Life interest trusts are available; as are non-charitable purpose trusts, which are often used to protect family heirlooms or to hold certain assets such as the shares in a family trading company.

A discretionary trust gives the trustees wide powers to administer the assets and to distribute them in their absolute discretion. The trustees will usually be guided by a non-binding letter of wishes from the settlor. The settlor of a discretionary trust may wish to temper this wide discretion by requiring the trustees to obtain the consent of a third party (a protector or, indeed, the settlor during his or her lifetime) before exercising certain powers (eg, capital distributions). A settlor reserved power trust enables a settlor to reserve certain powers for himself or herself under the terms of a trust instrument (eg, to give binding directions to the trustees in relation to the investment of the trust fund or to vary the terms of the trust). Care must be taken in this regard: if too many powers are reserved to the settlor, this may cause issues in the settlor's home jurisdiction from a tax perspective, as the local tax authority may take the view that the settlor has not fully disposed of property on to the terms of a trust.

Increasingly, families are looking to have private trust companies as the trustee of their trusts. As the name suggests, this is usually a private company, but can be another type of entity (eg, a Jersey foundation). A non-charitable purpose trust is often used as the sole member of a company. A foundation has the benefit of being an orphan structure.

A Jersey foundation can also provide a useful alternative to a trust. The Foundations (Jersey) Law 2009 also includes similar 'firewall' provisions to those set out in Article 9 of the Trusts Law (see question 5.2). A Jersey foundation must have a locally regulated council member. Unlike a trust, since the introduction of the Financial Services (Disclosure and Provision of Information) (Jersey) Law 2020, abridged regulations must be filed with the Jersey Companies Registry which removes a degree of privacy, although no information from which a person can or may be identified is included.



5.4 Are foreign trusts recognised in your jurisdiction? If so, what process is followed in this regard?

Jersey does recognise trusts governed by the law of another jurisdiction. A non-Jersey law governed trust is regarded as being governed by, and is interpreted in accordance with, its proper law and enforceable in Jersey unless it:

  • purports to do anything contrary to Jersey law;
  • applies directly to Jersey immovable property; or
  • is immoral or contrary to public policy.

There is no formal recognition process.



5.5 How are trusts created and administered in your jurisdiction?

A trust may come into existence by oral declaration, or by an instrument in writing (including a will or codicil), or arise by conduct. A unit trust must be created by an instrument in writing.

Trusts tend to be administered by professional trustees in Jersey who are regulated by the Jersey Financial Services Commission.



5.6 What are the legal duties of trustees in your jurisdiction?

The Trusts Law provides various statutory duties, as follows:

  • Trustees must carry out and administer the trust in accordance with its terms;
  • In the execution of their duties and in the exercise of their powers and discretions, they must act with due diligence, as would a prudent person, to the best of the trustee's ability and skill, and observe the utmost good faith;
  • Unless modified or excluded by the trust instrument, trustees must, so far as is reasonable, preserve and enhance the value of the trust property;
  • Unless modified or excluded by the trust instrument, where there is more than one beneficiary, trustees must be impartial and not execute the trust for the advantage of one at the expense of another;
  • Trustees must keep accurate accounts and records of the trusteeship; and
  • Unless provided otherwise by the trust instrument, trustees must not directly or indirectly profit from their trusteeship.

Trustees are also subject to various common law/customary law fiduciary duties similar to a number of the above duties.



5.7 What tax regime applies to trusts in your jurisdiction? What implications does this have for settlors, trustees and beneficiaries?

Where the trustee is resident in Jersey but none of the beneficiaries is resident in the island, the local tax authority does not generally seek to subject the trustee or any of the beneficiaries to local income tax. A trustee resident in Jersey is, however, liable to deduct tax at 20% in respect of distributions to Jersey resident beneficiaries. By concession, Jersey bank deposit interest is not treated as Jersey source income when received by trustees of a trust with no Jersey resident beneficiaries.



5.8 What reporting requirements apply to trusts in your jurisdiction?

Under the Common Reporting Standard (CRS) and the US Foreign Account Tax Compliance Act (FATCA) regimes (see question 1.3), trust settlors, beneficiaries and trust protectors are exposed to the possibility of reporting on them on a multi-jurisdictional basis in respect of a variety of reportable financial accounts. Reporting institutions must report certain financial information with respect to reportable financial accounts held with them to the local tax authority. Information obtained by the tax authorities is automatically exchanged with other participating jurisdictions (in the case of the CRS) and the United States (in the case of FATCA) on an annual basis.

Since UK property is a popular asset class, all UK trusts and non-UK trusts with UK tax liabilities (income tax, capital gains tax, inheritance tax or stamp duty) must register with the UK Trust Registration Service, whether or not the trustees are UK resident, and must report up-to-date and accurate records of their beneficial owners and potential beneficiaries to the UK tax authority.



5.9 What best practices should be observed in relation to the creation and administration of trusts?

Although capable of being created orally or by conduct, it is preferable to have a private trust created with a professionally drafted trust instrument which can reflect the specific requirements of the settlor.

As the vast majority of Jersey-law trusts are created for non-resident settlors and beneficiaries, and given the global regulatory regimes, it is recommended to have professional trustees in a well-regulated and well-respected jurisdiction, such as Jersey.



6 Trends and predictions

6.1 How would you describe the current private client landscape and prevailing trends in your jurisdiction? Are any new developments anticipated in the next 12 months, including any proposed legislative reforms?

Despite the global COVID-19 pandemic, the private wealth sector in Jersey has remained remarkably resilient. This has been due in large part to the proactive response by the finance industry and the regulator to the use of technology; and the government's quick implementation of a new economic substance test, which assured that the adjustments that businesses made to protect themselves from the effects of COVID-19 will not affect their tax residence status, provided that any changes are temporary. There continues to be a steady stream of enquiries by family offices looking to move to Jersey.

Environmental, social and governance (ESG) investing is now very much to the fore in terms of investment decisions by private clients. This will need to be considered by trustees, especially in terms of their powers under the trust and also their protections, bearing in mind the general duty to preserve and enhance the trust property. For example, a trustee might be exposed to potential claims from beneficiaries who do not support ESG investing, who may say that the trustee should have chosen a different investment which would have generated a better return, with the result that the trustee could be personally liable.

The Financial Services (Disclosure and Provision of Information) (Jersey) Law 2020 came into force on 6 January 2021. This law allows the Jersey Financial Services Commission to continue to collect and make public certain information it holds to give effect to Financial Action Task Force Recommendation 24, which relates to the transparency and beneficial ownership of legal persons, such as companies and foundations. It also gives the government the ability to make regulations which determine additional information which may be made public.



7 Tips and traps

7.1 What are your top tips for effective private client wealth management in your jurisdiction and what potential sticking points would you highlight?

The principal tip is for individuals and families to ensure that they are surrounded by advisers who truly understand their needs and aspirations. This includes having:

  • a good understanding of wealth-holding structures;
  • familiarity with information technology and new asset classes; and
  • experience of nuptial agreements, divorce, multiple marriages, long-term but unmarried relationships and same-sex relationships.

Avoid making any structure overly complicated and ensure that different generations understand the purpose of the structure.



The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.