Trust or Foundation? Key points for international succession planning
Foundations are becoming more and more widespread across the offshore world:
- The Isle of Man Foundations law came into force on 1 January this year.
- Mauritius then followed suit in July with its own Foundations Act.
- Now Guernsey has also approved Foundation legislation, following Jersey which introduced Foundations in July 2009.
With these and so many other offshore jurisdictions now offering foundations, they are to be taken seriously as an alternative to trusts.
Please see attached a simple guide which compares trusts and foundations, including a one-page comparison table so the differences can be seen at a glance and the best option can be chosen.
For further details, please contact Andrew Goldstone.