A new Charities Law was approved in Jersey last week, and it is hoped it will boost the Island's reputation as a leading centre for global giving and strengthen its position as a world leader in wealth management.
The Charities (Jersey) Law will provide a robust and modern legal framework to support all types of international philanthropic and charitable structures including small local charities, providing strong governance and accountability.
Geoff Cook, Chief Executive of Jersey Finance said; "This new law will add a welcome degree of clarity and structure to Jersey's charitable framework, setting it apart from other centres and further enhancing its reputation as a leading centre for global philanthropy".
The new law includes a "charity test" and an entitlement for all locally registered charities to receive tax relief and only a registered charity will be able to call themselves a "charity". There will also be a requirement for the governors of a charity to ensure it acts in accordance with the law, pursues the stated charitable purpose and delivers public benefit.
Mr Cook added; "We expect the introduction of this law to be of particular interest to the growing number of high net worth individuals, family offices and their advisers who are increasingly engaged in this area."
Chief Minister, Senator Ian Gorst, said that Government and the finance industry were actively positioning Jersey as the leading international centre for philanthropic wealth structuring. He concluded; "It is an initiative that is very timely and important for the future of Jersey."