On the 15th October 2015 Gibraltar published draft legislation for public consultation. The legislation was to introduce the Private Foundations Act 2015 and the Limited Liability Partnerships Act (Amendment) Regulations 2015. The closing date for the consultation was the 30th November 2015.
This legislation is an effort by Gibraltar to remain competitive with other jurisdictions that have already introduced similar private foundations and will be based on the Jersey foundation which was introduced in 2009.
Foundations are becoming popular and are self-owning legal entities which whilst are similar to trusts also enjoy many of the benefits associated with companies and are primarily used for private wealth management and inheritance structuring.
It is reported that private practitioners’ desire for a similar entity to be available in Gibraltar is behind the decision to introduce this to Gibraltar.
If you would like to hear more about the benefits of Foundations and the different jurisdictions available then please do not hesitate to contact us.