Jersey is set to introduce a statutory migration process whereby provided that foreign limited partnerships are solvent and migration is not prohibited in their jurisdiction they can now relocate with ease.
The Limited Partnerships (Continuance) (Jersey) Regulations 2020 which will be debated by the States of Jersey on the 14 July 2020 allows for a simple process whereby an application is made to the Jersey Financial Service Commission showing that the foreign limited partnership is in existence and is in goodstanding.
This does not create a new entity, this merely continues in Jersey. It does not affect any existing partnership interest. It also does not affect any acts carried out by the partnership prior to its continuance in Jersey.
If the foreign limited partnership is an investment fund then further consents will be applicable.
Jersey is known as a flexible and robust jurisdiction and it has seen a rise in popularity in regards to establishment of such entities in recent years and it is envisaged that the above migration will attract a lot of foreign limited partnerships for a variety of reasons. If you have an existing foreign limited partnership would like to know more about the possible benefits of the above migration please do not hesitate to contact us.