The Private Foundations Act 2017 was recently introduced in Gibraltar and provides for the establishment of private foundations. Europa Trust Company Ltd reports on private foundations and the positive implications it holds.
A private foundation is a legal entity setup by an individual, family or group of people for a specific purpose. It is established by a Foundation Charter and registered by the Registrar of Foundations.
Foundations have existed in Europe since 1926. They were introduced to provide a civil law equivalent to a common law trust.
There are a variety of reasons for setting up a foundation and some of them include asset protection, charitable purposes or estate and inheritance planning. Foundations appeal to people who are not familiar with establishing trusts.
Europa Trust Company Ltd has always been at the coalface of positive developments in the local financial services industry. On this occasion, we were invited along with other industry leaders to consult on regulatory issues affecting the new foundation licensees.
When the Private Foundations Bill was passed earlier this year, Albert Isola, the Gibraltar Minister for Commerce, stated that it now “adds to the strength of the Gibraltar proposition as a leading transparent and compliant onshore financial services jurisdiction in Europe.”
The Private Foundations legislation is a significant addition to the extensive financial services that Gibraltar can offer as a finance centre. It provides clients with choice and flexibility within the fiduciary sector. There is a global demand for foundations and more importantly for foundations to be domiciled in a well-regulated, transparent and co-operative jurisdiction. Gibraltar is such a jurisdiction.
The introduction of the foundations legislation allows Gibraltar to provide another valuable financial product and continue to meet international obligations and high standards.
For more information on private foundations in Gibraltar and their advantages visit our webpage or contact one of our foundation specialists to guide you to achieve your goals.
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Working with The Europa Group
Europa Trust Company Ltd is part of the Europa Group. We have been based in Gibraltar for 32 years and have built a reputation as a stable and reputable business.
We provide a comprehensive range of company and trust formation and management services including company and trust administration, corporate directors, shareholders and secretaries, accounting, marine registration and other associated services.
Our clients are an eclectic mix of international executives, authors, sportsmen, corporations, wealthy individuals, families and many more. Their individual interests and needs are at the centre of our focus. Each client benefits from the experience and multi-jurisdiction knowledge of a dedicated Europa Group professional.
The Europa Group is able to work in over 31 jurisdictions around the World. We are licensed and regulated by the Financial Services Commission and ISO 27001 (Information Security Management Systems) and ISO 9001 (Quality Management Systems) certified.