In October last year, article 56 of the Trusts (Jersey) Law 1984 was deleted in its entirety through the introduction of the Trusts (amendment no. 4) (Jersey) Law 2006. This amendment has greatly assisted Jersey in the restoration of its competitive advantage with regard to the creation, management and administration of the private trust company (PTC).
The PTC is a company which has the sole purpose of acting as trustee of a specific trust or a related group of trusts. It will ordinarily be involved with one or more trusts created for the benefit of a specific family. In an environment where providers of trust services are regulated, a Jersey-incorporated and/or administered PTC is exempt from the licensing requirements under the Financial Services (Jersey) Law 1998, as long as:
