Guernsey’s ground breaking Image Rights legislation came into force in December 2012 and the new register – the first of its kind in the world – is now open for business.
The new framework will enable celebrities to register not only images and names but characteristics, mannerisms, catch phrases and other unique identifiers that form part of their own personal “brand”, going well beyond the scope of the existing IP legislation.
Image rights will generally be held in a corporate vehicle within a trust structure. Key benefits include:
* Succession planning – celebrities will be able to incorporate their image rights into their succession planning with the rights forming part of their estate assets;
* Tax planning – there are some benefits to be derived from a tax planning point of view although these will differ depending on an individual’s place of residence;
* Financial leverage – banking institutions may be more willing to loan against image rights help within a secure corporate structure
We live in an era where communication is immediate and through social and other viral media, people can become sensations almost overnight. The new Guernsey legislation will enable young sporting talent and budding celebrities to register their image rights even before their full potential has been realised, ensuring the commercial value of individual brands is protected throughout their lifetime and beyond.
Download our Image Rights product note HERE