Being placed on the ‘white list’ following the G20 summit was very significant for Jersey. The OECD has clearly recognised and endorsed the efforts the Island has gone to in terms of cooperation, transparency and complying with the highest international regulatory standards.
The Island has deliberately positioned itself in the top tier of international offshore financial centres. This approach gives confidence to institutions and individuals considering Jersey for their investment, banking, wealth management and financial planning needs.
Work continues to be done in this area, with Jersey’s Government and the Industry working together to continue to drive for greater global transparency. At the same time, whilst Jersey does not have banking secrecy, it does respect the rights of legitimate privacy. The safeguards built into the tax information exchange agreements that have been entered into reflect this.
The stability of Jersey’s Finance Industry is founded on its diversity and tax neutrality with regulation that promotes conservative and prudent business. Supported by a pro-business government and a respected regulator, Jersey continues to innovate in terms of products and regulation. It has recently become the first British Crown Dependency to approve a foundations law. Further enhancements to trust regulation are also planned.
With a value of more than £200 billion, the funds sector is also showing resilience and further legislative enhancements are expected later this year that will create new limited partnership structures. These reforms will build on existing limited partnership structures and provide further choice for investors.
Jersey’s relationships with key international markets remain very strong. As well as acting as a conduit for the substantial flow of global capital to London, Jersey continues to strengthen relationships with other key markets such as China, India, the Middle East and Eastern Europe. Considerable progress has been made in obtaining approval from the Hong Kong Stock Exchange for Jersey companies to be admitted on the Exchange, a development that adds to the appeal of the Island to international investors.
Jersey is host to a mature and well developed financial infrastructure of over 400 finance-related businesses, including almost 50 of the world’s top banking brands. The leading accountancy firms all have a significant presence in the Island and there are some 200 trust companies and more than 100 investment managers, custodians and fund administrators. In addition, there are a number of firms working across insurance, law, company administration and other specialist areas.
For High Net Worth individuals considering relocating to Jersey, the Island also offers an attractive proposition. There are no capital taxes and income tax can effectively be capped at £125k. Applying for residency is not onerous In addition, the Island offers a superb lifestyle with excellent transport links to both the UK and Europe, a first rate education system and low levels of crime.
What makes Jersey an attractive jurisdiction: Top Ten