The offshore Channel Island of Jersey is the largest of the British Channel Islands, having an area of 45 square miles and a population of some 84,000 people. Although located off the north coast of France, it is part of the British Isles, but not part of the United Kingdom. Jersey is one of the world's most important and respected international finance centres.
Jersey has earned its reputation as an international finance centre through a combination of factors, notably long term political and economic stability, a high calibre of professional expertise, advantageous and stable tax regime and investor protection through commercial legislation that meets the needs of a quality finance centre. All these contribute to a highly respected international finance centre providing a range of quality services that few offshore centres can match.
The Island's location is extremely convenient with daily scheduled air services with London Heathrow and Gatwick airports, as well as Paris, all with onward worldwide connections. A sophisticated telecommunications network is in place and daily courier services operate worldwide.
Jersey has retained its independence through its constitutional relationship with the United Kingdom Crown. The Island's Government, the States of Jersey, is responsible for taxation.
A 20% per cent rate of income tax has remained unaltered for over 50 years, and is only applicable to residents of Jersey. There are no capital gains, estate or inheritance taxes. There is no value added tax. Non residents are not liable to Jersey income tax on bank interest earned in the island.
Jersey trusts are tax neutral in that no tax liabilities will arise in the Island so long as no local residents are beneficiaries of the trust.
The Island has no exchange control restrictions which means that equity and loan capital, interest, dividends, and branch profits, can be freely remitted.
Conquest Trust Company (Jersey) Limited strongly recommend that clients take relevant tax advice from appropriate firms situated in their country of residence prior to setting up an offshore structure. Whilst we only advise in relation to Jersey taxation, we are pleased to offer international tax planning and related professional advice through our professional advisers.
The United Kingdom Government is responsible for the Island's international relationships, but Jersey is consulted before any international agreement is reached which would apply to the Island.
The European Community has recognised Jersey's independent position, and autonomy has been maintained in areas of fiscal harmonisation, financial services and exchange of information.
The Island is party to the Organisation for Economic Co-operation and Development (O.E.C.D.), through the United Kingdom's own membership.
Jersey's reputation as an international finance centre, highlighted by the advantages of a low tax jurisdiction, political and economic stability, and international relationships provides the infrastructure in which Conquest Trust Company (Jersey) Limited can offer a high quality offshore trust and company administration service for both private and corporate clients.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.