Jersey continues to highlight its expertise in key markets,
expanding its reach internationally while announcing innovative
measures to meet market demands.
The latest Global Financial Centres Index places Jersey as the
highest rated offshore international finance centre and Jersey is
the only offshore jurisdiction to feature in the world's top
ten for private banking and wealth management. Our consistent
ranking in the Index – six times in a row as top rated
offshore location - is hugely encouraging and helps reinforce our
standing and reputation for financial services globally.
As worldwide markets recover, we have the ideal platform from
which to promote our offering. This is true in the more mature
markets of the UK and Continental Europe and also further afield,
where there is increasing demand for Jersey - a stable, well
regulated jurisdiction, packed with expertise in key sectors of
finance, and in close proximity to London and to the Western
We have some of the best financial legislation and regulation in
the world and over the years we have been adept in maintaining and
improving our laws and in adhering to international regulatory
standards. This commitment to high standards has resulted in wide
recognition from international bodies including the OECD and
High quality regulation and corporate governance are important
features in building business in the new powerhouse economies.
Through our Government we are progressing agreements and treaties
with other nations and this is helping Jersey gain market access
and greater recognition for the quality of our corporate
Our newly signed Tax Information Exchange Agreement with India
is assisting us to rapidly expand our business in that region.
Jersey's Government has also recently negotiated double tax
agreements with Hong Kong and Qatar and our regulator has signed a
Memorandum of Understanding with the Central Bank of the UAE. We
are firmly establishing ourselves in these locations, assisted by
the representative offices that we have opened in Hong Kong and Abu
Dhabi. Furthermore we have started to develop links with
universities and educational bodies in the Gulf with a view to
establishing internship programmes as a way of fostering greater
understanding of the specifics of our industry. This follows a
highly successful six month stay in Jersey recently by two Qatari
nationals from the Qatar National Bank and the Commercial Bank of
Qatar, who visited to observe first-hand how Jersey businesses
operate and to develop relationships between Jersey and Qatar.
In the funds sector we have implemented a new regime for Private
Placement Funds, which has widened the choice for investors. it is
designed for 'fast track' approval, providing speed and
certainty for investors and complementing the existing Expert Fund
regime, giving an additional boost to our alternatives fund
Company legislation is increasingly used by lawyers advising
investors in China, India and elsewhere to establish entities
efficiently before listing on many of the world's major stock
exchanges. The most recent figures confirm that there are 34 main
market listings of Jersey companies on the world's exchanges,
with a total market capitalisation of more than £78
Jersey's leading position as a centre for trusts,
complemented now by the availability of foundations, has wide
appeal in global centres in the emerging regions and enhancements
to trust legislation will come on the statute in Jersey later this
year, adding to the options for high net worth clients and their
Articles in this latest edition of Finance Update demonstrate
Jersey's unrivalled and wide ranging expertise in international
finance. Jersey's political and economic stability should not
be under-estimated, nor should the inherent skills that the
jurisdiction's workforce offers, thanks to decades of growth
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.
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Many people are baffled by trusts, the purpose of which they don't fully comprehend. Some even regard them with suspicion, as tools of of opaque tax evasion strategies of a type favoured by wealthy individuals.
We were recently instructed by a Bank in relation to a regulatory matter. The Bank had made a suspicious activity report to the Financial Investigation Unit ("FIU") due to their concerns about the potential source of funds in an account.
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