JCS recently completed a 35 day tour of Europe to connect a wide
variety of Jersey service providers with asset managers, fund
promoters, tax advisors, lawyers and other intermediaries in 18
European cities. Early indications are that the tour has been a
great success; 6,780 kilometres and 203 face to face meetings
later, JCS has made in excess of 300 introductions to service
Foundations and Incorporated Cell Company (ICC) structures
Meetings that took place in the Netherlands highlighted an
evident respect for Jersey and a particular interest in Foundations
and ICC structures. This interest was also shown in other cities,
including competitor jurisdictions such as Luxembourg, where
several professionals deferred to Jersey's more competitive
trusts offering and made requests for information on Jersey
Pre-tour research showed that Jersey Foundations would attract
real interest. JCS translated a Foundations briefing note into
several European languages, including Russian. This provided added
value to the marketing of Jersey's services.
Property specialists across Europe were familiar with the
standard real estate structure utilising various relevant
jurisdictions, but they usually expected to see the parent
domiciled somewhere other than Jersey. The ICC structure, most
notably its simplicity, was very well received. Many hosts
requested further information and it is hoped that these contacts
will start to consider using Jersey in future.
Jersey for Funds
The focus of conversations in Germany was on funds, primarily
real estate and renewables, although at present holdings are
typically organised through Luxembourg or the Netherlands. There
was also strong interest in Poland regarding Jersey's status
amongst offshore jurisdictions and its adoption of and adherence to
Residential real estate was of key interest to German financial
service specialists in what can only be described as a buoyant
market. Munich, Berlin and Frankfurt remain the industry
'thoroughbreds' but other European cities such as Hamburg,
Warsaw and Vienna offer excellent investment potential. French
service providers also perform cross-border work with German
counterparts in cities like Stuttgart, making real estate funds the
focus of discussion in Paris.
Jersey's interest in renewables and sustainable energy
caught the attention of European service providers and this was
bolstered by reference to the new Jersey Cleantech initiative. The
rapid growth of this global market, expected to reach $500 billion
annual investment by 2020, was most evident in Poland and the Czech
Republic. Activity in sustainable energy, particularly in Combined
Heat and Power, was compelling. Germany, of course, remains the
European leader in this sector by far.
With JCS support, Cleantech Jersey is now scoping an ideas
exchange with German investment professionals to learn from their
experiences and to help demonstrate Jersey's commitment to
sustainable energy and technologies. There are clear benefits to be
gained from an enhanced awareness of Jersey's legitimacy among
key decision-makers in Europe.
In short, the outlook for Jersey in Europe is positive. There is
a real opportunity to inform key intermediaries about Jersey and
our excellent reputation and international standing – and
to develop stronger relationships with them. Various strategic
partners from Europe will be visiting this year at the invitation
of JCS to see for themselves the quality and calibre of our
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.
To print this article, all you need is to be registered on Mondaq.com.
Click to Login as an existing user or Register so you can print this article.
Register for Access and our Free Biweekly Alert for
This service is completely free. Access 250,000 archived articles from 100+ countries and get a personalised email twice a week covering developments (and yes, our lawyers like to think you’ve read our Disclaimer).