Jersey: Private Banking To Engender Entrepreneurship And Safeguard The Wealth Of The Indian Community

Last Updated: 20 August 2012

By Patrick Crowley Country Executive, ABN AMRO Private Bank Jersey

Recognised for its conviction to provide the best in offshore wealth management services, Jersey is fast becoming the jurisdiction of choice for global investors – particularly the resident and non-resident Indian community.

Why? Investors continue to recognise Jersey's robust, weighty and highly experienced private banking sector, which is highly accredited by international and European regulatory bodies. Jersey's wealth structuring models are renowned for being innovative and nimble to anticipate and embrace changing personal situations and international regulations. Jersey offers the perfect infrastructure for resident and non-resident Indians to diversify their assets and to safeguard their wealth.

The Jersey banking industry has already committed to forming strong bonds with India, learning to better understand the cultural value systems that govern the financial decision-making process. The industry acknowledges that it is vital to take the time to nurture real relationships with investors and their families before undertaking any wealth management activity.

ABN AMRO Private Bank Jersey first began to support resident Indian clients in 2001 and has continued since with a wide variety of banking and investment management services. Jersey institutions have provided tailored structuring to provide cross border business financing, they have structured personal wealth management solutions and have also provided financing for the acquisition of property in response to the growing number of wealthy Indian nationals buying UK property. Many resident Indians, with the help of Jersey's banks, are making good use of the Indian Liberalised Remittance Scheme, where residents can legitimately transfer/invest up to US$200,000 abroad per family member each year.

Jersey provides the opportunity and expertise to help develop a truly successful international portfolio.

Banking and investment management in action

To illustrate the extent of local expertise, we worked with a wealthy resident Indian entrepreneur to help him increase his ownership (shareholding) in a successful and growing Indian based Privately Owned Company, despite not having liquid assets to finance the deal. The client needed help to achieve this via pledging some of the shares, which, as majority shareholder, he already owned in the Company. He held these shares via a Mauritian Company of which he was the sole shareholder.

Due to an innate understanding of India and the presence of the Bank in Mumbai, it was easy for us to independently agree the value of the Privately Owned Indian Company shares, such that they could be used as collateral for the loan. An understanding of the India-Mauritius double tax treaty meant that it was possible to design and develop the appropriate facility to support the deal.

The Indian Company continues to expand rapidly and hopes to float on the Indian Stock Exchange. The client and his family have since agreed to centralise and house the wider family financial assets in Jersey.

Jersey: a preferential jurisdiction

Indian entrepreneurs have every reason to move businesses to Jersey and/or to consider Jersey as a preferential jurisdiction to reside and accumulate their assets. Many banks in Jersey have developed a strong understanding of the culture and the banking and investment needs of resident and non-resident Indians, and they are putting this at the disposal of an ever-growing client base.

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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