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Jersey's finance industry places great value on its
expanding relationship with the nations of the Gulf Cooperation
Council (GCC) and for this reason has cemented its presence in the
region this year with the opening of Jersey Finance's new
representative office in Abu Dhabi.
With a permanent presence in the region and further product
innovations and enhancements to our legislative and regulatory
regimes, we are committed to intermediaries and clients in the GCC
region.
Jersey, which is celebrating its 50th anniversary as a modern
international finance centre this year, has powerful endorsement as
one of the best regulated jurisdictions in the international
community from the OECD, IMF, FATF and UK Government amongst
others. It also has a history and tradition of providing services
to the Gulf market with many long standing business relationships
between practitioners in the Gulf and Jersey. We are proud of those
connections and keen to build on them.
The new Gulf office at Al Bateen, C6 Tower in Abu Dhabi, is
headed by Sean Costello, Jersey Finance's Head of Business
Development for the GCC and India, who has been a UAE resident for
a number of years and who has wide ranging experience in the
finance industry.
A centre of excellence
There are new products and updates to our legislation that we
will be highlighting in our visits this year including:
The Foundations vehicle, which is being used as an alternative
to the trust amongst wealth and estate planners
Changes to our company laws that bring even further
flexibility
Further developments in our fund capabilities
We plan to continue highlighting Jersey's expertise and
capabilities in managing international capital and its role as a
jurisdiction for corporate clients in the GCC wishing to invest in
the European markets.
Jersey is a well established centre of excellence in managing
the wealth of high net worth individuals and a world leader in
trusts. In particular Jersey has strong expertise in managing
specialist structures popular in Islamic Finance, with a choice of
practitioners familiar with Shari'a-compliant vehicles able to
support this increasing sector of Gulf business.
It is fitting that in this anniversary year for Jersey's
finance industry, we can celebrate a new milestone with the opening
of a permanent office in the Gulf. Jersey's finance industry is
both diverse and wide ranging and continues to evolve to meet the
needs of financial institutions in the region, as well as
international investors and their advisers.
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Cayman Finance, which represents much of the financial community in the Cayman Islands submitted a letter on May 22nd highlighting massive inaccuracies in an article by Sir Simon Jenkins.
One of the fundamental principles of company law is that a lawfully incorporated company has a legal personality and identity that is separate from its directors or shareholders.
Reports in the UK suggest a dossier of more than 100 names of people with money here, and other tax free jurisdictions, has been compiled to find those who are avoiding paying tax.
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