Why Jersey
4
Jersey: a leading International Finance Centre Jersey’s enlightened financial thinking stimulates continuous innovation within a transparent regime that coexists with complete client confidentiality. Our elite professionals drive world-class institutions with intelligence and acumen whilst Jersey’s unique heritage and centuries of wisdom are being used to build a new financial world. www.jerseyfinance.je
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Transcript of Why Jersey
Jersey: a leading International
Finance Centre
Jersey’s enlightened financial thinking stimulates continuous innovation
within a transparent regime that coexists with complete client confidentiality.
Our elite professionals drive world-class institutions with intelligence and
acumen whilst Jersey’s unique heritage and centuries of wisdom are being
used to build a new financial world.
www.jerseyfinance.je
Reputation Jersey’s reputation as a leading financial services provider has been endorsed by…
Being one of the first international finance centres to be placed on the OECD ‘white list’ as having implemented
internationally agreed tax standards
Being invited by the French Chair of the OECD (Organisation for Economic Co-operation and Development)
Peer Review to be Vice Chair alongside Japan, Singapore and India; a process where each country’s TIEA network,
regulation and policies are evaluated and tested by fellow OECD members
The results of Jersey’s 2011 Peer Review which found “Jersey’s practices to date have demonstrated a responsive and
cooperative approach”
A favourable British Crown Dependencies Review (conducted by UK government)
Being rated as the top Offshore Jurisdiction for seven consecutive editions of the GFCI Index (Global Financial
Centres Index)
Being named as International Finance Centre of the Year at the Society of Trust & Estate Practitioners (STEP) Private
Client Awards for 2009/2010
Being named Best International Finance Centre in the International Fund & Product Awards 2010, 2011 and 2012
Being named Best Offshore Centre in the 2012 Global Investor investment management awards.
Being named Outstanding International Wealth Financial Centre, Private Banker Awards 2012
Being named IFC of the Year in the Citywealth International Financial Centre Awards 2013
Being named IFC of the Year in the Wealth Briefing European Awards 2013
Quality & Stability Checklist
JERSEY BERMUDA BVI CAYMAN GUERNSEY ISLE OF MAN
G20/OECD
white listed April 2009 June 2009 August 2009 August 2009 April 2009 April 2009
Position in Global
Financial Centres Index
111 Offshore Centres
Ranking
1 4
(Hamilton) 6 3 2 5
Compliance with The
Financial Action Task
Force (FATF) 40+9 C/LC
ratings2 in the IMF Review
44 19 14 38 47 36
Number of finance
workers 12,820 No data
No official
data.
Estimates
range between
1,000-3,000
No data No data No data
National debt (% GDP) 0% No data No data No data 0% 0%
1 The 13th edition of The Global Financial Centres Index (GFCI) provides ratings and rankings for 77 financial centres - http://www.zyen.com/images/GFCI_25March2013.pdf 2 The Financial Action Task Force Recommendations can be viewed here - http://www.fatf-gafi.org/pages/0,3417,en_32250379_32236920_1_1_1_1_1,00.html
£150.8bn Bank deposits at September 2013
“IMF ranks Jersey as one
of the best international
finance centres globally.”
September, 2009
“Jersey is a ‘white list’
jurisdiction and has supported
the OECD’s programme of
Tax Information Exchange
Agreements since 2002.”
April, 2009
“Jersey is rated as the top
offshore jurisdiction
by the Global Financial
Centres Index 13”
June, 2013
Infrastructure Jersey’s legal framework, tax system
and infrastructure provides…
A tax neutral environment, with no Capital Transfer
Tax/Capital Gains Tax/Value Added Tax/Withholding
Taxes/Wealth Taxes
Access to all major accountancy firms and 5 first tier
legal practices
42 international banks employing more than 3,000
professionals
Tax transparent structures, ensuring no tax leakage for
institutional investors
Over 12,000 finance industry professionals; the largest
number of any British offshore centre
A comprehensive and wide-reaching TIEA (Tax
Information Exchange Agreement) since 2002 and
DTA (Double Taxation Agreement) network
A comprehensive and robust information technology
infrastructure
The benefits of the Channel Islands Stock Exchange
(CISX)
Regulation Jersey’s regulatory regime is…
Rated as one of the best international finance centres
globally by the IMF (International Monetary Fund,
September 2009) along with the UK and US
Operating under a Fund Functionaries Supervision
regime for more than 20 years
The first offshore finance centre to become a full
signatory to the IOSCO Multilateral Treaty
Fully aligned with the highest standards of 3rd AML
(Anti-Money Laundering) EU Directive
Operating at highest standards of CFT (Countering the
Financing of Terrorism)
Operating with a Depositor Compensation Scheme
High regulatory standards resulting in no banking
failures during the recent financial crisis
£22.5bn Funds under investment management
at September 2013
£201.3bn Net Asset Value (NAV) of funds under
administration at September 2013
Jurisdictional Comparison
JERSEY BERMUDA BVI CAYMAN GUERNSEY ISLE OF MAN
No. of first tier law firms
(ref Legal 500) 5 2 5 2 4 3
No of TIEAs 32 35 22 30 40 27
Number of Memoranda
of Understandings with
other regulatory bodies
46 No data 9 19 No data No data
Vehicles available
Foundation
Trust
LP
LLP
Company
PCC, ICC
SLP, ILP
Foundation
Trust
LP
Company
SAC (PCC
equivalent)
Trust
LP
Company
PCC
Trust
LP
LLP
PCC
Foundation
Trust
LP
LLP
Company
PCC, ICC
Trust
LP
LLP
Company
PCC
Number of banking
licences 42 4 6 222 32 32
Number of bank
employees 4,850 No data No data No data No data 2,627
Time zone GMT GMT – 4 GMT – 4 GMT – 5 GMT GMT
No. of daily flights
to major centres
Daily to:
London (10)
(1 hour
flight time)
Frequent to:
Dublin, Geneva
and Zurich
Flights increase
during summer
months
Daily to:
London (1)
(7 hour
flight time)
Miami (1)
New York (2)
No direct
flights to USA
or Europe,
must travel
via Antigua or
other island
Daily to:
Miami (6)
Frequent to:
London
(3 flights
per week)
(10 hour
flight time)
New York
(3 flights
per week)
Daily to:
London (7)
(1 hour
flight time)
Frequent to:
Dublin, Geneva
and Zurich
Flights increase
during summer
months
Daily to:
London (4)
(1.5 hour
flight time)
Weekly to:
Geneva
3 Includes ‘Letters of Intent’ and ‘Statements of Co-operation’
Jersey E: [email protected]
t: +44 (0)1534 836000
London E: [email protected]
T: +44 (0)207 877 2317
Hong Kong E: [email protected]
T: +852 (0)2159 9652
Abu Dhabi E: [email protected]
T: +971 (0)2 406 9722
Mumbai E: [email protected] T: +91 (0)22 6742 3211
www.jerseyfinance.je
Disclaimer: This document is provided for general information purposes only and does not constitute or offer legal, financial or other advice upon which you may act or rely. Specific professional advice should be taken in respect of any individual matter. Whilst every effort has been made to ensure the accuracy and completeness of the information contained herein, Jersey Finance cannot be held liable for any error or omission.
