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 G20/OECD white listed Position in Global Financial Centres Index 111 Offshore Centres Ranking Compliance with The Financial Action Task Force (FATF) 40+9 C/LC ratings2 in the IMF Review
Number of finance workers
National debt (% GDP)
JERSEY
BERMUDA
BVI
CAYMAN
GUERNSEY
ISLE OF MAN
April 2009
June 2009
August 2009
August 2009
April 2009
April 2009
1
4 (Hamilton)
6
3
2
5
44
19
14
38
47
36
12,820
No data
No official data. Estimates range between 1,000-3,000
No data
No data
No data
0%
No data
No data
No data
0%
0%
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 1
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 2
£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.”
“Jersey is rated as the top offshore jurisdiction by the Global Financial Centres Index 13” June, 2013
April, 2009
Infrastructure
Regulation
Jersey’s legal framework, tax system and infrastructure provides…
Jersey’s regulatory regime is…
A tax neutral environment, with no Capital Transfer Tax/Capital Gains Tax/Value Added Tax/Withholding Taxes/Wealth Taxes
Rated as one of the best international finance centres globally by the IMF (International Monetary Fund, September 2009) along with the UK and US
Access to all major accountancy firms and 5 first tier legal practices
Operating under a Fund Functionaries Supervision regime for more than 20 years
42 international banks employing more than 3,000 professionals
The first offshore finance centre to become a full signatory to the IOSCO Multilateral Treaty
Tax transparent structures, ensuring no tax leakage for institutional investors
Fully aligned with the highest standards of 3rd AML (Anti-Money Laundering) EU Directive
Over 12,000 finance industry professionals; the largest number of any British offshore centre
Operating at highest standards of CFT (Countering the Financing of Terrorism)
A comprehensive and wide-reaching TIEA (Tax Information Exchange Agreement) since 2002 and DTA (Double Taxation Agreement) network
Operating with a Depositor Compensation Scheme High regulatory standards resulting in no banking failures during the recent financial crisis
A comprehensive and robust information technology infrastructure The benefits of the Channel Islands Stock Exchange (CISX)
£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
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
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
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
Daily to: Miami (6)
Daily to: London (7) (1 hour flight time)
No. of first tier law firms (ref Legal 500)
Vehicles available
Number of banking licences
Daily to: London (10) (1 hour flight time) No. of daily flights to major centres
Daily to: London (1) (7 hour flight time) Miami (1) New York (2)
Frequent to: Dublin, Geneva and Zurich Flights increase during summer months
3
No direct flights to USA or Europe, must travel via Antigua or other island
Frequent to: London (3 flights per week) (10 hour flight time) New York (3 flights per week)
Frequent to: Dublin, Geneva and Zurich Flights increase during summer months
Daily to: London (4) (1.5 hour flight time) Weekly to: Geneva
Includes ‘Letters of Intent’ and ‘Statements of Co-operation’
Jersey E: jersey@jerseyfinance.je t: +44 (0)1534 836000 Hong Kong E: china@jerseyfinance.je T: +852 (0)2159 9652
London E: london@jerseyfinance.je T: +44 (0)207 877 2317
Abu Dhabi E: abudhabi@jerseyfinance.je T: +971 (0)2 406 9722
Mumbai E: india@jerseyfinance.je 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.