Jersey Promotes Itself As Location For Specialist High Value Business

by Jason Gorringe, Tax-News.com, London

18 February 2005

Believing that Jersey has the international appeal to become a location for a select group of international fund managers and wealth management professionals, the island’s finance industry is planning new initiatives in a bid to promote the jurisdiction internationally.

According to finance industry promotional body Jersey Finance, the advantages of setting up an office presence in Jersey will be highlighted with the opening of a new office during international visits and through a newly published brochure entitled ‘Jersey – A Centre for Niche Fund Management and Family Offices’, which has been produced in association with the Jersey Funds Association.

Jersey Finance explained that the move is in support of the States of Jersey’s agreed Strategic Plan to stimulate the economy by 2% per annum in order to generate additional tax revenue for the Island.

Commenting on the initiatives, Gary Clark, Chairman of the Jersey Funds Association, noted:

“We believe that the successful positioning of the funds industry following the introduction of the streamlined Expert Fund regulations in early 2004, has created an opportunity for the Island to attract additional specialist fund providers or Family Office professionals.”

The new brochure is designed to assist firms considering setting up a Fund Management or Family Office operation in the Island. It sets out some of the key considerations for such firms, including current financial and business regulations, an outline of immigration and housing laws and a summary of the fiscal rules that apply in Jersey.

The brochure also emphasises that Jersey will appeal particularly to those finance professionals that meet a number of defined criteria. These include a proven track record in a specialist field and the ability to make a significant contribution to the economy of the Island whilst relocating a small number of principals and their families to Jersey.

Phil Austin, the Chief Executive of Jersey Finance observed:

“Since the launch, Jersey Finance and Member Firms have received numerous enquiries from fund promoters and managers currently located outside the Island who are now considering using Jersey as a base for their international fund management activities.”

Mr Austin continued:

“We need to encourage and foster this interest as ultimately there will be a significant benefit to the economy should we be able to attract a small number of these elite fund and family office professionals to the Island."

“Our brochure brings together a number of the regulatory and business environment factors pertaining to Jersey that such individuals would need to consider if they were to re-locate, whilst at the same time highlighting the many strengths that Jersey enjoys as one of the world’s leading international finance centres,” he concluded.

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