Jer­sey: Pro­vid­ing Sta­bil­ity and Cer­tainty for GCC Clients

Gulf Business - - ANALYSIS - For fur­ther in­for­ma­tion on Jer­sey’s world-lead­ing pri­vate wealth man­age­ment ser­vices, con­tact ei­ther Cor­mac Sheedy or Richard Nunn, Jer­sey Fi­nance Busi­ness Devel­op­ment Di­rec­tors for the GCC: email: richard.nunn@jer­sey­fi­nance.je email: cor­mac.sheedy@jer­sey

This is an ex­cit­ing time for Jer­sey and its re­la­tion­ship with the GCC. For more than ten years, Jer­sey Fi­nance, Jer­sey’s gov­ern­ment and the Is­land’s reg­u­la­tor have been reg­u­lar vis­i­tors to the re­gion. More re­cently, Jer­sey Fi­nance’s rep­re­sen­ta­tive of­fices in the UAE have fos­tered a strong re­la­tion­ship with busi­nesses across the re­gion. This bur­geon­ing re­la­tion­ship, and the Is­land’s com­mit­ment to the re­gion, is set to be high­lighted at two Jer­sey Fi­nance road­show events in May in Dubai and Kuwait. And the tim­ing couldn’t be more sig­nif­i­cant. With the cur­rent chang­ing mar­ket and po­lit­i­cal land­scape, the GCC’s wealth­i­est fam­i­lies are in­creas­ingly hand­ing their wealth plan­ning and man­age­ment to first-class, sta­ble in­ter­na­tional fi­nance cen­tres (IFCs). In­ter­na­tional in­vest­ment car­ries risks, yet the right wealth struc­tur­ing ser­vice can iden­tify the most ap­pro­pri­ate in­vest­ment op­tions within fluc­tu­at­ing mar­ket and reg­u­la­tory en­vi­ron­ments. Wealth struc­tur­ing can also nav­i­gate tax and reg­u­la­tory re­quire­ments and pro­vide a secure and flex­i­ble ser­vice to pro­tect and grow those as­sets. This is an area of strength for Jer­sey. It’s a secure ju­ris­dic­tion that of­fers a flex­i­ble ap­proach to pri­vate wealth man­age­ment, built on more than 50 years’ in­ter­na­tional ex­per­tise, de­liv­er­ing trusts as well as es­tate and suc­ces­sion plan­ning. More re­cently Jer­sey’s in­no­va­tive foun­da­tions and pri­vate trust com­pa­nies have proven very pop­u­lar, es­pe­cially among those seek­ing greater con­trol over their in­vest­ment as­sets. The suit­abil­ity of th­ese prod­ucts is one rea­son why Jer­sey has long been a pre­ferred ju­ris­dic­tion for pri­vate clients from the GCC, in ad­di­tion to the growth in the num­ber of fam­ily of­fices in the re­gion, a ser­vice which Jer­sey has been pro­vid­ing to GCC fam­i­lies for many years. The Is­land also has a long­stand­ing re­la­tion­ship with many in­ter­me­di­aries and HNWIs in the re­gion, of­fer­ing ap­pro­pri­ate reg­u­la­tion and a tight-knit net­work of pro­fes­sional firms, most of which are ex­pe­ri­enced in man­ag­ing Sharia-com­pli­ant prod­ucts and ser­vices. Fur­ther­more, Jer­sey of­fers ex­cel­lent mar­ket ac­cess into both Lon­don and the EU. Of course the West­ern world has its share of geopo­lit­i­cal un­cer­tainty at the mo­ment too – not least the fall-out from the UK’s vote in 2016 to leave the EU. The good news for in­vestors is that Jer­sey’s po­si­tion is un­likely to be af­fected. As a Crown De­pen­dency, Jer­sey is nei­ther part of the UK nor the EU. The UK’s ref­er­en­dum vote doesn’t af­fect Jer­sey’s long-stand­ing con­sti­tu­tional re­la­tion­ship with the UK, nor its rights to of­fer its ser­vices to EU mar­kets, which are the re­sult of in­de­pen­dent bi­lat­eral ne­go­ti­a­tions. This leaves Jer­sey in a prime po­si­tion to pro­vide wealth man­age­ment ser­vices to HNWI clients from the GCC. The Is­land of­fers sta­bil­ity, in­de­pen­dence and tax-neu­tral­ity, and ro­bust, spe­cialised reg­u­la­tion that acts as a qual­ity fil­ter, en­sur­ing that funds com­ply with in­ter­na­tional reg­u­la­tions. Jer­sey has long been com­mended by or­gan­i­sa­tions in­clud­ing the World Bank and OECD for its stan­dards of trans­parency, and was com­mended in 2016 by MONEYVAL, the Coun­cil of Europe’s Com­mit­tee of Ex­perts on the Eval­u­a­tion of Anti-Money Laun­der­ing Mea­sures and the Fi­nanc­ing of Terrorism, for its anti-money laun­der­ing mea­sures. Con­sid­er­ing all the above, Jer­sey’s fi­nance of­fer­ing is per­fectly placed to sup­port the com­plex es­tate plan­ning and in­vest­ment am­bi­tions of GGC in­vestors, as they re­spond to the chang­ing global fi­nan­cial pic­ture. With all this to dis­cuss and more, the Jer­sey Fi­nance road­shows are set to at­tract a broad cross-sec­tion of the GCC ad­vi­sory com­mu­nity. We hope to see you there. New Per­spec­tives, the Jer­sey Fi­nance GCC Road­show 2017, will be in Kuwait on 1 May and Dubai on 3 May. Find out more at www.jer­sey­fi­nance.je/ gcc-road­show-2017.

With a strong and grow­ing pres­ence in the re­gion, Jer­sey is in­creas­ingly pro­vid­ing a range of pri­vate wealth man­age­ment ser­vices to GCC clients

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