Jersey: Providing Stability and Certainty for GCC Clients
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