Jersey, one of the world’s leading international finance centres, has been attracting bank deposits and investments from corporate institutions and private clients across the globe for more than 50 years. Its success has been built upon the key combinations of political independence and economic stability, a mature and respected legal and regulatory system and a tax neutral business environment.
Jersey and Africa have enjoyed close business ties. Approximately nine percent of assets looked after by trusts in Jersey have come from African sources and a number of African banks have a presence in Jersey including: Standard Bank, FirstRand, Nedbank and Investec.
Jersey has significant experience of advising clients on transactions in a number of African countries including corporate work in the natural resource, mining and energy sectors as well as funds, banking and finance, projects and infrastructure and private wealth.
International Agreements and Relations
Jersey’s excellent relations with the UK and the City of London means it is able to offer a variety of structuring solutions to UK / Africa investment(s) (the UK being one of the largest investors in Africa in 2013).
In addition, the Jersey authorities have sought to engage with African Tax Administration Forum (ATAF) and other international bodies such as the OECD Task Force on Tax and Development, the UK Department for International Development, the Norwegian Ministry of Finance and EU Development and Cooperation (DEVCO) on ways in which Jersey believes that it can assist developing countries to enhance their revenue raising capacity and generally tackle issues of financial crime including fiscal crime.
Further international agreements include:
- Jersey has developed a significant tax information exchange agreement (TIEA) network with various jurisdictions including South Africa and shortly with Kenya
- Double taxation avoidance agreement negotiations are well advanced with Botswana, Ghana, Lesotho, Malawi, Mauritius, Nigeria, Seychelles, Swaziland and Zambia
- The Jersey Financial Services Commission (Jersey’s regulator) has agreed a memorandum of understanding with the Bank Supervision Department of the South African Reserve Bank and the Financial Services Board of the Republic of South AfricaL.
To view the overall position, of Jersey, on the signing and negotiating of tax agreements Click Here