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. Clearly, its success has been built upon its political independence and economic stability, a mature and respected legal and regulatory system, its tax neutral business environment and expert workforce.
Jersey now has the opportunity to play an increasingly important role in supporting the wealth management strategies of African private clients, including in established areas such as preserving family wealth and providing stable platforms in the face of political instability.
Strong growth is expected to persist in cross border business with African investors in the traditional trust structuring space. Particularly with UHNW families in Africa becoming increasingly global in terms of their residence and wealth, with the ongoing appeal of Jersey private trust companies for family wealth planning remaining a vital element of Jersey’s appeal.
Additionally, recent enhancements to Jersey’s charities law and the reputation of its trust, foundation and company structures, has generated a growing interest in how Jersey can support international philanthropic initiatives, both now and in the future. Clearly, Jersey’s reputation as a stable, forward thinking jurisdiction is proving vital for Africa investors to manage their global investments.
Establishing new links
Our focus is to develop new opportunities for Jersey firms in Africa and together we are continually fostering new relationships for the benefit of Jersey Finances’ Africa focussed Member Firms.
Working together – keep updated, join our Africa Community of Interest Group
Our business development directors provide bi-annual updates on Africa business development activities, events, visits and other marketing activities to our Community of Interest Group, which comprises of members of Jersey Finance who are focussed on doing business in the Africa.
To find out more about working together and joining this group, please contact: firstname.lastname@example.org
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 Africa.
To view the overall position, of Jersey, on the signing and negotiating of tax agreements Click Here