Trends in Offshore Wealth

I was asked this week to imagine a scenario where the Finance industry had fled Jersey and what kind of economy might remain. I instead explained why I was confident that would never happen, and why Jersey and its finance industry have a bright future. It appears the internationally renowned Boston Consulting Group agree with me.

Whilst I am not terribly keen on the term offshore (I think it confuses people because it has sometimes been used as a pejorative by the poorly informed), but for this purpose lets use the BCG definition of investment into a country where the investor has no legal residence or tax domicile. The recent BCG perspectives report concluded that:

 

"The offshore model remains viable because wealth management clients will continue to seek diversification, broad private-banking capabilities, specialized expertise, and discretion."

 

The table reflects recent Offshore trends:

 

The report highlights went on to conclude:

 

"Offshore centers must position themselves not only as possessing skills and expertise that cannot easily be found onshore, but also as embracing full transparency and integrity."

 

Sounds like a pretty good description of Jersey to me, and the reason we are seeing business growth

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