Monday 1 June – 12pm-2:30pm
Recent figures show that Jersey continues to have real appeal in the global private client arena, with around US$197bn being held on deposit in the 33 major banking organisations that have a presence in Jersey – around two-thirds of that total held in foreign currency. In addition, whilst Jersey’s private wealth sector is renowned globally for its quality and surrounding case law, more than 273 Jersey Foundations have been established since their introduction in 2009, adding considerably to Jersey’s capabilities in philanthropy.
This lunchtime event will focus on Jersey’s enduring strengths as a centre for private client work, which stretches back over 50 years during which time it has grown in complexity to span a broad range of services from cross-border investments and trust structuring to Islamic finance and multi-generational and multi-jurisdictional family office work.
Led by Geoff Cook, CEO, Jersey Finance, the event will, with reference to Jersey’s high standing as a well-regulated centre at the forefront of international cooperation, examine developments in the global transparency and information exchange agenda, their impact on the private wealth landscape and discuss the notion that transparency is here to stay.
A panel session will also consider whether Inter Governmental Agreements (IGAs) and the commitment to introduce accelerated Common Reporting Standards (CRS) will result in a substantial increase in inquiries, confessions and tax payments or if there will be minimal change. Additionally they will map out the potential approaches in response to the evolving private client environment and the institutionalisation of family offices. Key discussions will include how the automatic exchange of information and increased sensitivities to reputational issues, might prompt a reconfiguration of the IFC landscape with regards to quality, tax neutrality and client consolidation. Furthermore, the panelists will debate whether jurisdictions will look to identify new models or industries to bolster their economies, and the role technology may play in the services on offer to clients.