By Hiren Rawal Senior Relationship Manager, ABN AMRO Bank N.V.
Growing and protecting your wealth and safeguarding the financial future for you or your family is naturally a paramount concern, and with the recent global economic turmoil, it has never been more important. To meet your aims and achieve your goals, there are many things you need to consider. These include the importance of holding a diversified portfolio, your choice of jurisdiction and working alongside people you know and trust.
In today's world, often the only certainty is uncertainty. Every day the financial landscape changes, and recent events such as the European crisis and the Arab Spring have highlighted the importance of spreading your assets, not only by class, but also by currency and geography. Often, for resident and non-resident Indians (NRIs), the ideal solution to help them weather any crisis is to have a diversified wealth structure held in a safe offshore jurisdiction.
Recognised the world over for its conviction to providing the very best in offshore wealth management services, Jersey has been making significant strides in developing its commercial, regulatory and governmental ties with the Indian authorities and with leading finance practitioners in the country. For the last five years Jersey Finance has been building links with India by hosting visits to showcase the island’s financial services and to highlight the quality of Jersey’s regulatory regime. Jersey is becoming an attractive option for financial intermediaries and other financial advisers in India.
The reasons are numerous. It enjoys tremendous stability, both politically and economically, as well as being an ideal location – bridging the opening and closing times of the world’s eastern and western financial markets. Jersey has become one of the world's leading international finance centres thanks to solid, pragmatic yet progressive governance and regulation. With an enviable infrastructure of qualified professionals, its robust, weighty and hugely experienced private banking sector is highly accredited by international and regulatory bodies.
Ultimately, what gives Jersey the edge over other IFCs is its geographical, cultural and linguistic proximity to the City of London.
Longstanding Anglo-Indian relations have kindled an affinity for the British sensibility and a deeper understanding of its culture compared with our European neighbours, which has helped give Jersey a competitive edge. All this adds up to make the island ideally placed to welcome Indian clients – offering offshore benefits in a ‘familiar’ location.
With wealth structuring models renowned for being innovative and nimble to anticipate and embrace changing situations and regulations, Jersey offers the perfect infrastructure for resident and non-resident Indians to diversify their assets and safeguard their wealth.
Further amendments to Jersey’s trust legislation in 2012 has only served to make Jersey an even more attractive destination for international investors considering long term inheritance planning and has increased Jersey’s suitability as a preferred provider of wealth management services.
Jersey links with India
To date, the island has formed strong bonds with India and is committed to continuing to build on and strengthen this relationship with the potential for long-term rewards. The physical presence of Jersey Finance, with representation in both Mumbai and Delhi, signifies a commitment to developing these links and goes towards helping the island to fully understand the cultural value systems that govern the financial decision-making process in India.
This commitment is echoed by ABN AMRO Bank N.V. in Jersey, which has built strong relationships with many clients who emanate from the Indian sub-continent. By providing for their diverse financial needs, including wealth planning, banking, investment management and structured loans, we have developed a deep and sustained understanding of the Indian culture and way of life. Regular visits to India, to the Gulf region and to Africa, where many NRIs reside, from me and other bank employees demonstrate this commitment to strengthening relationships.
ABN AMRO bank is particularly well placed to offer wealth management services to its Indian customers, given the organisation’s historical links to the country. The brand name still has a strong resonance amongst the Indian community and is seen as a successful and trustworthy global organisation.
With this expertise and specialisation supported by a global organisation with a heritage going back some 300 years, ABN AMRO has everything in place to help develop a truly successful international portfolio – in a truly successful international jurisdiction.
Article originally published in Business Brief, December 2012