Jersey has retained its position as the highest rated offshore international finance centre and remains the only offshore jurisdiction to feature in the world’s top ten for private banking and wealth management, according to the latest Global Financial Centres Index (GFCI) released this month.
Overall, Jersey remains 21st in the competitive rankings, which are published every six months, ahead of Guernsey in 31st, Cayman Islands (40th) the Isle of Man (44th), and BVI (45th). Jersey has also gained two points in its overall rating.
In the rankings of industry sectors, Jersey is the only one of the offshore jurisdictions to feature and is ranked eighth in the global top ten for private banking and wealth management, just below Zurich and Toronto and ahead of Vancouver and Tokyo.
Geoff Cook, chief executive of Jersey Finance Limited, commented:
For six editions of the GFCI in a row Jersey has been ranked as the highest rated of the offshore jurisdictions and we continue to hold a higher ranking than onshore competitors such as Luxembourg and Dublin. This is hugely encouraging and helps reinforce our standing and reputation for financial services globally. Alongside Jersey’s consistent success as the number one centre amongst competitor jurisdictions within the Index, it is also significant that the authors of the report have concluded that the reputation of offshore centres is continuing to improve. ‘
One of the major findings from the latest edition of the index is that the offshore jurisdictions are now recovering after suffering reputational damage during the past four years in relation to the global economic crisis. In the last study of 2011, many of the offshore centres had begun to recover, a trend that, according to the conclusions of the current report, was ‘gaining pace’ with all the top offshore centres making modest gains in the ratings this time.
Jersey is also included at number 18 in the table that measures reputation, the only offshore jurisdiction to appear in the top twenty for its reputational advantage.
Overall in the report, London continues to be the number one centre in the rankings, ahead of New York, though the report noted that the increasing regulatory burden, the recommendations of the Vickers report and the proposed financial transaction tax could prove potentially damaging to the City’s competitiveness. Abu Dhabi also entered the rankings for the first time at no.48, a move that sits positively with Jersey Finance’s decision to open an office in Abu Dhabi in 2011. Jersey Finance has its second overseas office in Hong Kong, which was ranked third in the listings once again.