The Channel Island of Jersey, which is an offshore financial centre is encouraging Indian Companies, business families and non-resident Indians to look at its new and innovative wealth management solutions.
“Our new investment vehicle — the foundations — can be a very effective vehicle in succession planning and private wealth management strategies for the high net worth business families and non-resident Indians. We already have a large clientele among HNI families in the Middle East and now we feel that we can offer a lot to Indian families as well,” said Geoff Cook, chief executive, Jersey Finance, who was in India with a delegation last week to promote the island’s finance industry.
Appreciating India's resilience in times of a global economic crisis, Jersey is keen to participate and partner in India's growth. Says Geoff Cook, “We also want to learn more about the needs of Indian investors, and if we can, we will seek to tailor our commercial offerings to suit the specific requirements of the Indian marketplace."
With Switzerland embroiled in a controversy over the decision to soften sections of its banking secrecy laws, Jersey now hopes to make inroads into the Indian clientele.
“During our visit last week to India we had preliminary discussions with the Reserve Bank of India and SEBI which were very encouraging. We hope that some time in future we will be able to negotiate a tax treaty with India on the lines of the double tax agreement that is in place between India and Singapore” says Geoff Cook, CEO, Jersey Finance.
The fact that Jersey is a well-regulated, cooperative jurisdiction recognized by the IMF, the Financial Action Task Force and the Financial Stability Forum is being showcased along with the fact that it’s tax neutral, and enjoys proximity to London and its capital markets.