For Russian and CIS clients wishing to establish a structure for the preservation of private wealth, Jersey represents a very attractive choice. A British Crown Dependency, but not part of the United Kingdom, the Island has operated as an international finance centre for more than 50 years, administering trusts and providing private wealth management services for all of that time. Some of the core strengths that the Island offers are:
• stability (politically, economically and geographically);
• a democratically elected government which is debt-free and has no deficits;
• a robust and highly regarded regulatory regime;
• adherence to the rule of law;
• a well-respected judicial system;
• depth and breadth of experience amongst its professional advisers, with access to counterparts in the UK and other major centres in the world;
• legislation which places a strong emphasis on the importance of flexibility, allowing for the creation of structures tailored to individual client requirements.
Added to this list is the fact that Jersey is readily accessible from the UK (with several daily flight connections and a flying time to London of under an hour) so that, for those Russian and CIS clients with business interests or family connections in London or elsewhere in the UK, choosing the Island also makes logistical and practical sense.
For clients coming to Jersey for the first time, there can be concerns at the prospect of transferring wealth to a professional service provider in a new jurisdiction. It may therefore be helpful to consider opportunities for the client, or someone else (such as a trusted adviser), to have a measure of influence or control in relation to the structure which is being established.
Jersey recognises the importance of flexibility, allowing Russian and CIS clients to create robust structures of substance in a stable, respected and well-regulated jurisdiction: structures designed to achieve individual objectives, and allowing for measures of influence or control consistent with those objectives.
For more details, please see our briefing on Russia and CIS: Jersey structures for private clients.