Jersey and Switzerland Hi
g
The Swiss
“the Swiss are naturally conservative,” skillset is very important to the ongoing h
says Jonathan Vanderkar, Managing development of the country.”
Partner in the Zurich office of the Jersey indeed, the role of trusts in Switzerland C
law firm, Appleby. “they’re suspicious should only grow further following
of many things – not least palm-fringed the ratification in 2005 of the Hague
islands thousands of miles away in the Convention, in which the Swiss
connection
Caribbean. So they like the fact that Jersey government strengthened the foundation
ali
is in Europe, that there are daily flights of the trust system there. the Convention,
there from Switzerland, and that Jersey which came into force in 2007, ensures
has a great reputation for the high quality that disputes over trusts will now have
of services it provides.” a clearer legal framework, meaning fund b
Jersey and Switzerland are perceived as rivals,
Appleby represents seven large offshore managers can now give a much stronger
financial centres, but Vanderkar says that response when clients ask them about
r
locked in business combat – but, as Dave Waller
Jersey now accounts for about a third of putting their money in Switzerland.
the instructions in the Swiss office – by far this was a significant development
e
discovers, there are plenty of Jersey companies
the largest of any offshore jurisdiction. according to Katia Venchiarutti, Managing
Director of Bedell trust Suisse in Geneva.
.
working with their Swiss counterparts
Trust matters
“the ratification of the Hague Convention
S
Jersey has worked hard to achieve this on trusts established a new set of criteria
status. Coming from a small island, under which trusts can be set up and
D
Jersey’s trust companies have had to create managed. the treatment of trusts in
o
irty laundry is suddenly tradition of confidentiality. But these are innovative solutions to tax issues in order Switzerland have become more secure,
a very big deal. Whether stringent times, and in the wake of the G20 to stay ahead of the game. the result: and therefore more effective for clients,”
l
it’s the fall-out from summit even the most staunchly secretive becoming the kitemark of quality trust she says.
u
Bernie Madoff’s Ponzi states have little choice but to adapt. products. By contrast, the Swiss have still Jersey’s recent history differs greatly
scheme, or people Over in Jersey, meanwhile, the interest not really grasped the concept of trusts, from that of its central European rival – not
ti
poring over the questionable expenses in Switzerland goes much further than and the country’s courts are now sending just in the nature of its products, but in its
claims of British MPs and BBC executives, simply casting a distant eye on a rival fiscal its judges out to learn how they work. approach to transparency. the island’s
o
it all seems to be getting aired in public centre. thanks to its expertise in trusts and “in Jersey the trust system is built into move towards stricter regulation brought
these days. But individuals are not the its experience of regulation, Jersey business you,” says Dominic thatcher, Principal criticism, but its innovations seem to be
n
only parties coming under intense scrutiny. may well be perfectly placed to benefit of thatcher-Mackenzie Executive paying off. “A few years ago people were
Gordon Brown has made it his personal as Switzerland moves towards a more recruitment, a Jersey firm that recruits for talking about a decline in Jersey’s fortunes,
s
mission to clamp down on opaque compliant future. trust companies in offshore jurisdictions. so the island had to change fast,” says
jurisdictions aiding tax evasion, in a bid to there certainly seems to be quite a “Switzerland may lack that history, but the Frank Gee, Group Marketing Director
➔
.
plug a shortfall that is costing the British demand for Jersey’s services in Switzerland.
government alone anywhere between thanks to a quirk of Swiss law, which
Jersey business may well be perfectly
As a specialist executive recruitment
£3bn and £13bn a year. forbids the formation of domestic trusts,
consultancy based in Jersey and
Sitting at the top of Brown’s the country’s wealth managers are forced
placed to benefit as Switzerland moves
Zurich, we can resolve your top-level
transparency hit list is Switzerland, which to involve offshore centres in seeking the
recruitment needs efficiently and
has built its reputation as the world’s best solution for their clients. And Jersey
effectively. We provide high calibre
candidates for your business using a
private banking capital on that very is, understandably, a popular choice. towards a more compliant future
confidential and eminently personal
approach. To discuss our services
further, contact us today.
Jet d’eau fountain from
ThatcherMacKenzie
Executive Recruitment
across Lake Geneva
Telephone: +44 (0)1534 499449
Mobile: +44 (0)7797 715802
Email: dominic@thatchermackenzie.com
www.thatchermackenzie.com
20 businesslife.je August/September 2009 August/September 2009 businesslife.je 21
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