Singapore ranks fourth in the world in the Global Financial Centres Index, behind only New York, London and Hong Kong
heavily influenced its legal system. It’s separate from onshore Asian jurisdictions, yet it’s geographically close and culturally similar. It’s less developed than Hong Kong, but it’s likely to catch up.”
West meets East
The logical question, of course, is what does this all mean for the Channel Islands? The rapid rise of another island financial centre, offering low taxes and high standards, may set the alarm bells ringing. Especially when, while of similar size, its dice are loaded with all that Asian wealth. But it needn’t be a disastrous scenario.
“People putting money in Singapore are looking for something different to what the Channel Islands offer,” says Nicholas Winsor, CEO of HSBC Offshore Islands for Jersey, Guernsey and the Isle of Man, and a former
resident of Singapore. “Of course they can be seen as competing in the sense that they’re all offshore centres, but they’re not competing on European investments or Channel Island-specific tax benefits.” Indeed, the Channel Islands have a lot to offer wealthy Asian clients. Those wishing to spread their investments will choose robust jurisdictions, and may enjoy the discretion offered by the extra distance. And now that Chinese wealth is starting to emerge from the country, its investors are seeking to pick up depressed Western assets while they’re cheap. According to Jersey Finance, 25 per cent of the money invested in London from China currently comes through Jersey. “The Channel Islands are a good place for diversification,” says Geoff Cook, Chief Executive of Jersey Finance. “We’re bigger than Singapore in fund administration, and
stronger in sources of business from the Middle East westwards.”
And just as the Channel Islands provide a route for Chinese wealth into London, they also allow investor interest to flow the other way. “China is the one reason we’re setting up a Singapore office,” says Nic Butt, Head of Global Citizens at Kleinwort Benson. “It’s like electricity,” says Patel. “It has to flow in a circuit to get to the switch. And if you can get that business connection right and flick that switch, then crikey… To be that conduit into Asia would be priceless. Singapore doesn’t know how to do everything yet, so we need to get in there.” The good news is that this is happening. According to Jersey Finance, around 20 companies with a presence in Jersey also have a foot in Singapore. Both Jersey Finance and Guernsey Finance were heavily involved in the
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