Over the coming years, a key focus for Jersey will be to build on that and provide solutions for global investors by enhancing its international reach further. In 2018, Jersey became the first IFC to open an office in the Dubai International Finance Centre, while last year Jersey Finance marked the tenth anniversary of having a presence in Hong Kong and in October opened a brand new office in New York.
Of course, we are not neglecting our core markets in Europe. Being outside of the UK and the EU but with strong ties to both, Jersey is perfectly placed to bridge the ‘Brexit gap’ between the UK and EU, and that is proving a particularly attractive proposition among UK-based alternative fund managers.
Beyond Europe, meanwhile, safe harbours remain attractive places for global capital and Jersey’s stability continues to resonate among investors in places such as the Middle East and Africa, with the jurisdiction able to provide valuable services in terms of asset protection and secure and certain investment structuring.
Innovative Platform Crucially, Jersey can do all this by striking a perfect balance - on the one hand, offering one of the best regulated financial services environments in the world, and on the other, providing a progressive and innovative platform.
Jersey Finance continues to invest in producing independent pieces of evidence-based research to help shine a light on key areas of the international financial services space. One of the key narratives to emerge from our research in recent years has been that Jersey is extremely well placed to play an important role in supporting investors in multiple jurisdictions by helping them fulfil their international regulatory, reporting and compliance obligations.
Jersey scores higher than most when benchmarked against global standards – it achieved one of the highest scores globally when evaluated by MONEYVAL, is one of just 14 countries worldwide to be deemed ‘fully compliant’ by the Organisation for Economic Co-operation and Development (OECD) in terms of tax compliance after two peer reviews, and is a signatory to FATCA and the OECD’s Common Reporting Standard.
In early 2019, EU Finance Ministers (ECOFIN) also formally recognised Jersey as a cooperative jurisdiction following the introduction of economic substance legislation, and a recent review of Jersey’s approach to beneficial ownership by the UK government specifically praised Jersey for being an example of best practice. A recent governmental commitment has also aligned Jersey with the EU’s Fifth Anti Money Laundering Directive, with a view ultimately to establishing a public register of company beneficial ownership.
At the same time, Jersey’s finance industry absolutely recognises the importance of innovation as a differentiator and an enabler. With financial services firms looking increasingly to technology-based solutions to provide better services for investors, it is Jersey’s ambition to be the easiest IFC to do business with remotely in a digital world.
The roll-out of gigabit fibre connectivity to all households and businesses in Jersey has been a vital part of the proposition - currently Jersey ranks third in the world in terms of internet speeds (both broadband and mobile). This advanced infrastructure is positioning Jersey really strongly as a fintech centre on the international stage, and, through a number of working groups, we are looking to progress opportunities in the regtech, cyber security, wealthtech and virtual currency space.
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