Today sees the launch of eprivateclient’s 2016 Jersey Report – the latest in our annual whistle stop tour of the key jurisdictions and regions for the private client sector featuring Switzerland, the Isle of Man, the Middle East and Guernsey.

This year’s Jersey Report features in depth analysis of the key issues for both clients and professionals in Jersey. Geoff Cook, chief executive of promotional body, Jersey Finance, examines the steps Jersey has taken to ensure it maintains high regulatory standards in the face of an increasingly transparent world and stricter regulations.

This increased scrutiny that the island faces has been highlighted in 2016 by the ‘Panama Papers’ revelations and the subsequent fallout and increased focus on international finance centres. First Names Group’s chief executive, Mark Pesco, explains that the scandal – rather than negatively impacting Jersey – reinforces its position as a dependable jurisdiction built around the rule of law and strong legislation.

This foundation means that existing legislation can evolve in the face of a modern world. Bedell Cristin’s Nancy Chen explores what the implications may be for one such example – the amendment to Jersey’s 1984 Trusts Law, expected later this year. Ms Chen looks at the potential amendments that can be expected and what the consequences could be for clients and advisers alike.

Whilst Jersey’s robust legislation, picturesque scenery and competetive tax rates are seen by many as key factors for moving to the island, Ogier partner, Jonathan Hughes, extols other virtues which are drawing wealthy clients and their families to Jersey. Good education, excellent transport and broadband links as well as a very low crime rate and good healthcare are among other feathers to Jersey’s bow.

As well as attracting international families, Jersey’s trust industry has, in 2016, continued to see interest from the private equity sector. Elian associate director, Matthew Christensen, argues that rather than a sea change in the way trust companies are managed, it is a logical evolution.

Returning to the theme of regulations, the increasingly international makeup of clients and the demands of various tax agencies and intra-governmental organisations that this incurs means the time has come for another look at the rules surrounding beneficial ownership, according to Ashley Cox, managing director at Zedra Jersey. He argues that there needs to be greater speed of access and clarity whilst Jersey must maintain its position as a leader in reform. 

Continuing the theme of Jersey as a place open to international business, setting up a family office on the island is a prudent route for UHNWs to take, Michael Powell of Hawksford explains. Mr Powell argues that plethora of products and services available in Jersey such as private trust companies, foundations and bespoke trusts make it the ideal jurisdiction.

To read the report exclusively on eprivateclient, please click here