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Expat Investor : November 2007
have a much more seamless appearance for customers. They help to reduce the extent to which criminals can use the system to launder money derived from criminal activities, and this in turn helps to lessen the attractions of crime generally. Specifically, it also means that investors have a greater assurance that their savings are being managed by institutions who are required to adopt effective standards. The Commission recently issued its Annual Report (see www.fsc.gov.im).This provides an informative account of the Island's financial sector. The Island is strongly forging ahead with niche products and services. For example, the statistics show that, outside of the UK, more than twice as many top 100 companies listed on the UK's listed AIM market are now incorporated in the Isle of Man as in any other market. The Island's new company structure introduced at end 2006 and designed for international use is also proving very popular. JERSEY Geoff Cook, Chief Executive, Jersey Finance In order to keep itself at the forefront of the international financial services industry, Jersey is constantly evolving and shaping its regulation and laws to meet the demands of the marketplace, whilst maintaining high supervisory standards. During the last year the Island has enhanced its trust legislation to make the Island a more attractive centre for high net worth families seeking to establish a trust. For many years the trust vehicle has been one of the most popular structures for asset protection and succession planning. In fact the Jersey trust laws have often been used as the framework for the development of trust legislation in other jurisdictions. We have around 175 trust and company administration providers in the island and, unlike some other finance locations, trust providers in Jersey are licensed, which means they are regulated by the Jersey Financial Services Commission. The amendments in 2006, and there are more in the pipeline, have been designed to strengthen the protection given to Jersey trusts against claims arising in foreign proceedings. OFFSHORE ISLANDS November 2007 EXPAT INVESTOR 17 Fast Facts 99012 * Online Application Process is defined for the purpose of this advertisement as a process enabling the customer to contract electronically and submit an application online without having to print, sign and post a paper application form. **On balances of £1+. Includes 0.50% premium for making no more than 3 withdrawals in 1 April - 31 March. ***Gross rate 5.40% PA, minimum balance £5,000. ****Gross rate 5.60% PA, paid monthly, minimum balance £10,000, Premier Customers only. Standard rate is 5.32% gross PA, paid monthly (AER 5.45%). †Online application process only available to existing HSBC Bank International customers. eSaver Offshore Alliance & Leicester International: Full terms and conditions available on our website. Account must be applied for and operated online. Email address is compulsory. Minimum opening deposit £1,000. Account must be opened with money that is not already deposited with the bank. Maximum balance £1,000,000. Withdrawals available without notice or penalty. Minimum withdrawal £1,000. Withdrawals may be made free to a UK bank account by BACS payment (up to 5 working days). Charges apply for other types of withdrawal. No cash or cheques. Interest paid annually in arrears on 31 March. Interest rate is 6.51% gross p.a./AER Variable. Rate effective from 9 October 2007. Gross is before any deductions. AER - Annual Equivalent Rate illustrates the interest rate if interest was paid and compounded each year. Interest may be paid free from tax offshore depending on your country of residence for tax purposes. EU Savings Tax Directive rules apply to EU resident customers. Deposits made with an Isle of Man office of Alliance & Leicester International Limited are covered by the Isle of Man Depositors' Compensation Scheme contained in the Banking Business (Compensation of Depositors) Regulations 1991. Alliance & Leicester is the registered trade mark of Alliance & Leicester plc. Alliance & Leicester International Limited, PO Box 226, 19/21 Prospect Hill, Douglas, Isle of Man, IM99 1RY, British Isles. Incorporated in the Isle of Man (No. 81918C). Licensed by the Isle of Man Financial Supervision Commission for banking business. Apply online today! Click www.alil.co.im/expat EXPAT INVESTOR ESAVER OCTOBER 07 Offshore Savings Online Compare our eSaver Offshore Alliance & Leicester International eSaver Offshore Bradford & Bingley International eSaver Northern Rock Guernsey Offshore Tracker Online HSBC Bank International Online Saver Source: Providers' websites 17 October 2007 Online Application Process* Online Rate Interest Rate (AER) Variable Unlimited Penalty Free Withdrawals 6.50 5.25 5.75 † % % % %**** *** ** 6.51 The enhancements have also made Jersey a more attraction jurisdiction for the formation of Private Trust Companies, an extremely flexible company vehicle that can be used by wealthy families seeking to create one or more trusts for different purposes. Alongside trusts, Jersey continues to attract banking deposits from international investors seeking the tailored banking and investment services provided by major global banking groups, many of whom retain their offshore banking headquarters in the Island. Recently, the amount of banking deposits held in Jersey reached a new record high of £211 billion. Our website at www.jerseyfinance.je is updated constantly and has a raft of information for the international investor, including information on banking services and trusts. One area in which investors occasionally enquire is the question of confidentiality and secrecy. In light of the global moves within the financial services industry to increase transparency between countries, they seek reassurance that their own details will remain confidential. Jersey has never had banking secrecy laws, but we adhere to very strong principles of client confidentiality and the privacy of each person's financial affairs. Whilst Jersey is willing to sign agreements to exchange tax information in certain specific circumstances, this in no way reduces our commitment to that principle. We believe the signing of agreements with other governments and between the regulatory authorities in financial jurisdictions to exchange information in carefully agreed circumstances such as when a regulatory investigation is underway, sends out a signal Jersey intends to meet its international obligations to co-operate in financial investigations whilst heightening its international standing as a reputable jurisdiction. Such collaboration helps to protect investors and depositors and promotes the integrity of the financial services markets in the locations concerned and we are happy to play our part in that process. "Alongside trusts, Jersey continues to attract banking deposits from international investors seeking the tailored banking and investment services provided by major global banking groups, many of whom retain their offshore banking headquarters in the Island."