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Expat Investor : March 2008
JERSEY expatinvestor.com 14 EXPAT INVESTOR March 2008 Ashburton 33445 Abbey International 33446 Barclays 33447 Close Private Bank 33448 HSBC Bank International 33449 NatWest International 33450 Royal Bank of Canada (CI) 33451 For more infor mation just enter the above numbers on the Reader Reply Ser vice coupon on page 20 or visit www.expatinvestor.com FAST FACTS It's been another record breaking year for Jersey's finance industry. The latest statistics -- up until the end of the third quarter of 2007 -- show the net asset value (NAV) of funds under administration reaching £221bn and overtaking, for the first time, the level of bank deposits held. The figures compiled by the Je rsey Financial Services Commission (FSC), the Island's regulator, indicate that all sectors of Je rsey's finance industry continue to experience steady growth, despite the difficult conditions across the global financial markets over recent months. Jerseys' FSC confirms that whilst the NAV of funds under administration in Jersey has risen by 5% over the last quarter and by over 30% over the last 12 months, bank deposits have grown by 3.7% to £219.5bn and by 17% since the same point last year. Geoff Cook, Chief Executive of Je rsey Finance, tells Expat Investor, "These figures show yet another quarter in which Jersey's financial services industry has reported good growth rates across all sectors, which clearly demonstrates the qualities of Je rsey's products and services. It is significant that these figures are historic in that, for the first time ever, the net asset value of funds under administration in Jersey has overtaken the value of bank deposits, which themselves had an impressive growth rate of 3.7% in the quarter." Mr Cook goes on to point out that the number of companies incorporated in Jersey has now risen Home grown and going for growth Expats are offered a full range of financial tools from one of the world's best known offshore finance centres. Here we reveal what makes Jersey so popular with expats. to 33,624, the largest quarterly rise for the year. "Over the last 12 months, the value of funds under administration has increased by 30.2% and the amount of money on deposit in Jersey has risen by 17.0%." Jersey is constantly evolving and reshaping its regulation and laws to meet the demands of the marketplace, whilst maintaining high supervisory standards, as Mr Cook recently explained to Expat Investor's readers. "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 of the other finance locations, trust providers in Jersey are licensed, which means they are regulated by the Jersey Financial Services Commission." Mr Cook confirms that recent amendments to Jersey trust law are designed to strengthen the protection given to Jersey trusts against claims arising in foreign proceedings. These enhancements have also made Jersey a more attractive jurisdiction for the formation of Private Trust Companies, which he describes as "an extremely flexible company vehicle that can be used by wealthy families seeking to create one or more trusts for different purposes." The FSC's website at www.jerseyfinance.je is updated constantly and has a raft of information for the international investor on banking services and trusts. Mr Cook reveals that an area of concern about 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 is 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." Offshore banking for expatriates is well catered for by High Street names including Abbey International, Barclays, HSBC Bank International and NatWest International. Tw o private banks based on Jersey earning the attention of expats are Close Private Bank and Royal Bank of Canada (CI). Investment opportunities are also offered by Ashburton and Lloyds TSB Offshore Fund Managers. First we hear from asset managers Ashburton, about their five strategic investment tools. Global Strategist, Peter Lucas, explains,
January February 2008