With a number of events and publications occurring in recent weeks around the subject of Family Offices, in particular why Family Offices are moving to Jersey, it felt timely we publish a blog on the matter. This week Gabby chatted to team member Paul (Inward Investment Manager) to find out his top 9 reasons as to why Jersey’s popularity with Family Offices is increasing.
“There are a number of reasons why Jersey is a great choice for establishing a Family Office, you could pick a number of things, from business related attributes the Island has to the more personal such as the island’s community spirit or beautiful beaches but I think there are 9 key reasons that are really playing a part in the increase we are seeing, and they are a mixture of both the business environment and the quality of life on offer here. It seems the Island is appealing from both a family and business perspective as you really can have the best of both worlds…So here are my top 9”
1. Internationally recognised and highly regarded IFC at the forefront of global finance for over 50 years
“Jersey is an international name, we are known globally for being a top International Finance Centre the name brings a certain level of credibility to a business operating in the Island, we have been top of global finance for over 50 years, and will always strive to continue this”
2. Certainty - 'third country' status & independent Government
“Jersey is not part of the UK but is a crown dependency with its own Government, fiscal and legal system. The Island sits outside of the EU and the UK although we proudly have a healthy working relationship with both. Our third-country status means we have fully functional agreements with the EU Member States and the UK, these agreements shall remain unchanged despite any major regime changes in the future such as a change in government or Brexit. ”
3. Experienced, highly educated & professionally qualified workforce
“The Island employs more than 13,300 professionals in the financial services sector, this is one of the highest concentrations of industry professionals found in any IFC globally. This means across all sectors there is a wealth of knowledge and experience accessible locally for an establishing Family Office, from globally renowned; accountants and bankers, to lawyers and non-executive directors, to fund administrators and depositaries…”
4. Regulated and compliant with the highest international standards
“Jersey is on occasion incorrectly and unfairly labelled as a “tax-haven” or as an uncooperative jurisdiction, when in fact it complies with the very highest standards set out by international bodies such as the OECD and IMF etc. Representatives of the Island’s Government and Regulator assist many working groups guiding the creation and implementation of international policy particularly in regard to matters like AML and BEPS. For example, most recently in March this year  the EU Finance Ministers [ECOFIN], assessed the Island on a number of criterion and confirmed Jersey as a cooperative jurisdiction.”
5. Long standing international market access
“Jersey is truly an international location with our cosmopolitan business centre, St Helier, facilitating international cross-border business flows. The Island has been operating in the international arena for well over 500 years and through this time has developed expansive links with foreign markets, added to this; the inward investment of international business, GMT time zone and our inter-governmental relationships, the Island has developed incredible business links with international markets. Jersey is a conduit for business [of all forms], trade and investment.”
6. 30+ daily flights to UK airports (& flights into other European cities)
“Jersey perhaps surprisingly for some is very well connected with over 30 flights into and from UK airports each day and [depending on which plane you’re on] the flight time is approximately 40 minutes so within an hour to two hours you could be in the City! It’s great if you have meetings in London, you can be in and out within a day and home in time for dinner! There are also a selection of flights into European destinations for example Geneva and Munich to name two. In the summer months chartered flights also run between the Island and Tenerife, Majorca and Malaga.”
7. Modern office developments providing a high standard of workspace
“In recent years there has been a lot of investment into regenerating existing office space and a number of large new development projects have been completed with more on the way. Therefore there is ample cooperate office space for a Family Office to choose between, from bright, modern developments like the IFC buildings to locations with a more traditional touch, with flashes of historic features. Added to this Jersey has 1GB full-fibre roll out across the whole Island so every office space is fully connected to superfast broadband”
“Jersey is an extremely safe place to live and work. We often find that this is one of the key deciding factors influencing a Family Office’s final decision on which location to move to. The Island still has a very community driven population and with low public crime rates, business owners can feel comfortable relocating their business, themselves, and their families to the Island.”
9. A Unique Ambience
“It’s hard to put into words Jersey’s ‘ambience’. There is something familiar about the British household brands on our highstreets yet the Island has a distinctively European feel to it; for example all our road names are written in French and our architecture and picturesque towns could easily be of the continent. With our strong ties to France and the UK so evident you feel almost in a mixing pot of the two cultures. Jersey really does offer something unique, something ‘familiar but a bit different’.”
Although each Family Office will have its own distinct deciding factors as to why Jersey is the location for their office, Paul believes these key 9 reasons play a pivotal role in the final decision making process.
Family offices are a unique, multi-faceted inward-investment opportunity for Jersey, therefore their establishment in the Island is encouraged; and with improvements being continuously made to our regulation, and with legislation being developed specifically for these structures, it is likely we will continue to watch the popularity of Jersey increase for some time into the future.
If you would like to know more about how Jersey could benefit you and your Family Office (or your business outside of this sector) please get in contact with the team at Locate Jersey who will be happy to discuss with you the process and benefits of moving your business to Jersey. Call us on +44(0)1534 440604 or email firstname.lastname@example.org.
Further Information on ‘Why Jersey for Financial Services’ can be found here.
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- Enviable quality of life and work-life balance
- Highly regarded and well-regulated international jurisdiction
- Safe, secure community lifestyle
- Low personal and business taxes