About Jersey jurisdiction
Jersey is part of the Channel Islands. 99,500 inhabitants on an area of 118 km2 populate this island. Its capital is St. Helier. This island belongs to the bailiwick of Jersey and it is the United Kingdom that ensures its international relations. Jersey can nevertheless sign international treaties in areas not reserved to the Crown.
The tertiary sector is the most important sector for the economy of the island. Indeed, services account for 70% of GDP. Thus, tourism and financial activities are pillars of Jersey’s growth. The banking and offshore sectors have developed considerably in recent years in Jersey and more than fifty international banks have been established there. These two sectors account for more than half of the GDP and employ almost 20 000 of the 99 500 inhabitants of the island.
The island of Jersey is a recognized and regulated financial centre, which is why it is not on the list of tax havens of the OECD. Nevertheless, taxation is low for businesses, as are administrative formalities. Indeed, companies whose activities are not in the financial sector are entirely exempt from taxes. For the others, the tax rate is 10%, which is lower in comparison with other European countries.
The island also offers attractive prices on consumer goods with a 5% VAT, a low rate compared to its neighbours. In addition, companies are not required to keep accounts, although they must make an annual statement of results. Inheritance taxes on the transfer of companies and their shares are not imposed in Jersey either. There is only one business tax, ranging from 150 to 600 pounds, which must be paid each year to the Jersey government.
The Channel Islands can attract investors because they enjoy a strategic position, being halfway between the European continent and the United Kingdom. The economic activity of these islands, especially Jersey, is very intense and prosperous thanks to the political stability of the territory. Finally, it should be noted that the island of Jersey is not on the pan-European list of non-cooperative tax jurisdictions and that the island has signed numerous double taxation agreements with other countries.
Open an offshore account with FBS Banking™
The Jersey banking system is stable and responsible. Indeed, no bank on the island has been affected by the global crisis of recent years. All banks offer a full range of banking services. For example, you can find a multi-currency bank account, anonymous and international bankcards or an eBanking platform to manage your bank account remotely.
Jersey is a territory conducive to the development of its activity and the proper use of its finances and its economies. The legislation, tax and banking, is indeed favourable to investors who wish to manage their financial assets safely. The banks of the island are very demanding but will offer you a high quality customer service. In addition, you do not need to travel to open your offshore bank account in Jersey. FBS Banking™, with 20 years of experience in the field of offshore, is the intermediary you need.
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