This is mainly due to:
Jersey is a well-established international finance centre, providing a combination of political and economical stability with a sophisticated and comprehensive legal system. The island is also highly regarded in areas of transparency and compliance with global standards. As such Jersey is a G20 white list approved jurisdiction and an associate member of the Organisation for Economic Co-operation and Development (OECD).
Jersey is in a central time zone aligning the Island with the opening of business in the USA and closing business in China and India. Coupled with a close proximity to Europe but independence from the European Union, Jersey offers both time zone and geographical benefits. Jersey is therefore a major conduit for international capital flows, with tax neutrality being an important component for international business. This provides tax certainty and allows for fiscally efficient cross-border investment.
The Jersey finance industry employs a quarter of the local workforce and has developed a comprehensive range of products and services that competing jurisdictions find difficult to match.
Jersey has developed a significant network of tax information exchange agreements with various jurisdictions including South Africa and shortly with Kenya;
Double taxation avoidance agreement negotiations are progressing well with Botswana, Ghana, Lesotho, Malawi, Mauritius, Nigeria, Seychelles, Swaziland and Zambia;
The Jersey Financial Services Commission has agreed a memorandum of understanding with the Bank Supervision Department of the South African Reserve Bank and the Financial Services Board of the Republic of South Africa.
The Jersey authorities have also signed 52 international tax agreements (39 TIEAs and 13 DTAs) to date, which assist in building good quality business with those countries and are also a reflection of Jersey’s commitment to comply with international standards.