Jersey's financial position

The business district of St Helier is a compact area with top banks, lawyers and accountants being within ten miles of each other; and it is possible to have documents notarilly certified, legalised and apostilled in accordance with the Hague Convention and then dispatched by courier within several hours.

Some fifty years ago Jersey's finance industry was very small and contributed only a relatively small amount to the island's gross domestic product. The main source of income was from the land and sea. However all this changed rapidly. The real development of Jersey's finance industry started shortly after the Second World War when many wealthy British individuals sought to protect their income and wealth from the punitive tax rates in the United Kingdom. Lawyers and accountants recognised Jersey's special position regarding its legal system and political processes and the island rapidly became an attractive tax jurisdiction.

The finance industry has further developed and now attracts individuals and companies ranging from UK expatriates to multinational corporations. The attraction is clear: a low tax regime coupled with a high degree of security. Whilst Jersey offers a very beneficial tax regime there are other financial centres in the world which offer as good or even lower tax regimes. Jersey's real strength lies in its political and economic stability which is known the world over and ensures its excellent reputation in the premier league of international Finance Centres.

The finance industry now contributes in excess of 65% of the island's gross domestic product and is the major source of employment. A walk through St Helier, the main town of Jersey, reveals there are in excess of 80 branches of banks from all over the world including the United Kingdom, the United States, Canada and Europe. On top of this there are dozens of lawyers, accountants, stockbrokers and investment managers providing assistance and personal service to individuals and companies.

The funds under management by the financial institutions in Jersey exceed £200 billion, reflecting the worldwide confidence in Jersey as a safe financial centre.

Jersey has no inheritance tax, capital gains tax or gift tax. Income tax is a flat 20% and there is no Value Added Tax.