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offshore banking in Jersey

Offshore banking in Jersey is where this financial system originated. Jersey and the other Channel Islands are not part of the UK – although they are Crown dependencies, a hangover from medieval times when the English sovereign controlled the Duchy of Normandy. These offshore islands have their own government and also enjoy fiscal independence, with low taxes.

Elements of Jersey offshore banking

While certain ‘offshore’ bank transactions are conducted in landlocked countries, most notably Switzerland, offshore banking in Jersey has a long and illustrious history. The advantages of setting up a banking resource outwith the normal jurisdiction of a sovereign nation are that this provides certain legal and financial advantages. There is a greater element of privacy governing the transactions.These banks also benefit from offshore institutions operating in what are known as tax havens, with much lower tax rates than those that exist in ‘onshore’. For the customers, there is easier access to deposits. Offshore banks are also protected against economic instability, whether that is political or fiscal.

Although offshore banking is occasionally associated with organized crime, money laundering and outright tax evasion, this monetary system is perfectly above board. Having money in an offshore Jersey account does not prevent the assets from being subject to income tax on interest.

There are many banks operating in Jersey. A typical example is Barclays, who provide offshore banking facilities for a variety of customers. The benefits of an offshore account include gaining access to a greater range of investments and saving schemes compared to bank in whatever your country of residence happens to be.

Jersey Bank advantages

People choose to use offshore banking in Jersey for many reasons, not least the taxbreaks and the more liberal access to funds. But many customers are drawn to the resources of the global banks that operating in the Channel Islands. As well as efficient and responsive banking services, local expertise is invaluable when it comes to financial planning. Banks like Barclays have been operating on Jersey for around 90 years.

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