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Jersey Ups Promotion In India

Thursday, January 12, 2012

Jersey Finance, the promotional agency for the island's financial services industry, has undertaken further promotional activity in India this month following the signing of a Tax Information Exchange Agreement with the territory in November to strengthen business ties.

No fewer than 10 Jersey firms joined Jersey Finance representatives at the recent International Taxation Conference at the ITC Maratha Hotel in Mumbai where Jersey Finance was a 'gold sponsor'. As part of its sponsorship, Jersey Finance had a speaker session within the conference schedule and Richard Teather, a senior lecturer at Bournemouth University in the UK and an offshore academic, spoke on the implementation of Goods and Services Tax (GST) in Jersey and how such a model might be adopted by India also. He was joined by Patrick Crowley, Head of ABN AMRO Bank in Jersey, whose presentation was on wealth management opportunities for Indians, and Sean Costello, Jersey Finance’s regional head of Business Development for India, who highlighted Jersey’s role as a tax neutral centre for structuring investments.

Alongside participation in the conference, Jersey Finance sponsored a networking dinner and had the opportunity to man an exhibition stand throughout the three-day event where according to Sean Costello there was "overwhelming interest" in the products and services Jersey can provide with particular interest in structuring investments and wealth management.

The annual event, one of the premier taxation conferences in the world, is organized by the Foundation for International Taxation, a registered educational charitable trust in India established to promote the knowledge and understanding of international taxation. This year nearly 500 international delegates attended, a record for the event, now in its 17th year.

Geoff Cook, chief executive, Jersey Finance Limited, said: “We are making significant strides in developing the profile of Jersey in the key cities of Mumbai and New Delhi where Jersey Finance now has a permanent representative team and these two events were the culmination of an increasing marketing drive during 2011.”

While there are no specific Jersey figures available, there is evidence that Jersey's promotional activities in the country are paying off. The Reserve Bank of India estimates that inbound direct investment from the Channel Islands was USD516m in 2010, more than ten times the figure a year earlier.

According to Jersey Finance, many Indian real estate, infrastructure and private equity funds have been established using feeder structures which are managed and administered in Jersey, while Indian residents are using Jersey companies to assist them in investing overseas, particularly into real estate. Jersey legal and finance professionals are also engaged in the formation of offshore funds and transactions dedicated to investment in India, mainly focused on acquisitions, financings and listings.

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The Report

Offshore Trusts Guide: Introduction

The History of Offshore Trusts
Development of Professional Competence in the Jurisdictions
What Future for the Trust?
The New Age of Transparency
The Swiss Association of Trust Companies
The Society of Trusts and Estates Practitioners

Offshore Trusts Guide: Jurisdictions

Bahamas

Bahamas: Legal Framework and Formation Rules and Fees
Bahamas: 2006 Private Trust Companies Legislation

Barbados

Barbados: Legal Framework and Formation Rules and Fees
Barbados: Supervisory and Licensing Regime and Fees

Bermuda

Bermuda: Legal Framework and Formation Rules and Fees
Bermuda: Supervisory and Licensing Regime and Fees

British Virgin Islands

British Virgin Islands: Legal Framework and Formation Rules and Fees
British Virgin Islands: Special Trusts Act 2003
British Virgin Islands: The Trustee Act 2003
British Virgin Islands: :Supervisory and Licensing Regime and Fees
British Virgin Islands: New Laws on Private Trust Companies
British Virgin Islands: New Private Trust Company Regulations

Cayman Islands

Cayman Islands: Legal Framework and Formation Rules and Fees
Cayman Islands: Supervisory and Licensing Regime and Fees

Cook Islands

Cook Islands: Legal Framework and Formation Rules and Fees
Cook Islands: Supervisory and Licensing Regime and Fees

Cyprus

Cyprus: Legal Framework and Formation Rules and Fees
Cyprus: Supervision, Licensing and Tax

Gibraltar

Gibraltar: Legal Framework and Formation Rules and Fees
Gibraltar: Legislation, Regulation and Supervision

Guernsey

Guernsey: Legal Framework and Formation Rules and Fees
Guernsey: Trusts Law 2007

Isle of Man

Isle of Man: Legal Framework and Formation Rules and Fees
Isle of Man: Supervisory and Licensing Regime
Isle of Man: Uses Clients and Tax Treatment

Jersey

Jersey: Legal Framework and Formation Rules and Fees
Jersey: Supervisory and Licensing Regime
Jersey: Trusts Amendment Act 2006
Jersey: Foundations

Liechtenstein

Liechtenstein: Legal Framework and Formation Rules and Fees
Liechtenstein: Regulation Supervision and Transparency
Liechtenstein: Characteristics of Liechtenstein Trusts
Liechtenstein: Foundations

Madeira

Madeira: Legal Framework and Formation Rules and Fees

Malta

Malta: Legal Framework and Formation Rules and Fees
Malta: The Trust and Trustees Act 2004

Mauritius

Mauritius: Legal Framework and Formation Rules and Fees
Mauritius: Characteristics of the 2001 Trusts Act
Mauritius: Additional Provisions of the 2001 Trusts Act
Mauritius: Tax Treatment

Monaco

Monaco: Legal Framework and Formation Rules and Fees

Nevis

Nevis: Legal Framework and Formation Rules and Fees

Panama

Panama: Legal Framework and Formation Rules and Fees
Panama: Requirements for Acting as Trust Company in Panama

Seychelles

Seychelles: Legal Framework and Formation Rules and Fees

Turks & Caicos

Turks & Caicos: Legal Framework and Formation Rules and Fees
Turks & Caicos: The Voidable Dispositions Ordinance

Vanuatu

Vanuatu Legal Framework and Formation Rules and Fees




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