NEWS

Photo by: Startraks Photo/REX By Jersey FinanceIn another major blow to international personal tax evasion, the names of over 20,000 wealthy offshore clients of a private bank in the Jersey island tax haven, have been leaked to the International Consortium of Investigative Journalists.The individuals include donors to the British Conservative Party, which has proposed restrictions on tax havens, and some of the most prominent people in British life.The ICIJ has exclusively allowed The Guardian newspaper to analyse the names of the clients of the Jersey, Channel Islands branch of Kleinwort Benson, the London firm which provides private banking and wealth...

NEWS 2020

Photo by: Tax Problem By Financial TimesGovernments across the world have collected more than €37bn of tax from secret offshore accounts since 2009; it emerged on Monday as new details were unveiled of the next phase of the global crackdown on tax evasion.The Organization for Economic Co-operation and Development published its global standard for automatic information exchange, aimed at removing the secrecy that provides evaders with safe havens for their cash.The new rules on automatic information exchange are the latest move by governments mounting a concerted attack on evasion in the wake of the global financial crisis and a series...

NEWS 2020

Photo by: Vaduz By Courtesy of Lowtax.netThe government of Liechtenstein announced that on July 8, 2014, it amended its company law to offer a protected cell company (PCC) structure.The PCC structure allows a company to limit its exposure to legal and financial risks by separating its assets and liabilities into different classes of shares Liechtenstein's adoption of the PCC structure will allow it to compete more effectively with other financial centers that already have the structure in place, such as Ireland, Luxembourg, Jersey, Guernsey, and Bermuda.The use of the PCC structure in Liechtenstein will be limited to certain non-profit or...

NEWS 2020

UK Wanderer By Jersey FinanceThrough a new partnership with the China-Britain Business Council, Jersey is to appoint a project manager, Garry Zhao, to promote the island's financial services activities in Greater China. Zhao is to be appointed through the CBBC's Launchpad scheme, which enables foreign entities to appoint a Chinese representative without having to register a company in China. Jersey said the Launchpad arrangement provides Jersey Finance with a permanent platform for business development activity in mainland China, helping to widen its network of professional services and financial institution contacts, improve awareness of Jersey among institutional investors, and strengthen governmental...

NEWS 2020

Photo By: The BVI Wiki By Courtesy of Amanda Banks The Government of the British Virgin Islands (BVI) has tasked a private sector consultancy to expand and diversify the islands' financial service industry and look at ways to strengthen the territory's reputation. The Government has engaged the services of global management consultants McKinsey & Company to chart a new direction for the industry, the Government said on August 13, 2014. A team from the firm, comprising experts in financial regulation, asset management, and wealth planning, will undertake a nine-week consultation ending in mid-November. They will seek feedback from several committees...

NEWS 2020

Photo by: Xinhua By Ministry of foreign Affairs of the PRC The Chinese ambassador to the UK, Liu Xiaoming, visited Jersey in mid August to attend a series of meetings with senior officials and representatives from the financial services industry to explore opportunities for mutual cooperation. Xiaoming was welcomed by Jersey's Chief Minister, Ian Gorst. During his visit he attended meetings with the Minister for External Relations, Philip Bailhache, the Minister for Economic Development, Alan Maclean, and representatives from the financial services industry. Speaking ahead of the visit, Gorst said: "It will be a pleasure to be able to introduce...

NEWS 2020

Photo By: UK Wanderer By Courtesy of Onshore.cz Jersey Foundations have continued to grow in popularity since they were introduced five years ago, with almost as many Foundations registered in the first six months of this year as were registered in all of 2013.Jersey has registered 264 Foundations, more than four times the total number of Foundations in the other Crown Dependencies combined. July marked the fifth anniversary of the Jersey Foundation, while the Isle of Man and Guernsey introduced their respective foundation forms in 2012 and 2013, respectively.Jersey has established itself as a dominant player in the foundation industry...

NEWS 2020

Photo By: The Government of Hong Kong By The Government of Hong Kong The Secretary for Financial Services and the Treasury, Professor K C Chan, today (July 8) signed in Hong Kong an agreement with Korea for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income on behalf of the Hong Kong Special Administrative Region Government. The Consul-General of the Republic of Korea in Hong Kong, Mr. Cho Yong-chun, signed on behalf of his government. This is the 30th comprehensive agreement for the avoidance of double taxation (CDTA) that Hong Kong has...

NEWS 2020