JERSEY’S position as an international financial centre has been reinforced by industry leaders amid growing speculation that the Island could attract wealthy individuals and finance professionals relocating from conflict-affected regions.
Jersey Finance chief executive Joe Moynihan said the Island’s appeal to global fund managers and high-value individuals reflected a long-established trend rather than a short-term reaction to geopolitical instability.
“Jersey has earned a strong reputation as a centre for fund management, underpinned by its stability, sophisticated infrastructure, high-quality fund services environment and attractive quality of life,” he said.
“This community of fund managers forms a vital part of Jersey’s ecosystem and continues to grow, as managers seek robust, agile centres to support their global needs.”
The JEP yesterday reported that £65 billion hedge fund Millennium Management was considering relocating staff from Dubai to Jersey, as concerns grow over security in the Middle East.
But Mr Moynihan stressed that interest in Jersey was not driven solely by current events, but by the Island’s consistent positioning and “competitive” income tax regime.
“This is not a new or short-term trend but reflects Jersey’s long-standing positioning as a destination for high-value businesses and individuals,” he said.
“In an increasingly uncertain global environment, the combination of a clear regulatory framework, a competitive personal income tax regime and a strong quality of life continues to resonate.”
Jersey Finance is now working alongside regulators and government to support further expansion of the sector, he added.
This includes delivering on recommendations from the government’s “Time to Win” strategy and developing additional support for firms relocating to the Island.
“As part of this, we are developing an enhanced concierge-style service for new-to-island businesses, including fund managers, building on the support we already provide,” said Mr Moynihan.
The government has still not responded to queries on whether individuals in conflict-affected regions would be allowed to request advance permission to relocate to Jersey for up to six months while their high-value-residency application is pending.
Ordinarily, high-value-residency applications must be approved before a person relocates to the Island.
