Jersey to compete with Cayman
Following final consultation with the financial industry representatives, on January 8, 2007, the Jersey Financial Services Commission introduced its listed Fund Guide.
As a result of the introducing the Fund Guide, the representative of the Jersey Funds Association, Graeme McArthur, announced that Jersey could become a more attractive domicile for some particular funds and investments structures.
Jersey has approved an amendment to the island’s income tax law. The amendment ensures that Jersey’s companies are treated as non-resident for tax purposes if particular conditions are completed.
What is interesting enough for the financial services industry of the Cayman Islands is what Graeme McArthur said. According to him, the income tax amendment will enable Jersey’s funds industry “to compete directly with jurisdictions such as the Cayman Islands, which in the past has invariably been the chosen domicile when a structure requires a non-UK incorporated but tax resident company.†It goes without saying that the above-mentioned stresses the importance of the Cayman Islands in the offshore world.