The Hindu Business Line : Jersey woos Indian business

Institutions in the British Channel Island are catering to Indian clientele in larger numbers in recent years, according to members of a high-level delegation from Jersey currently visiting the UAE.

Mr Phil Austin, Chief Executive, Jersey Finance Ltd, the semi-Government body charged with promoting the island as an international finance centre, told Business Line that India is recognised as a huge market and many of the banks and other financial institutions operating out of Jersey do a significant amount of business with Indian clients.

"It is a market that we are considering targeting more. Currently, there is a substantial amount of Indian business that is being carried out. HSBC, for instance, which has its international headquarters in Jersey is doing a significant amount of Indian business," he said.

Mr Anthony J. Dessain, Advocate and Notary Public, Bedell Cristin, a leading firm based in Jersey, told this paper that high networth Indians interested in investments abroad can view Jersey as an ideal place for centering their assets, as the island is free of inheritance, property and capital gains taxes and a host of other incentives. Indians who want to invest in the UK can set up a firm in Jersey and go ahead with their investments, which otherwise is not possible, he said. Jersey could also act as a facilitating centre for inward investments into India and offer a host of corporate service facilities that could benefit large corporate clients, he added.

Senator Frank Walker, First Minister of Jersey, said that currently, Jersey has around £400 billion sterling of funds under management. The centre offers a range of financial services and expertise in the areas of setting up and managing trusts, funds and servicing private and corporate clients across the world, he said. He maintained that Jersey was a very safe place to invest and the 55 licensed banks there were among the top 500 listed institutions across the globe.

He added that Jersey has in place a strong regulatory regime that has very successfully tackled money laundering. It has complied with the FATF regulations, he added. Sixty-five per cent of Jersey's £2 billion sterling GDP comes from the finance sector. Financial services have been the mainstay of the island for the past forty years. A record level of bank deposits has been registered in Jersey despite the recessionary international climate in the recent past, the official added.

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