Trusts in Jersey
Friday, 03 August 2012
According to the Society of Trust and Estate Practitioners, Jersey is a leading global trust jurisdiction. This is not its only accolade - in both 2010 and 2011 it was named Best International Financial Centre at the International Investment Fund and Product Awards. As a result, trust jobs in Jersey are plentiful, competitive and rewarding.
However priority is generally given to local residents or those who have been living on the island for more than 5 years. Therefore if you want to relocate to Jersey for trust jobs it can be helpful to work with a recruiter who will have more knowledge about opportunities and regulations. They will also be able to advise on work permits/visas/housing etc.
While some have the impression of Jersey as an offshore "tax haven", experts argue that it is not a centre for tax evasion and in fact it has very tight regulation and meets strict anti-money laundering criteria. Despite this it still offers a relaxed environment to work and live. The island has autonomy over its own taxation but also benefits from its proximity and associations with the UK.
As Jersey offers very little by way of physical exports, money is its main industry. It's a great place for trust and fiduciary jobs due to its stability, regulation and the size of the market. Trusts don't just require managers and accountants - they also need lawyers, risk specialists, relationship managers and more.
Discretionary trusts account for around 90% of Jersey trusts, popular due to their flexibility and asset protection advantages. This tends to be what investors look for when considering Jersey. These types of trusts give a lot of responsibility to trustees, as all fiduciary roles do, but can also provide great rewards.
If you are considering applying for Jersey trust jobs, understanding the regulations of this market, tax implications and local culture will help you.