Offshore banking 'attractive' in Jersey

Those thinking of moving their funds to offshore banking facilities have been advised to choose banks in Jersey.

According to the International Law Office, the Channel Island is a popular option for those with private wealth to store, thanks to its autonomy from the British Crown as well as EU legislation.

Trusts being kept in Jersey do not have limited duration like they do in other jurisdictions, claim authors Marcus Leese and Steve Meiklejohn, adding that money launderers are adequately discouraged from taking advantage of the island's tax rules.

"The Jersey courts will seek to ensure that a trust established under the law is administered by the trustee in accordance with the provisions of the trust instrument and the law," it explained.

Rhiannon Davies, director of expatriate and international lifestyle magazine ShelterOffshore.com, recently stated that offshore banking might be a good solution for those who have taken the decision to live or retire overseas. ADNFCR-2318-ID-800052396-ADNFCR