Jersey continues to be top offshore jurisdiction
Jersey has maintained its top ranking amongst offshore jurisdictions in the latest Global Financial Centres Index (GFCI) and is again the only offshore location to feature in the top 30 International Finance Centres (IFCs) around the world.
Jersey continues to be ranked at 28 in the Index which is led by London and New York, retaining the same ranking it had in the previous edition of the Index, ahead of close competitors Guernsey (ranked 36), Cayman Islands (39) and the Isle of Man (41). The Index, published every six months and launched in 2007, was designed as a barometer to track movements in the competitiveness of financial centres around the world.
It reported that overall the offshore sector had performed better in the Index than it did in the previous edition published in March and in respect of Jersey, it stated that other offshore centres along with North America and the Middle East/Africa region rated Jersey more favourably than they had in the previous Index.
Geoff Cook commented:
“It is encouraging that Jersey continues to be ranked in the top 30 staying ahead of its competitors. A graph published in the Index, illustrating the performance of the offshore jurisdictions, shows clearly how Jersey has consistently maintained its leading position during the six years since the Index was launched. While there have undoubtedly been challenges for many of the niche IFCs including the offshore jurisdictions since the financial crisis of 2007, Jersey’s consistency continues to be evident, while there is also a welcome improvement in our rating from some of the key locations where we are seeking to secure new business.’
Geoff Cook was invited by the GFCI publishers to contribute a Foreword to the report, the first time an offshore jurisdiction representative has been asked to do so. In his Foreword, he wrote that ‘looking to the future, and in common with other leading jurisdictions, Jersey is now fully engaged in enhancing its presence and developing business in key international markets including China, India, the Gulf, Russia and the African Continent. To succeed in these growth activities, we understand that reputation is a key ingredient in attracting new business and believe that the best reputation will stem from stability, experience, quality, innovation, an adherence to global standards and respect for client privacy, all features that Jersey is proud to embrace.’