Jersey

About Jersey

Jersey, a picturesque island in the English Channel, offers a high standard of living, a robust economy, and a low tax environment, making it an appealing destination for investors. Located between England and France, its stunning landscapes, vibrant culture, and proximity to mainland Europe provide an excellent quality of life while fostering opportunities for business and investment.

Jersey Overview

Jersey, the largest of the Channel Islands, is located in the English Channel, just a short distance from the French coast. While not part of the United Kingdom, Jersey is included in the British Isles, which provides it with a unique constitutional relationship that allows for complete financial and fiscal autonomy. The island does not have representation in the UK parliament and is independent of the UK’s judicial and administrative systems.

Esteemed Financial Services

Jersey has a well-developed financial and trust sector, which constitutes 43% of the island’s economy and employs over 10,000 people, making up 20% of the workforce. The island welcomes high-quality business from around the globe but maintains strict regulations to protect its esteemed reputation. In the last decade, new legislation has been enacted to bolster Jersey’s standing in the financial sector.

All financial institutions in Jersey are regulated and overseen by the Finance and Economics Committee, with supervision carried out by the Jersey Financial Services Commission, which ensures stringent oversight of all financial entities and trust companies.

Jersey is known for having one of the world’s most advanced trust service industries, with a long-standing reputation for excellence. The island holds several advantages for administering trusts and international corporate structures, including:

• A rich history of political and economic stability
• An excellent reputation for integrity, quality, and expertise
• A well-regulated and mature finance and trust industry
• Status as a significant banking center
• Convenient location in Western Europe

Economy

Jersey’s economy has transformed from traditional reliance on agriculture, boat building, fishing, and knitwear to focusing on tourism and finance. The retail currency includes both the British pound and the Jersey pound (valued 1:1), with all major currencies accepted for transactions.

Finance

Since its inception in 1962, the finance industry has become a crucial part of Jersey’s economy, contributing 55% of the island’s GDP and accounting for 60% of government tax revenue. Jersey hosts 55 banks and more than 33,000 registered companies. The finance sector benefits from the island’s stable government and its close proximity to both the UK and Europe. Jersey boasts one of the highest gross national incomes (GNI) per capita globally. The financial services sector, which includes banking, trust management, and legal activities, now represents just over half of Jersey’s economic activity and employs nearly a quarter of its workforce.

Tourism

Tourism plays a vital role, contributing approximately 25% to Jersey’s GDP. The island attracts a significant number of visitors, primarily from the UK, as well as from Germany, France, and other Channel Islands. Jersey features a wide range of luxury hotels, restaurants, and a vibrant nightlife scene.

Agriculture

The agricultural sector in Jersey gained prominence with the development of the Jersey cow and the Jersey Royal new potato. Selective breeding in the early 19th century led to international recognition of the Jersey cow, fostering a thriving export market. The Jersey cow remains a key aspect of the island’s heritage and symbolizes the skill of its cattle breeders. In 1879, Hugh de la Haye cultivated the first Jersey Royal new potato, and within a decade, over 65,000 tons were shipped to the English market. Today, agriculture accounts for 5% of the island’s GDP, with major exports including dairy products, Jersey Royal potatoes, and various market garden crops and flowers.

Education

Education holds significant importance for Jersey’s government and its residents. The island’s education system adheres to the UK national curriculum and serves approximately 10,500 schoolchildren. The educational infrastructure includes 23 primary schools (with 10 nursery units), five secondary schools, and various private educational institutions. Although Jersey lacks universities, students typically pursue higher education in the UK or elsewhere. The island does offer further education through University College Jersey and the Higher Education Department of Highlands College, which provide a range of academic and vocational courses as well as adult education programs.

In addition to its impressive economic and educational systems, Jersey offers a high standard of living with a strong focus on community welfare and safety. The island also boasts stunning coastal scenery and a variety of outdoor activities, making it an attractive destination for families seeking a peaceful lifestyle in a picturesque setting.