Jersey Rated As Top Offshore Centre
Thursday, March 24, 2011

Jersey has welcomed the publication of the Global Financial Centres Index, which has confirmed the island as the highest-rated offshore international finance centre, noting in addition that it is very close to achieving wider global awareness which would open the door to ‘global specialist’ status.

In the rankings, Jersey placed 23rd in the competitive rankings, ahead of Guernsey in 27th, Isle of Man 35th, the Cayman Islands 38th, and Malta 59th.

Whilst the ratings of all offshore centres, with the exception of the British Virgin Islands, have declined in the latest rankings, Jersey has only fallen one place, faring well against its competitors.

Jersey Finance – the agency which promotes the island’s financial services industry – said this decline could be attributed to the increased scrutiny that offshore centres have experienced recently due to the financial crisis, which those onshore jurisdictions – such as Taipei, Paris, Vancouver and Washington DC – have not been subject to.

The report noted that both Channel Islands (Jersey and Guernsey) are the only offshore centres to achieve a rating over 600. They were also recognized as being among the top ten centres which are likely to become more significant alongside larger centres such as Hong Kong, Shanghai, Beijing and Singapore, and are most likely to open representative offices over the next few years.

In addition, the index indicates that Jersey, is ‘working to change perceptions’ and ‘rise above’ the status of offshore specialist centres by being seen as more diversified.

London is named as the number one centre in the rankings, marginally ahead of New York and Hong Kong.

Geoff Cook, Chief Executive of Jersey Finance Limited, said:

“Jersey has performed well in holding its position as the top offshore centre, which it has now held for four consecutive Indexes. The report highlights how Jersey is regarded on the global stage as a market leading international finance centre and that it is recognized as one of the top ten centres to grow in significance over the next few years.”

“It is also important to note the continual improvement in performance of the Asian centres in the rankings, particularly Hong Kong and Shanghai which are in the top five. This evidence emphasizes the importance of these jurisdictions and how we need to maintain our marketing efforts overseas in order to drive Jersey’s future success.”