Jersey: not the tax-haven it once was

21 March 2013

The House of Lords once described Jersey as "one of the most secretive tax havens in the world", but not any more after the island announced a FATCA-esque agreement with the government which will see all bank accounts, assets and balances reported to HMRC automatically.

Terrible news for incredibly wealthy people who don't like paying tax.

Heather Bestwick, Deputy CEO of Jersey Finance, the people responsible for the development of the finance industry in Jersey said: "The extensive consultation process that we ran on behalf of government with our member firms raised a number of points that will be important to capture in the detail of the final agreement and we are encouraged to see that there is reference to jurisdiction specific annexes forming part of the intergovernmental agreement (IGA)."

Heather Bestwick there, completely unable to talk like a normal human being.

These new tax measures see Jersey determined to stay cosy with the UK, and the hottest topic in recent years has been tax evasion.

With the Isle of Man, Guernsey and the Cayman Islands already signing up for one of these FATCA style agreements, Jersey is the latest to try and help the government recoup some money that's been havened away... and probably coming up with some loophole that means wealthy residents don't leave.

4 comments

  • Zleet
    Doubt any of these measures will have an effect on 'tax avoiders'. Chances are it will just be an issue to those who are retired or living off savings but don't have enough to setup shop in Monaco or the like. Makes good headlines but the truly wealthy will just move to the next haven.
  • Wongaporkpies
    Shaven Haven LOL, no cunt wants to live there, so what a way to avoid tax in doing so !
  • Rodger
    The last post by Wongaporkies is inapproriate, suggest it be removed. To make an argument is one thing, to be quite spectacularly abusive smacks of innate prejudice and a complete lack of even the most basic grasp of the issue.
  • Lord S.
    @Rodger new to the site?

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