Offshore finance is a religion in Jersey, there are opportunities for everyone. A bank account in this jurisdiction offers many benefits, whether in retail, corporate, private or even custodial banking. 

Jersey is a small island located in the English Channel, 12 miles off the coast of France. It is a Crown dependency and part of the Channel Islands. While it is technically "independent" of the UK, it is still intimately connected. 

The Jersey government openly announces the island as an extension of the City of London. The Queen remains the head of state. The UK is in charge of Jersey's defence and foreign affairs, the financial regulation of the jurisdiction still needs approval from the Privy Council in London.

Jersey's banking system is intimately linked to London. They are banking friends. And the UK benefits enormously from jersey's existence. In fact, most of Jersey's bank deposits are held in UK banks, which helps to further strengthen the British banking system and its profits. 

In addition, bank accounts act as a fiscally efficient conduit for foreign investment in the UK. Jersey is a popular trust structuring, wealth management and investment center for wealthy individuals, families, investment funds, corporations and their related entities.

All major UK retail banks are in this jurisdiction, including more than 20 bank branches and subsidiaries. In fact, nearly half of the world's top 25 banks have a presence in Jersey.

Today, Jersey bank accounts are primarily used for investment management, real estate investment, wealth management and institutional capital, unlike low-tier commercial and retail banking. Although there are also opportunities for individuals and companies.

Unlike accounts in most countries, a Jersey bank account is aimed at international and non-resident customers. This is because Jersey banks understand the needs of individuals and businesses actively involved in cross-border transactions. This includes offering services such as offshore mortgages, investment platforms and solutions, multi-currency banking and much more.

Jersey is a tax haven. There is no capital gains tax, transfer tax, VAT, withholding tax or wealth tax. So for those properly structured, Jersey is extremely tax efficient. And for many, having a bank account in Jersey is a necessary step to achieving such benefits. 

If you are interested in opening a bank account in Jersey, the selection of the bank and the banker is essential. Knowing which bank best suits your customer profile is key. Also, you need to make sure that you open the right type of Jersey bank account. This is where Foster Swiss will guide you to optimize results.

Retail, premium or premier bank account in Jersey

There are some banks in Jersey that deal with retail banking. Some of them cater exclusively to residents, while others focus on non-residents. Some retail banks offer premium or top-tier banking services. Usually, this means that the bank will provide you with a relationship manager.

Private bank account in Jersey

Private banking in Jersey is reserved for high net worth individuals (HNWI) who have significant wealth to invest in. To open a Jersey bank account at a private bank, there will be certain minimum deposit and investment thresholds that applicants will need to meet. And the minimum requirements will vary from bank to bank and even banker to banker.

Custodian or depository bank account in Jersey

Depository banks and depository banks are very different from jersey bank accounts offered at retail and commercial banks. They are also different from the other types of Jersey bank accounts discussed above. 
These Jersey bank accounts are for institutions, investment funds, corporations and other businesses. It is therefore not surprising that depository and custodian banks do not offer banking services such as accounts, loans or credit cards. 

Instead, custodian banks act as a secure facility that offers enhanced protection for their financial holdings and depository banks make it easy to trade securities for large clients. If you need any of these services and need help figuring out where to bank, send us a message and we'll be happy to help you get started.

Foster Swiss can help you create a bank account in Jersey, we provide you with personalized advice from the moment you choose the bank that best suits your requirements and we take care of the whole process for you.

For more information on this topic or any requirement related to our services, you can contact us directly through info@fosterswiss.com