Jersey

[plant-pilot]

Originally Posted by en830

A recent report from our Gov't showed that the financial services sector provided slightly less than 60% to the islands economy, tourism and agriculture combined less than 7%, like I say incidental, the other 33% being made up of the services industries.

The offshore finance industry was instigated in 1961, and has grown to a level whereby in excess of £60bn passes through Jersey annually. We have had a flat 20% tax rate since 1947, but taking into account various allowances the majority of the population pay less than 13% tax. As for being a tax haven with dodgy dealings, there is more bent money passing through the banks of the onshore jurisdictions such as the UK and US than passes through the whole of the Offshore finance industry. Jersey is considered to be one of the best regulated jurisdictions, with strict anti-money laundering procedures and laws.

As for "cheap" labour, the UK can't stand on ceremony there, at least all labour in Jersey in monitored and we have very few if any "illegals" working here. Those in cheap labour, live in reasonable accomodation (not dos-houses) and in the main send their money home, so are supporting other economies which are not as advanced as ours.

One thing you may not have noticed as you travelled around the islands that are a legacy from the Occupation are the road makings, which are a yellow line at each junction which means stop, not give way. These were introduced by the occupying forces, ironically it was Germany who recently tried to impose a standard across Europe and have these removed from Jersey roads.

My implication was not that the Jersey's banking system was in any way 'dodgy' but that to have an economy that is so reliant on one thing, and as such is not as stable as it may appear. Any change of EU tax or banking rules could effect the business without much warning making the 'offshore account' less attractive. It may never happen, but having a diverse economy would make the possibility less problematic.

As for the rules being more stringent there than the rest of the UK, I can't open an account in a UK bank without proving that I am a resident of the UK. That is not the case with the Jersey banks, in fact if it was, again the Jersey banking system would be less attractive.

I also didn't say that the poles or Portuguese were living in 'doss houses'. They aren't in the UK, so why should they be there. They do however provide many of the labor in the Hotels, restaurants, supporting the tourist industry and in cleaning/service sector. These jobs are traditionally at the lower end of the market.

You seem to think I am ripping into Jersey... I am only pointing out that it may not be the paradise that some make it out to be.

[en830]

Originally Posted by plant-pilot

My implication was not that the Jersey's banking system was in any way 'dodgy' but that to have an economy that is so reliant on one thing, and as such is not as stable as it may appear. Any change of EU tax or banking rules could effect the business without much warning making the 'offshore account' less attractive. It may never happen, but having a diverse economy would make the possibility less problematic.

As for the rules being more stringent there than the rest of the UK, I can't open an account in a UK bank without proving that I am a resident of the UK. That is not the case with the Jersey banks, in fact if it was, again the Jersey banking system would be less attractive.

I also didn't say that the poles or Portuguese were living in 'doss houses'. They aren't in the UK, so why should they be there. They do however provide many of the labor in the Hotels, restaurants, supporting the tourist industry and in cleaning/service sector. These jobs are traditionally at the lower end of the market.

You seem to think I am ripping into Jersey... I am only pointing out that it may not be the paradise that some make it out to be.

A change in EU banking regulation would have very little effect as such, though we are tied to the EU through the treaty of Rome for Trade and Agriculture, we are still autonomous when it comes to our own tax legislation and the majority of the monies that now pass through the Channel Islands come from other parts of the world and not Europe.
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I would challenge you to try and open two accounts, one in the UK and one in Jersey, I can guarantee it will be a lot more difficult to open one here than anywhere in the UK. I do both on a regular basis, and the paper work I have to complete or provide to open an offshore account is twice that for an onshore account. It’s all part of the regulation that has been imposed on us by the OECD.

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The <?xml:namespace prefix = st1 ns = "urn:schemas-microsoft-comUK</st1:country-region>, I can't open an account in a UK bank without proving that I am a resident of the <st1:country-region w:st=" /><st1:country-region w:st="on"><ST1UK </ST1</st1:country-region>and US are quick to accuse the offshore world of assisting in Money Laundering, Proceeds of Crime and the Funding of Terrorism. Unfortunately when it comes to keeping their own house in order they do not practice what they preach.
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I agree, you didn't, but you did imply that we were benefiting in some sinister way from the exploitation of a migrant workforce. Due to the very nature of our housing laws and regulation of undertaking laws, these are truly migrant workers who can only come to the island for a period of up to 9 months and then move on (There are one or two exceptions), yes their salaries are probably below the average for the island which stands at £31k a year, however the minimum wage is higher than that in the UK and, more than likely, in excess of what they would receive at home.<O
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As I said before, we have very few if any illegal immigrants living in squalid conditions, unlike the UK
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I don't consider it to be a paradise, but having lived and worked in the <st1:country-region w:st="on">UK</st1:country-region> and <ST1Jersey</ST1l, I know which I prefer. The opportunities and standard of living which I and my English born wife enjoy here, we could only have dreamed of if we had stayed in the <st1:country-region w:st="on"><ST1lace</st1:country-region>