Jersey benefits from being ‘offshore Europe’ in that it can operate its fiscal policy freely whilst at the same time enjoying a relationship with the European Community.
Although the Island’s allegiance is to the Crown, Jersey is neither part of the United Kingdom nor a colony. Thus, it is not represented in the U.K. Parliament, whose Acts extend to the Island only with express agreement that they should do so.
Jersey regulates its own domestic affairs, including taxation. It has its own legislative assembly, system of local administration, and fiscal and legal systems.
The U.K. Government is responsible for the Island’s international relationships, but Jersey is consulted before any agreement is reached that would affect or apply to the Island.
This constitutional relationship with the United Kingdom has been confirmed by Royal Charters and is the product of over 900 years of custom and usage. It has secured independence for the Island’s judicial system from the English courts and granted important privileges, including freedom from U.K. taxes and is not affected by changes of U.K Government.
Jersey’s relationship with the European Community is defined by a Protocol attached to the Treaty of Accession of the United Kingdom to the Community. Jersey is neither a separate Member State nor an associate member of the Community.
For more than 40 years, Jersey has had a leading role as an international finance centre and continues to maintain a stable and high quality commercial environment.
Jersey’s finance industry continues to evolve and innovate in response to global challenges. This, combined with an international reputation for service and probity, makes the island the jurisdiction of choice for an increasing number of clients.
