Offshore banking in Jersey

Offshore banking in Jersey

The offshore banking industry in Jersey has begun to offer its offshore banking services in 1991 after the Law on banking business has been passed in the same year. Jersey is committed to providing quality financial services at a high standard. Offshore banking in Jersey is one of the best offshore banking sectors for many reasons.

The offshore tax heaven has adopted a legislation that protects the offshore banking in Jersey and its customers to a high level. The services that offshore banks in Jersey offer include deposits, checking accounts, multi currency accounts, debit and credit cards , wire transfers , online banking, telephone banking service and others. Today there are more than 50 banks that operate in offshore banking in Jersey.

The Jersey Financial Services committee is an institution responsible for providing banks with licenses so that they can offer their services to customers. It has adopted the law on money laundering to prevent criminal offences in the offshore banking sector. Investment banks also play a role in the offshore banking in Jersey and provide companies with investment opportunities as well as giving valuable advice. Another very important feature of offshore banking in Jersey is the interest rates, they offer. Interest rate of offshore banks in Jersey are very high.

Also, as there are no exchange controls, it is very convenient for corporations to use multiple currencies in their accounts.

Opening an offshore bank account in Jersey may not be an easy process. International laws on banks require financial institutions to know their customers before opening a bank account in Jersey. For that reason banks are very careful with the customers they deal with and perform checks on reliability of a potential account holder.

To open an offshore bank account in Jersey customers must provide certain documentations and provide very accurate information.