Joe Moynihan, the chief executive of Jersey Finance, says the island has a good reputation for regulation.
‘It’s unrecognisable’: How being a tax haven has changed Jersey
While global billionaires and multinational business. Gleaming glass buildings housing global accountancy firms and international banks hint at the £4bn offshore finance industry that dominates the economy of this nine-by-five-mile island.
For decades, low taxes and corporate secrecy have attracted the wealth of global billionaires and multinational companies to Jersey, necessitating a high-paid workforce of bankers, accountants, and lawyers who now account for more than half of the island’s economic output and two out of every five jobs.
This has also transformed Jersey into one of the world’s wealthiest economies, providing its 104,500 residents with a GDP per capita nearly 60% higher than that of the UK.
