Evolving role of offshore IFCs in meeting Chinese investment needs

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Offshore international finance centres (IFCs), keen to highlight the opportunities and advantages they offer international investors in China, have needed to take into account the increasing demand for more stringent regulation in developing their commercial relationship with Asian markets. However, leading IFCs such as Jersey, consistently recognised as the highest ranked offshore jurisdiction in the Global Financial Centres Index (GFCI), have developed a competitive advantage over competitors through their adoption of some of the highest standards of corporate governance, and a commitment to the global drive to improve information exchange between regulatory and tax authorities.

Tighter regulation

The rising tide of regulation has been evident since the global financial crisis in 2007 and shows no sign of abating. However, with increasing amounts of confidential data being exchanged across borders, data security is a real concern in Asia, and balancing transparency with the legitimate right to an appropriate level of confidentiality has become vital.

Richard Corrigan
Richard Corrigan

A much greater importance is now placed on jurisdictional risk where long-term financial structures are concerned, with investors keen to avoid the kind of data leakage that has been experienced by some other IFCs in recent times. Robust estate planning is a much more important consideration than tax when it comes to offshore trust structuring now, with Asian clients requiring high levels of sophistication involving complex cross-border family business and personal structures.

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Richard Corrigan is the global head of business development at Jersey Finance. He can be contacted on +44 (0)1534 836000 or by email at richard.corrigan@jerseyfinance.je

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