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Economy and Banking Sector of Jersey

Jersey
Location
Europe
EU Status
not part of the EU

Jersey is a British Crown dependency, situated in the English Channel. Jersey is a "self-governing possession" of the British Crown and is considered internationally as a "territory for which the United Kingdom is responsible" rather than a sovereign state. Jersey is not a part of the European Union, although it's within the European Union's customs area.

Economy

Currency
GBP (Pound sterling)
Population  (2011)
97,857
Nominal GDP (2015)
4.1 bln GBP  (+0.03%)
Credit Ratings (as of Jul 2020)
-/-/-

Financial services sector (banks, fund managers, investment trusts, accountancy and legal firms) is the main contributor to the GDP of Jersey, followed by tourism and hospitality services.

Taxation

Withholding tax rates in Jersey are 0.0-20.0 %. Jersey signed 10 double taxation agreements.
Jersey signed the automatic information exchange agreement on 29 October 2014 and committed to start the automatic information exchange in September 2017.
Jersey has FATCA agreement with the U.S. in effect since 13 December 2013 (Intergovernmental Agreement Model 1).

Banking Sector

Number of Banks
25
Consolidated Banking Assets (2016)
134.88 bln GBP  (-16.52%)
Deposit Guarantee
50,000 GBP

Banking landscape of Jersey is rather diversified and includes British clearing banks, merchant banks, private banks and a range of international banking groups.

Major Banks

See Also

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