Guide to Essential Money Tools

Savings Tools

Where to park your savings?

When making decisions about managing your finances whilst living and working abroad, the choice of jurisdiction is an important matter.

Jersey Finance explains that investors not only need to be confident in the quality and integrity of their financial services provider, they also want reassurance that the jurisdiction where their funds are located meets with international standards.

Expatriates should choose a location that demonstrates political and economic stability, a centre that can provide tax efficiency but also operates within agreed parameters that stand up to independent scrutiny.

Clients should take note of a centre’s track record as a financial services location and turn to centres that have a solid reputation for high standards of probity, as well as product and service innovation.

During the last decade, offshore jurisdictions have been subject to a period of intense scrutiny and review by western governments and allied international bodies and, as a result, the leading centres have enhanced their international standing. For example, when the IMF conducted a routine investigation into Jersey, it concluded that ‘the financial regulatory and supervisory system of Jersey complies well with international standards.’

Anti-money laundering rules have been implemented in major jurisdictions in support of the global battle against terrorism and crime linked to money laundering. Whilst normal confidentiality of customers’ affairs is fully respected, co-operation with the international community in the quest to eliminate terrorist and criminal funding is now the norm in all reputable finance centres and investors should choose locations that have shown this commitment.

It matters to investors where their money is located. They can and do take comfort from knowing that their investments are placed in an international finance centre of the highest regard where the greatest care is taken to maintain rigorous standards.