The COVID-19 pandemic has raised immediate issues for many wealthy families, notably around tax residency and immigration, but on the flip side it has given wealthy families the opportunity to take stock and consider how they want to be structured and, fundamentally, where they want their family office to be located. This article considers the features which make Jersey attractive for family offices.
A recent Jersey Employment and Discrimination Tribunal judgment is believed to be the first employment decision relating to the restrictions imposed on businesses due to COVID-19. Although the claimant was unsuccessful in his claim, the tribunal chair expressed sympathy, saying that he was the victim of an unreasonable and unsustainable interpretation by the respondent of a clear and plain term in the government's COVID-19 payroll co-funding scheme.
Jersey is witnessing a spike in the inflow of private equity fund managers establishing a physical presence on the island. A number of household name fund managers across all asset classes now call Jersey home, with others in advanced stages of planning to follow them into Jersey. What are the principal drivers of this trend?
Following an amendment to the Discrimination (Jersey) Law 2013 which recently came into force, Jersey's discrimination legislation has been extended so that businesses, service providers and those managing and letting premises must take reasonable steps to avoid disadvantaging people with disabilities in relation to the accessibility of their premises. Avoiding indirect discrimination involves anticipating, and not just reacting to, disadvantages that may be caused to disabled persons.
The financial impact of the COVID-19 pandemic has put pressure on a wide range of structures and, as a result, lenders, borrowers and other counterparties are looking more closely at the impact of possible insolvency proceedings. As Jersey entities are often used in cross-border finance transactions, it is important to be aware of the differences between Jersey and English insolvency procedures for companies, trusts and limited partnerships.