Jersey has retained its top spot as the highest rated offshore jurisdiction in the latest Global Financial Centres Index (GFCI) and is the only offshore centre to feature in the top 30 finance centres around the world.
Jersey is now placed 28th in the competitive rankings, which are published every six months. The 13th edition of the Index has ranked Guernsey in 31st place, the Cayman Islands in 41st and the Isle of Man in 43rd. London remains number one, followed by New York, Hong Kong and Singapore.
Particularly strong performances from a number of major city locations that have jumped up the rankings, such as Paris, Vienna and Kuala Lumpur, have impacted Jersey’s previous GFCI 12 position (20th).
However, Jersey has increased its overall rating in the Index to now sit just behind Melbourne, Paris and Munich and ahead of Oslo and Qatar.
The GFCI, launched in 2007, was designed as a barometer to track movements in the competitiveness of financial centres around the world.
Geoff Cook commented: “In the last eight consecutive Indexes, Jersey has been the highest rated offshore jurisdiction. It is encouraging that Jersey continues to maintain such a high ranking, ahead not only of all the main offshore competitors, but also above a number of financial centres in EU jurisdictions, such as Malta and Dublin.
“Recent market conditions and a remarkable period of regulatory change have presented significant challenges for offshore centres and the Crown Dependencies in particular. This is reflected in the latest rankings, and in the number of onshore city centres moving up the rankings. While this is a reminder of just how competitive the market is for finance centres globally, the fact that Jersey’s rating has increased yet again is an indication that it continues to perform well and is still perceived very positively by others in the marketplace.”
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