For the offshore geeks who visit this site, an interesting new law report from Jersey.
I do not have time to summarise it this morning and the article is anyway well written. The real point is you out money offshore at your peril.
The courts corrected matters here, so credit is due. But it's the system that failed.
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Of course, you’ll be aware of the other recent story (not reported legally), of the group of wealthy investors who were defrauded of significant amounts of money by a group including the former Stipendiary Magistrate – and then found out that there is no depositor compensation scheme. Cue weeping and wailing and gnashing of teeth…
My heart bleeds; still, that’s unregulated jurisdictions baby! You take the risk of going offshore to avoid paying tax, and if it goes wrong, no compensation. James, they’re not going to ask the UK government for a bailout, do you think?
No. They are asking the States of Jersey for a bailout.
Some members are sympathetic to their cause…
It is really are story about Switzerland isn’t it?
Just that it was a Jersey “proper law” trust so that was the forum for the litigation.
Switzerland doesn’t really regulated fiduciaries per se, just their AML related obligations.
Also important to point out that Strachans, Egglishaw and de Figuerido were drummed out of Jersey about 10 years ago by the Jersey regulator.
As John says, its only connection with Jersey is the fact that they elected to choose Jersey governing law for the trust. This is no different from choosing English law to govern a contract. It is impossible to stop anybody from doing this.