A Jersey bank account can be opened by foreign non-residents, corporations, and wealth management structures. In our experience, Jersey-domiciled offshore accounts tend to offer the most value to expats and foreign nationals seeking international banks, remote opening, and a reputable jurisdiction.
However, Jersey banks deliver benefits across a wide selection of financial accounts in Europe, including retail, corporate, and private banking for personal accounts, and even custodian banking for large commercial accounts.
Make no mistake, offshore finance is a religion here. It’s no surprise that there are nuggets of opportunity for everyone. You just need to know where to look, who to talk to, and make sure you have the right “profile” to get in.
Use the table of contents to continue exploring more information on Jersey bank accounts.
Table of Contents
- Can a Non-Resident Open a Jersey Bank Account?
- Jersey Banking 101
- What Makes a Jersey Offshore Bank Account So Attractive?
- What Are the Benefits of Opening an Offshore Bank Account in Jersey?
- Who Should Open Bank Accounts in Jersey?
- Jersey Bank Account Options
- Special Considerations & Opening Challenges
- Frequently Asked Jersey Banking Questions
- Do You Want Help Opening Bank Accounts?
Can a Non-Resident Open a Jersey Bank Account?
Non-residents can open Jersey bank accounts with major financial institutions through their offshore divisions. Account opening requirements include a qualifying deposit, proof of address, government identification, source of income or wealth, and a completed application.
Selecting the correct offshore bank in Jersey is important as it will determine the opening requirements and deposits applicants must meet. This is also true if you’re considering another Channel Islands banking hub like Guernsey or offshore options like Cayman or the Bahamas. Unfortunately, this is a step that most applicants get wrong, choosing to apply with smaller less reputable banks or banks where they cannot meet requirements.
Setting Up an Offshore Bank Account in Jersey
- Government-issued identification (two forms)
- Proof of employment or income
- Proof of address in your country of residence
- Tax identification number from your country of residence
- Qualifying deposit (determined by each bank)
- Completed application form (provided by each bank)
We pull back the curtain on the requirements for each account type and discuss opening a personal bank account in Jersey in this article. We also explore the clients that banks in Jersey cater to, how to benefit from banking here, and why certain individuals, companies, and structures find banking in Jersey attractive.
Do You Want to Explore All Your Offshore Banking Options?
Jersey Banking 101
The banking system in Jersey is intimately tied to the City of London. They’re banking buddies. The United Kingdom benefits enormously from Jersey’s existence.
The bulk of bank deposits domiciled in Jersey are actually held in UK financial institutions, which helps to further bolster the British banking system and related profits. Plus, Jersey accounts act as a tax-efficient conduit for foreign investment into the United Kingdom.
So, some might say that the United Kingdom has a vested interest in making sure nothing bad happens in Jersey.
It’s lesser-known influences and relationships like these that quietly protect Jersey’s stability and cement its legitimacy as an international financial center.
It’s no surprise that Jersey is a popular trust structuring, wealth management, and investment hub for wealthy individuals, families, investment funds, corporations, and their related entities.
Plus, all the major UK retail financial institutions are here, including over 20 bank branches and subsidiaries. Nearly half of the top 25 financial institutions in the world have a presence in Jersey.
Accounts in Jersey today are primarily used for investment management, real estate investing, wealth management, and institutional capital — as opposed to low-level retail and commercial banking. There are however opportunities for individuals and companies as well.
What Makes a Jersey Offshore Bank Account So Attractive?
Jersey is a tiny island sitting in the English Channel, 12 miles from the coast of France. It’s a Crown Dependency and part of the Channel Islands.
Jersey is technically “independent” from the United Kingdom, but it’s still intimately connected. The Jersey government openly advertises the island as an extension of the City of London.
The King is the head of state. The United Kingdom handles Jersey’s defense and foreign relations and Jersey’s financial regulation still needs approval from the Privy Council in London.
Jersey is independent, but at the same time not. That’s what makes it so interesting.
Imagine the kind of country you would create if you could cherry-pick the best attributes of the UK and the EU, and make up your own laws at the same time.
Well, if you’re a freedom-loving free markets kind of person, you’d probably end up with the perfect offshore utopia filled with capitalists and the flexibility to attract the customers you want… welcome to Jersey.
Politics in Jersey is simple and predictable. Simply put, lawmakers have one unspoken rule: do what’s in the best interest of the financial sector at all times.
Anything less and Jersey’s finance-dependent economy crumbles, investors go elsewhere, and the country dies. This may seem extreme, but it’s not. It’s the same approach that any island nation has to take when it’s 100% dependent on a single sector.
Clever lawyers, accountants, and politicians have introduced creative corporate structures and manufactured loopholes. They did this to make sure the Jersey banking sector is a welcoming place for anyone with enough money to get in.
Many people describe Jersey as a Libertarian banking paradise and for many non-resident individuals, there are benefits to opening bank accounts here.
What Are the Benefits of Opening an Offshore Account in Jersey?
Thanks to Jersey’s independence and enterprising spirit, opening an account in Jersey offers benefits to a wide range of clients.
Wealthy Brits have been parking money here since the 1920s. It wasn’t until the 1960s however that Jersey’s offshore banking industry really took off (thanks to the Eurobond markets). Needless to say, it hasn’t looked back since.
Today, there are many perks to banking in Jersey. Here’s a look at some of these perks non-resident individuals benefit from when opening an account in Jersey.
Non-Residents & International Client Specialists
Unlike accounts in most countries, a personal account in Jersey caters to non-resident and international clients. That’s because financial institutions in Jersey understand the needs of people and companies actively involved in cross-border transactions. This includes offering services such as mortgages, investment platforms and solutions, multi-currency banking, and much more.
Low Tax Environment & Tax Certainty
Jersey is a tax haven. There is no capital gains tax, transfer tax, VAT, withholding tax, or wealth tax. Jersey is extremely tax efficient for those structured properly and having an account in Jersey is a necessary step in achieving such advantages. Realizing such efficiency also requires considering other factors, including residency, citizenship, and country of incorporation. Non-resident individuals looking to achieve such perks need to be sure to consult a qualified tax advisor first.
Skilled Banking Professionals
Account holders in Jersey expect high-quality (English-speaking) relationship managers and customer support. This is because Jersey has an abnormally high ratio of skilled financial professionals. Over 13,000 people work in the financial sector here. Jersey also has the world’s largest branch of the Society of Trust and Estate Practitioners (STEP). This means fast and easy access to specialized services and expertise, as needed.
Deposit Insurance Scheme
Jersey created a deposit guarantee scheme in 2009, which guarantees up to £50,000 per person (per bank), in the case of any bank failure. The Jersey banking sector, while it hasn’t had a bank failure since the 1970s, the existence of deposit insurance is an important psychological safety net for small depositors.
Access to SEPA Transfers
Having access to low-cost SEPA transfers is a major benefit for those who regularly transact with other SEPA countries using the euro. SEPA ensures fast and affordable transfers, which is especially important if you’re dealing with large-value transactions or investing within SEPA countries. Read more about the perks of SEPA (and the “secret” SEPA countries most people don’t know about) in our dedicated article.
Who Should Open Bank Accounts in Jersey?
Opening an account in Jersey isn’t a good fit for everyone.
A non-resident individual with less than £50,000 GBP to deposit and who is looking for retail banking needs to consider looking at opening accounts outside of Jersey.
The same goes for a foreign company or small business that is looking for day-to-day business banking. There are better options worth considering, however, there are also some exceptions that we share with GlobalBanks Insiders.
Client Types Who Benefit From Opening an Account in Jersey
- UK citizens & residents planning on moving abroad
- Non-resident individuals who meet income & deposit thresholds
- Anyone interested in private banking, wealth management, or asset management
- Family offices looking for a stable & tax-efficient banking jurisdiction
- Jersey-based entities such as corporations, trusts, or foundations
- Foreign entities managed by Jersey Trust & Company Service Providers (TCSPs)
- Investment funds (private equity, hedge funds, corporates, etc.)
Successfully opening a bank account in Jersey depends on several factors, not the least of which is the type of account you want to open.
We share more details on the type of bank accounts available in Jersey in the following section below.
Jersey Bank Account Options
Knowing which bank is best suited for your client profile is key. It’s also important to make sure that you’re opening the right type of account.
Choose incorrectly and you risk flat-out rejection, paying unnecessary fees, horrible service, and long application wait times. This isn’t a Jersey problem — you face this in any banking hub if you’re not careful.
Here are the main types of accounts available in Jersey. Odds are, if you’re opening a Jersey bank account, you’re looking for one of these:
Retail, Premium, or Premier Bank Account in Jersey
There are a few financial institutions in Jersey that handle retail-level banking. Some of them cater exclusively to residents while others focus on non-resident individuals.
Additionally, some retail financial institutions offer premium or premier banking services. Typically, this means the bank provides you with a relationship manager.
Most non-resident clients access premier or premier banking by either meeting deposit requirements or earning above a certain threshold in annual income.
Certain financial institutions also have additional citizenship and residency restrictions. This means that if you don’t have residency in one of the bank’s “approved” countries, you can’t bank here.
It’s important to remember that not all financial institutions in Jersey offer retail, premium, or premier banking services. You need to find financial institutions that cater to your client profile and accept your specific wealth segment, residency, and citizenship.
Expat Bank Accounts in Jersey
Opening a bank account in Jersey is 100% possible for expats. All of the Crown Dependencies including Isle of Man, Jersey, and Guernsey cater to the needs of expats. There are, however, some slight differences in their approach.
Jersey is an excellent option for anyone looking to open a third-country account. This refers to opening an account outside of your country of citizenship and your country of residence. This is popular among individuals who move countries frequently or who are planning to change residency.
Such an approach is especially popular when individuals are looking to structure wealth-planning vehicles to avoid wealth and inheritance taxes in their home country.
Private Bank Accounts in Jersey
Opening a private account in Jersey is reserved for high-net-worth individuals (HNWIs) with significant wealth to invest.
Opening an account with a Jersey private bank requires meeting certain minimum deposit levels and investment thresholds. The minimum amount varies from bank to bank and even banker to banker.
Generally speaking, most financial institutions here need to see at least US $500,000 (assuming the account will grow). Other private financial institutions require $1-3 million or more.
Many private financial institutions scrutinize the products and services you intend to use before opening an account. This, after all, tells the bank how profitable of a client you are and if you are worth dealing with.
Custodian or Depository Bank Account in Jersey
Custodian banks (or “custodians”) and depository banks are very different from the accounts offered at retail and commercial institutions in Jersey. They’re also different from the other types of accounts discussed above.
These types of accounts are for institutions, investment funds, corporates, and other businesses. It’s no surprise that custodian and depository financial institutions don’t offer “typical” financial services (e.g. accounts, loans, credit cards, etc).
Custodian financial institutions, instead act like a secure facility that offers enhanced protection for your financial holdings and depository banks facilitate trading securities for large clients. Non-resident individuals who require either of these services and need help figuring out where to bank need to send us a message. We are happy to help you get started.
Special Considerations & Opening Challenges
Like banking anywhere, opening a bank account in Jersey has its challenges. There are many factors non-residents need to consider before starting the application process. We share more details on these below.
How Will Brexit Impact Jersey Bank Accounts?
This is a fair question, not only for prospective clients of Jersey financial institutions but also for current account holders. Fortunately, most experts anticipate that financial institutions here are going to do just fine. After all, most of the money flowing through Jersey financial institutions doesn’t flow into the Jersey economy. Instead, it sits in major financial institutions in London, Frankfurt, Zurich, Paris, and beyond.
Deposit Requirements
The amount of money you need to deposit depends on the account you want to open and the bank you apply to. Take premier banking as an example. Premier banking requires as little as USD 30,000 or being able to demonstrate USD 60,000 in annual income.
Alternatively, a private account typically requires a deposit of USD 500,000 deposit. As for corporate, investment funds, or other institutional accounts, non-residents need to expect to deposit significantly larger amounts.
Trust Company Service Providers (TCSPs)
Bank accounts in Jersey and TCSPs are closely connected, especially if you have any interest in using a corporation or other entity in conjunction with your banking.
Jersey trusts, companies, and investment funds are critical to the local economy and they all have to bank somewhere. According to Jersey Finance, over £600bn in trusts is managed by locally regulated trust company businesses.
If you are planning to open an account in Jersey for an entity, you need some direction on how to work with Jersey TCSPs first. Not surprisingly, choosing a TCSP is just as important as choosing which bank to open an account with.
Other Account Considerations
Like all countries, opening an account in Jersey for a non-resident, non-resident-owned entity, or investment vehicle isn’t as easy as walking into a local branch. Non-resident individuals need to know which financial institutions match their profile, want them as clients, and have requirements they can meet.
It’s important to keep in mind that opening requirements vary from bank to bank and certain financial institutions are better equipped to serve different types of clients. Jersey is a sound option for non-resident individuals, including expats. There are only a few financial institutions that actually offer such accounts.
Frequently Asked Jersey Banking Questions
Below are three of the most common questions we receive from people exploring how to open a Jersey bank account. If you have further questions about banking in Jersey or elsewhere, don’t hesitate to contact us directly.
Can a Non-Resident Open a Bank Account in Jersey?
Yes, a non-resident can open an account in Jersey. Jersey is in fact both a popular and reputable banking jurisdiction for non-resident individuals. Non-resident individuals need to meet their desired bank’s opening requirements and have a suitable banking profile. Bank selection is an important factor to consider since not all financial institutions in Jersey are suitable for every client type.
What Banks Are in Jersey?
There are 19 financial institutions in Jersey including both domestic and foreign financial institutions. The financial institutions that are available to each individual depend on their citizenship, country of residence, banking needs, deposit level, and other opening criteria.
Can I Open an Offshore Bank Account?
Yes, you can open an offshore bank account as long as you choose a bank that accepts your client profile and has requirements you can meet. The banking jurisdictions and financial institutions suitable to each prospective client depend on their citizenship, residency, and banking needs. It’s important to confirm how much money you are required to deposit as well, as this too varies between financial institutions.
Do You Want Help Opening Bank Accounts?
If so, you can access GlobalBanks Insider and start the process of applying for an offshore account in a few clicks.
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