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Jersey’s government has given the green light for launching what are called International Savings Plans, designed for national and international firms to create schemes for non-resident staff, and expected to draw in particular interest from the Middle East.
The regime kicks in from the start of January after getting approval from the jurisdiction’s tax authorities.
Jersey Finance, the promotional organisation in the island, said the product will have “a particular appeal in the Gulf region, which is already a key market for Jersey’s finance industry and where there is a strong demand for such schemes”.
ISPs allow a payout to staff when their employment ends or when there is a trigger event such as redundancy, ill health or divorce.
“While the appeal is international, we know from our close commercial ties in the Gulf region, that ISPs will be attractive to institutions based in the Gulf Cooperation Council States, Geoff Cook, chief executive of Jersey Finance, said.