The Draft Taxation (United States of America) Jersey Regulations was signed by former Senator Pierre Horsfall in 2002, with the intention that it should come into force this year.
The willingness of the Island to sign such an agreement with a major economic power is self-evident, but it also confers qualified intermediary status on Jersey’s financial services industry, enabling business to be conducted with US nationals.
John Harris, director of international finance for the States, said the agreement was based on the OECD standard, requiring Jersey to provide information about civil taxation issues on specific request only.
