International Savings Plans (“ISPs”)

Following an amendment to the Income Tax (Jersey) Law 1961 (the “Law”), effective from 1 January 2019, a new International Savings Scheme regime has been introduced in Jersey.

In short, the regime (proposed by the Jersey Pensions Association (the “JPA”) with support from Jersey Finance) enables international employers to establish savings plans in Jersey for their non-Jersey resident employees.

What are ISPs?
An ISP is defined under the Law as being a scheme or arrangement (or a part thereof) that:

  1. has, as its sole purpose, the provision of benefits in respect of persons’ employment wholly outside Jersey;
  2. is established under an irrevocable Jersey law trust, in respect of employment carried on wholly or partly outside Jersey by a person not resident in Jersey;
  3. has 2 or more trustees or a corporate trustee, regulated by the Jersey Financial Services Commission; and
  4. is not an approved pension scheme or arrangement under the Law.

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JERSEY
Robert DobbynPartnerT +44 (0) 1534 700 773robert.dobbyn@walkersglobal.com
Sevyn KalsiSenior CounselT +44 (0) 1534 700 775sevyn.kalsi@walkersglobal.com