Jersey’s approval of International Savings Plans
Gavin Snarey, Associate Director, Corporate Services
Jersey’s approval of International Savings Plans offering more flexibility within the employee incentive arena
Effective 1 January 2019 the Jersey Government and local tax authorities approved the introduction of provisions which allow Jersey to launch the International Savings Plan (ISP).
What are the benefits?
There is an air of excitement within SANNE’s Corporate Services division and no doubt the wider finance industry operating in Jersey as a result of the introduction of this innovative new plan.
An ISP offers multi-national and international companies the opportunity to establish a flexible, well governed employee incentive plan. This enables those looking to invest in international mobile employees or local employees where local arrangements might well be inadequate, absent or uncompetitive when compared to their peers.
Given that the benefits available under an ISP arrangement are not prescribed, an ISP can be wholly flexible and tailored to meet the needs and/or circumstances of the employer and subsequently the benefits made available to their employees.
This new offering truly is an attractive option for both employer and employee and it is hoped that it will provide, in what is considered a new era of employee incentive planning, a strong foundation and message to your workforce of the commitment you have in their future and that of your company.
How can SANNE assist in relation to the ISP?
SANNE can provide the full range of services to comply with the obligations under the Law:
As part of your employee incentive planning, you may be considering your existing and future employees, the current retention scheme(s) you have in place and the implementation of a new retention strategy, further investing in the high calibre of employees you value and remaining competitive in your sector.
Due to our significant fiduciary experience and strong presence within the employee incentive market we are well positioned to service both your needs and the needs of your employees in delivering a bespoke ISP that works for you.