Jersey Raises Trust Company Fees
by Jason Gorringe, Lowtax.net, London
23 February, 2016
The Jersey Financial Services Commission (JFSC) has raised Trust Company Business registration and application fees for 2016.
The increase follows a consultation on a fee increase of two percent in 2016 for trust company businesses and a change to way the current 'fee cap' is calculated.
The registration fee cap has been set at the higher of GBP60,000 (USD84,700) or three-quarters of the unadjusted fee (rather than GBP50,000 or two-thirds of the fee that would be charged were the fee cap not in place).
The application fee is payable at the time of application. The registration fee is payable on registration, and in respect of 2016, by March 31, 2016. If a person is registered after July 1, 2016, but before January 1, 2017, the registration fee payable on registration will be half the fee otherwise payable.
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