tag:blogger.com,1999:blog-3258990332470277140.post7130876599551037642..comments2024-01-09T16:41:49.300+00:00Comments on Deputy Tadier's Blog: Un Parisien à JerseyDeputy Montfort Tadierhttp://www.blogger.com/profile/02702165660857648225noreply@blogger.comBlogger38125tag:blogger.com,1999:blog-3258990332470277140.post-34837311247651951612013-05-10T17:14:54.536+01:002013-05-10T17:14:54.536+01:001. Someone wanting a tax shelter wouldn't use ...1. Someone wanting a tax shelter wouldn't use a reserve power trust - the result could be control of the trust moving from the offshore trustees to the (presumably) onshore settlor. Bad move for tax planning. Reserve power trusts would be better used for (legitimate and non-tax related) asset protection and family succession planning, ensuring the elder family benefactor can maintain an appropriate level of control over trust assets devolving on family members. No?<br /><br />2. Quite apart from legitimate asset protection structures, tax neutral structures (investment funds, joint venture vehicles, investment holding vehicles) are what Jersey now does, and can continue to, specialise in. Entities which avoid punative double or triple taxation of international/cross border transactions which might otherwise never happen - all in a well-regulated environment. All of which stimulates the global economy and creates investment opportunities for pension funds. Geoff Cook's blogs contain ample evidence of the virtues of thse local finance industry products. Do you ever see the likes of TJN/Tadier and co giving equal publicity and weight to Jersey's postivie track record in those structures? No - an entirely one-sided, negative picture is painted. Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-3258990332470277140.post-50873514837042495262013-05-09T17:36:33.369+01:002013-05-09T17:36:33.369+01:0095% of what is above board, and what does "ab...95% of what is above board, and what does "above board" mean?<br /><br />Can you please tell us how you arrived at this figure of 95%? What were your calculations based on?<br /><br />In any case, if 5% of financial activities in Jersey were illegal that would still be one heck of a lot of crime!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-3258990332470277140.post-30361581846541137302013-05-08T07:09:37.655+01:002013-05-08T07:09:37.655+01:00@Anonymous, "Failure to understand these nuan...@Anonymous, "Failure to understand these nuances and repeat narrow TJN spin is pretty unforgiveable for a paid local politician unless you have a fully-costed vision for a Jersey economy sans finance which avoids a very hard landing for us all. If you do, please share it."<br /><br />That is the very point - nobody can possibly know what the finance industry in Jersey really does because it is a secrecy jurisdiction.<br /><br />While accepting that the industry may be varied, it is impossible to deny that historically its reason for existing was tax avoidance or evasion.<br /><br />Jersey is not alone in that and in one sense, it is up to the countries whose taxes are being deprived to write laws in their countries to stop it happening. That process has been taking place over the last 10-15 years, accelerated by the financial crisis.<br /><br />You talk about the 'narrow spin' of the TJN but I don't see any cogent replies to their evidence-based arguments. All we get is a lot of bluster from the likes of Senator Ozouf.<br /><br />The argument he makes that 'reserved power trusts' are not illegal is spurious: they are only not illegal in Jersey, because Jersey passed a law allowing them. Jersey could legalise heroin but that wouldn't make it legal in the rest of the UK.<br /><br />If the finance industry wasn't secretive it could provide a detailed breakdown of its activities like any other industry does. Truth is, the politicians in Jersey don't even know who half the clients are or where their money came from. <br /><br />So I think that the ball is in your court to prove that the finance industry is not doing the things it is accused of. It is very hard for your critics to prove something that is hidden behind a veil of secrecy.Rob Kenthttps://www.blogger.com/profile/04019654918054950571noreply@blogger.comtag:blogger.com,1999:blog-3258990332470277140.post-30057963917187875922013-05-07T16:22:02.182+01:002013-05-07T16:22:02.182+01:00Many of you are missing the point, I think.
Jers...Many of you are missing the point, I think. <br /><br />Jersey's finance industry is very varied and will need to remain so to survive. The private trust business of the kind Montfort described is in its death throes if it is tax, rather than asset protection, driven - the JFSC is making life harder for the smaller trust companies that perpetuate it; the international direction of travel is towards the sharing of information to wipe out egregious tax evasion (FATCA/TIEAs etc;) and aggressive avoidance is under the microscope like never before. Those initiatives are all fine in my opinion and, frankly, do not require any assistance from local politicians. <br /><br />But there are lots of areas, particularly investment funds, where we can flourish in the longer term. Unfortunately even in such a legitimate and morally sustainable area we are under threat from competitors who will just LOVE to throw back at us the sort of "one tenth of the story" TJN spin you (Montfort) appear to be peddling. It can so easily be used by mischievous/unjust detractors to paint the wider industry in all its forms in a bad light. <br /><br />Anyday now EU regulators will be voting on whether or not to allow (entirely legitimate, well regulated)Jersey investment funds to be sold into the EU. How do you think your French article has helpfully moved forward that debate and helped our Island's main industry transition to a different, more sustainable future? To be fair to you, you probably didn't even know (unlike the likes of Ozouf and Cook) that such a vote was imminent - but that's precisely why you should think about the broader consequences of your actions and get a better, broader grounding before you you speak/write to the media.<br /><br />In other words, your public castigation of the historic, dying work types, really could damage our ability to compete for the entirely legitimate future business which can allow the finance industry to thrive in future. This is why Ozouf, Cook, JFL and others jealously guard the Island's global reputation and spend hours and hours and, yes, thousands of pounds of tax payers money educating people as to our future direction of travel. The more you cause damage from within, the more they will need to spend, so please don't second-guess spending on the JFL budget - that would be deeply ironic. Call it spin if you must, but surely their activity is entirely justified if you care about the thousands of people who work in the Island's finance industry, those who rely on them (the majority of Jersey folk) and our local tax-take (and our ability to support those most in need) generally. <br /><br />Failure to understand these nuances and repeat narrow TJN spin is pretty unforgiveable for a paid local politician unless you have a fully-costed vision for a Jersey economy sans finance which avoids a very hard landing for us all. If you do, please share it.<br /><br />Please listen to and try to understand this multi-faceted industry before you destroy it (with noisy but ill-informed and ill-timed publicity) before it has time to transition fully.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-3258990332470277140.post-20011843346294758002013-05-07T08:47:05.557+01:002013-05-07T08:47:05.557+01:00@CliveTomes, " Interesting that you did not p...@CliveTomes, " Interesting that you did not publish my comments of yesterday"<br /><br />Senator Ozouf is suppressing unwanted comments on his blog. He removed one of mine from yesterday. A couple of days before on Twitter, Senator Ozouf retweeted this:<br /><br />"Eliminate Prejudice ?@elimin8prejudic 4 May "No society can flourish unless members of that society are endowed with the opportunities and privileges of freedom."<br /><br />As soon as one Jersey States member exercises his right to freedom of speech, Ozouf and others traduce him for disloyalty.<br /><br />And yet, what Deputy Tadier said is not at all controversial. In fact, it is already the predominant view of most French citizens who know anything about Jersey.<br /><br />Jersey would like to present a squeaky clean image to the world but everybody knows that for exactly what it is: just an image.<br /><br />In fact, Jersey's finance industry was built on the back of tax avoidance and tax evasion. It has been awash in dodgy money for years, a lot of it robbed from developing countries by dictators and other political elites. The evidence is ample, including court cases conducted in Jersey itself (<a href="https://www.google.co.uk/search?q=jersey+court+nigerian+dictator+money" rel="nofollow">https://www.google.co.uk/search?q=jersey+court+nigerian+dictator+money</a>)<br /><br />The fact that it has recently had to change as the result of external pressures does not alter one dot its fundamental nature. It would be a good thing if it managed to morph into a totally ethical finance industry and still provide the number of jobs to locals, but that is unlikely since the reason most of that money is in Jersey is precisely because it is a secrecy jurisdiction. Remove that secrecy and the money will have to move too.<br /><br />Lives for ordinary people in Jersey have become more expensive and difficult as a result of the finance industry. Deputy Tadier is correct - and is saying nothing revolutionary - when he says that the finance industry has to reduce its size. See this article from the Economist 2012:<br /><br />"One boss of a global trust company that has an office in Jersey thinks this has driven some money to places like Luxembourg. “They want to prove they are whiter than white, which is killing a lot of the business,” he says."<br /><br /><a href="http://www.economist.com/node/21554531" rel="nofollow">http://www.economist.com/node/21554531</a><br /><br />That is from the horse's mouth. Why should Deputy Tadier be castigated for merely repeating what everyone else already knows: everyone who is not in denial or suffering cognitive dissonance that is.Rob Kenthttps://www.blogger.com/profile/04019654918054950571noreply@blogger.comtag:blogger.com,1999:blog-3258990332470277140.post-16035301693542036302013-05-07T00:26:02.144+01:002013-05-07T00:26:02.144+01:00You have opened up the discussion about the Trust ...You have opened up the discussion about the Trust business in Jersey.<br /><br />Why should Ozouf, John Harris JFSC, G. Cook,Jf and all those highly paid Quango establishment people be worried ? if Jersey is so cosy with the French, USA, UK, and all countries and associations Jersey being transparent, open and signed up.<br /><br />Jersey is not a tax or trust haven nicking other countries tax money. No problem then ?<br /><br />The figures will prove this, won't they Senator Ozouf ? or will you again put up GST to cover the short fall ?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-3258990332470277140.post-86094936968428917642013-05-06T20:54:10.642+01:002013-05-06T20:54:10.642+01:00Perhaps his French interpreter is the same chap wh...Perhaps his French interpreter is the same chap who interprets Jersey's French law into English which leads to cases being won by default!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-3258990332470277140.post-64325615514886147042013-05-06T20:15:01.387+01:002013-05-06T20:15:01.387+01:00Montfort.
It is extremely rare that the State Med...Montfort.<br /><br />It is extremely rare that the State Media can be praised for anything over here. That said, credit where credit is due, to whoever the journalist was with ITV/CTV.<br /><br />He/she allowed yourself and Senator Ozouf to slug it out and that's what we need more of (in my opinion). The debate was flowing nicely and there was no need for the journalist to but in. The electorate want to know what you and Senator Ozouf have to say as you are the guys representing us.<br /><br />Credit also to ITV/CTV for publishing the full 15 minutes on the net, shame they couldn't have published it all on TV but such are their time constraints, which is understandable.<br /><br />One wonders if ITV is attempting to distance itself from the disgraceful days of CTV and are looking for credibility? If so it is going the right way about it with that 15 minute video.<br /><br />For what it's worth I think you pulled Senator Ozouf's (metaphorical) pants down.voiceforchildrenhttps://www.blogger.com/profile/16825129148579102037noreply@blogger.comtag:blogger.com,1999:blog-3258990332470277140.post-41995862625608454772013-05-06T18:48:24.081+01:002013-05-06T18:48:24.081+01:00http://www.jerseylaw.je/Judgments/UnreportedJudgme...http://www.jerseylaw.je/Judgments/UnreportedJudgments/Documents/Display.aspx?url=2013/13-04-17_Seggins-v-Apex_Trust_Company_Limited_077.htm&JudgementNo=[2013]JRC077Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-3258990332470277140.post-71460449893598793912013-05-06T18:45:32.413+01:002013-05-06T18:45:32.413+01:00It is not fair that you are attacking our whole in...It is not fair that you are attacking our whole industry because I know from people who work there that 95% is above board. So you say you support the workers – which workers? It may have escaped your notice now that you have a nice cushy number in the States that most “workers” directly or indirectly rely on the finance industry. Sorry to sound so critical but if you had done a bit of research and targeted the real cowboys engaged in these activities then you might just start to get a bit more support. You don’t even need to leave your key board.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-3258990332470277140.post-87389062356455272182013-05-06T18:44:49.432+01:002013-05-06T18:44:49.432+01:00"There has been some naughtiness in accusing ..."There has been some naughtiness in accusing me of telling Le Parisen that Jersey was into tax evasion. If we look at the word used in the paper, it was ''évasion fiscale' "<br /><br />There'll be people accusing you of this for years despite the truth being nailed down right at the start. You can correct them all you like but I predict they'll carry on confidently telling others what you never actually did. didn't doNick Palmerhttps://www.blogger.com/profile/05360924308743466075noreply@blogger.comtag:blogger.com,1999:blog-3258990332470277140.post-57857130597135385542013-05-06T18:36:11.582+01:002013-05-06T18:36:11.582+01:00Monty, now be honest, how many other States Member...Monty, now be honest, how many other States Members are in support of this interview you have made?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-3258990332470277140.post-60607876294930723962013-05-06T18:34:07.421+01:002013-05-06T18:34:07.421+01:00If Jersey is keeping its face clean then there are...If Jersey is keeping its face clean then there are not exactly a lot of prosecutions although the only one I can find so far this year I think proves your point quite nicely although I don’t think this counts as a “Sham” Trust? It’s a UK tax scam for getting out of inheritance tax and other taxes by the English solicitors called Baxendale Walker who I remember from when they appeared on the BBC – Google BBC Baxendale Walker and if this is not the perfect example of Jersey Trust Companies raking it in from running such schemes then I give up. Despite the blatant aggressive tax evasion nothing happened. And if Philip Ozouf and the rest whop think we have a shining halo are reading this was only last week.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-3258990332470277140.post-43820243696821884652013-05-06T16:08:44.636+01:002013-05-06T16:08:44.636+01:00Anonymous, you have missed the point. Tadier was n...Anonymous, you have missed the point. Tadier was not referring to Trust Companies engaging in illegal activities. Sham trusts are effectively legal in Jersey (S. 9(a) of the Trusts [Jersey] Law 2007) so why would a company that deals with sham trusts be in court?Senator Sam Mézechttps://www.blogger.com/profile/04072393815446147249noreply@blogger.comtag:blogger.com,1999:blog-3258990332470277140.post-35281592009743575272013-05-06T15:11:50.811+01:002013-05-06T15:11:50.811+01:00FYI -
There has been some naughtiness in accusing...FYI - <br />There has been some naughtiness in accusing me of telling Le Parisen that Jersey was into tax evasion. If we look at the word used in the paper, it was ''évasion fiscale'. <br /><br />This translates as 'tax avoidance' (literally 'escape'). The term for tax evasion (ie illegal avoidance) is (unsurprisingly) 'évasion fiscale illégale'<br /><br />http://www.wordreference.com/enfr/tax%20avoidanceDeputy Montfort Tadierhttps://www.blogger.com/profile/02702165660857648225noreply@blogger.comtag:blogger.com,1999:blog-3258990332470277140.post-25755311245986821412013-05-06T14:21:15.499+01:002013-05-06T14:21:15.499+01:00After the Jimmy Carr 'scandal' broke last ...After the Jimmy Carr 'scandal' broke last year, Senator Ozouf was on record with the remarkable statement that 'morality and politics do not mix.' I say remarkable, because for me morality is one of the underlying guiding forces in my politics - even if certain things are unpopular, it is important that the truth be spoken, and freedom of speech maintained. <br /><br />I refuse to be castigated by a man whose politics and economics are harming local people and the tax-bases of our closest neighbours. A man whose politics are hallmarked by supporting fundamental unfairness in our own tax system, where the most wealthy in our society pay the least proportion of their wealth in taxes and ordinary folk the most. <br /><br />Likewise, in his preferred option of States Reform, the Senator actively campaigned for the least fair option on the table which would deliberately make the vote of the poorer, urban voters worth much less than that of their rural counterparts. <br /><br />Senator Ozouf's politics, I'm afraid, are morally bankrupt and harmful to most of us. It is he who is damaging Jersey - and has been for yearsDeputy Montfort Tadierhttps://www.blogger.com/profile/02702165660857648225noreply@blogger.comtag:blogger.com,1999:blog-3258990332470277140.post-34262983398837189582013-05-06T01:35:11.090+01:002013-05-06T01:35:11.090+01:00Richard Murphy at http://www.taxresearch.org.uk/Bl...Richard Murphy at http://www.taxresearch.org.uk/Blog/2013/05/05/jerseys-sham-trusts-what-philip-ozouf-denies-and-montfort-tadier-rightly-said/ points out that under the revision to Jersey Trust law in 2006 any trust can be set up with the settlor taking reserved powers, which are so total in extent, that the trust can END UP as a sham.<br /><br />This does not mean, as I understand it, that all or most trusts in Jersey are shams. But it does mean that ANY trust in Jersey CAN be set up with these reserved powers in operstion and therefore as a sham.<br /><br />So Monty is absolutely right, and it is undeniable, that sham trusts DO exist in Jersey - the law explicitly allows them. <br /><br />But he is probably not right to say that sham trusts are in the majority. Well, maybe they are, maybe they aren't. There is no register of trusts in Jersey, so no way of even beginning to find out!Danielnoreply@blogger.comtag:blogger.com,1999:blog-3258990332470277140.post-22279514388179537492013-05-05T17:55:52.700+01:002013-05-05T17:55:52.700+01:00I see Ozouf is all over you like a rash. Surprisin...I see Ozouf is all over you like a rash. Surprisingly he's even decided everybody who reads his blog should have the translation, which is odd, as he appears to want to reach a wider audience whilst criticising yourself for doing exactly the same.<br /><br />He even states:-<br /><br />"Yesterday, I was asked to do an interview with ITV Channel Islands, which I agreed to do a head to head with Deputy Tadier. I was placed in an extremely difficult position of having to attempt to counter Montfort Tadier’s comments without any intervention with from the journalist. I will be taking this up with CTV as I would expect a professional interviewer to have intervened and actually challenged both sides."<br /><br />I bet he was livid, when you were able to tell him and everyone listening you had been informed by some whistle blowers who would be willing to confirm, no doubt that is why he is also annoyed with CTV for allowing him to make a fool of himself.<br /><br />I do hope you let him dig a big hole and then bury him with evidence.<br /><br />Well done. Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-3258990332470277140.post-64444356611500226702013-05-05T10:52:15.689+01:002013-05-05T10:52:15.689+01:00Montfort,
I just had a look at Ozouf's 'r...Montfort,<br /><br />I just had a look at Ozouf's 'reply' to your interview in Le Parisien. I recommend your readers, particularly those from outside Jersey, to read it: this is the reaction of the Jersey Finance Minister to an interview with Montford in a mainstream French newspaper. It opens:<br />"Deputy Montfort Tadier this week gave an interview to a leading French Newspaper, Le Parisen effectively denouncing Jersey and its Finance Industry." <br />He goes on: <br />"It is a matter of great regret that Deputy Tadier has chosen to express these views.<br /><br />Political debate is healthy and in a democracy we are all entitled to have and respect different views. However, Deputy Tadier’s remarks if accurately quoted cross the line of what is appropriate behaviour for a politician elected to serve the people of Jersey."<br /><br />For Ozouf the room for legitimate debate and difference of opinion seems to be rather small. Members of the Opposition must 'behave appropriately' by refraining from 'denouncing Jersey and its Finance Industry.' Later in the same article Ozouf attacks the local TV Station, CTV, never noted previously for being critical of the Government, for the way a televised debate was handled. Ozouf writes:<br />"Yesterday, I was asked to do an interview with ITV Channel Islands, which I agreed to do a head to head with Deputy Tadier. I was placed in an extremely difficult position of having to attempt to counter Montfort Tadier’s comments without any intervention with from the journalist. I will be taking this up with CTV as I would expect a professional interviewer to have intervened and actually challenged both sides." Yes, Dear Reader, Minister Ozouf had to defend his opinions in a TV interview with a Member of the Opposition 'without any intervention with from [sic] the journalist.' <br /><br />Like other Banana Republics, the behaviour of members of the Jersey Government, such as Ozouf, appears buffoon-like when viewed from the outside world, but when a Govenment Minister feels confident (or deluded) enough to try to publicly intimidate an opposition politician and when even the local TV station is attacked for not 'intervening' when the Minister is losing an argument, there is one description which fits: Political Gangsterism. <br /><br />Montfort, keep you chin up. And let's give Ozouf's latest intervention the wide publicity that it needs.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-3258990332470277140.post-33048131958169268712013-05-05T01:35:27.263+01:002013-05-05T01:35:27.263+01:00Philip Ozouf claimed that these sham trusts don...Philip Ozouf claimed that these sham trusts don't exist in Jersey. Yet, here is an article written by a lawyer, on the official website of the Jersey Legal Information Board, which describes these trusts: http://www.jerseylaw.je/Publications/jerseylawreview/feb10/JLR1002_Noseda.aspxAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-3258990332470277140.post-32094257056289507362013-05-04T13:28:46.890+01:002013-05-04T13:28:46.890+01:00"If I live in France and want to invest in st..."If I live in France and want to invest in stocks based in the US I want to ensure I don't end up paying tax in the US and in France"<br /><br />This encapsulates selfishness. Those investments generate wealth inside the US and you take them away using sham trusts and with accounting chicanery deny the American economy the benefits of that wealth circulating around their economic area thus impoverishing them.<br /><br />Obviously that is not quite as serious as using the same tricks to impoverish a third world developing nation, but the principle is the same.<br /><br />As far as double taxation goes, you should lobby the French government to not do that, after all you are bringing capital into their economyDamoclesnoreply@blogger.comtag:blogger.com,1999:blog-3258990332470277140.post-46216290983436104382013-05-03T23:35:26.578+01:002013-05-03T23:35:26.578+01:00As I believed, you do not know what a Sham Trust i...As I believed, you do not know what a Sham Trust is - you should find out before going public with such nonsense. Interesting that you did not publish my comments of yesterday - perhaps you didn't want the truth to appear ... oh well, you probably won't publish this one eitherAnonymoushttps://www.blogger.com/profile/00971792189954271154noreply@blogger.comtag:blogger.com,1999:blog-3258990332470277140.post-17341008456051047522013-05-03T23:14:02.291+01:002013-05-03T23:14:02.291+01:00A Parisian Journalist wrote:
"...j'ai l...A Parisian Journalist wrote: <br /><br />"...j'ai lu l'article que vous m'avez envoyé et je suis allé voir sur le site de Montfort. Effectivement, le dossier Jersey semble provoquer des remous sur l'île… Une autre preuve, s'il en fallait, de l'omerta terrible et du climat si particlulier qui règne à Jersey. Heureusement, je vois que Montfort reste ferme et qu'il se défend bien."<br /><br />Translation? The fuss proves the point that they are over sensitive about the issue of Finance. <br />Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-3258990332470277140.post-35683819665629370372013-05-03T22:41:34.877+01:002013-05-03T22:41:34.877+01:00Tadier wins with a TKO of Ozouf, he just kept repe...Tadier wins with a TKO of Ozouf, he just kept repeating the same guff, no substance at all to what he said. All credit to the guy though he does sound very much like a professional politician.<br /><br />Personally I prefer politicians with better morals and honesty, such as yourself Monty. Bravo!!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-3258990332470277140.post-45079278403915335332013-05-03T21:10:06.390+01:002013-05-03T21:10:06.390+01:00Does that not rather depend upon whether the settl...Does that not rather depend upon whether the settlor is a beneficiary?<br /><br />An income beneficiary of a life interest settlement is caught under the scope of EUSD anywayAnonymousnoreply@blogger.com