01 December 2016

Hawksford leads way in use of Jersey-African Double Tax Agreement

The government of Jersey signed a Double Tax Agreement with the Republic of Rwanda on 5 November 2015, which was the first agreement like this for Africa. Now many months on, the Agreement is playing a key role in supporting inward investment into the country.

Hawksford has been leading the way in the application of this legal/regulatory change in the offshore centre and we have become administrator to a Rwandan-Jersey corporate structure that holds a substantial travel operations business in other African countries.

Jersey and Africa have enjoyed close business ties. Approximately nine percent of assets looked after by trusts in Jersey have come from African sources and a number of African banks have a presence in Jersey including: Standard Bank, FirstRand, Nedbank and Investec.

Jersey's excellent relations with the U.K., and the City of London in particular, has put Hawksford in a leading position to offer a variety of structuring solutions to UK-Africa investments.

Hawksford is increasingly seeing ultra high net-worth Africans and a growing number of middle class individuals buying African art for themselves, following an established trend. Many African expats are now establishing themselves in London and bringing with them extensive art collections to be housed and exhibited in a more stable location.

As a whole, Jersey businesses have significant experience of advising clients on transactions in a number of African countries, including corporate work in the natural resource, mining and energy sectors as well as funds, banking and finance, projects and infrastructure and private wealth.

Hawksford also is currently supporting seasoned entrepreneurs' from South Africa and Kenya expand their businesses into Asia via Singapore.

Find out more about how Hawksford supports clients and advisers in Africa >