Download International Financial Services Centre

FINANCIAL SERVICES
INTERNATIONAL FINANCIAL SERVICES CENTRE
KEY HIGHLIGHTS
•
•
•
•
•
•
DESCRIPTION OF PROJECT
The Government of Jamaica has identified the global international financial sector, which is valued at
US$5 to $7 trillion, as a key area that has the potential to boost the local economy. Based on a comprehensive KPMG study of the global financial services sector, which was commissioned by the Government,
the country has developed a clear strategy to enter the market with a unique business model predicated
on its politically independent structure of government and stable financial system.
The objective of an International Financial Services Centre (IFSC) is to leverage Jamaica’s strengths by entering the market as a mid-value competitor with a carefully planned strategy of developing into a Centre
of Excellence. As a mid-value competitor, Jamaica will develop a niche market and solidify its reputation.
This will position the country to subsequently become a global provider of a highly specialized niche
service. The focus of Jamaica’s IFSC project is on the provision of value-added services, such as funds and
trust administration.
22
Jamaica’s attractiveness as an IFSC will be enhanced by the following critical success
factors:
Jamaica is signatory to one multilateral and 12 bilateral double taxation treaties, as well
as 8 Tax Information Exchange Agreements (TIEA);
Jamaica has a strong financial regulatory system and membership on regional and international regulatory bodies, including the Caribbean Financial Action Task Force (CFATF);
The country boasts a large cadre of highly trained English-speaking professionals;
The island has a highly developed telecommunications infrastructure;
Jamaica has a mature tourism product with excellent air links and the capacity to host
large meetings in convention hotels, with more than 20,000 rooms.