Google+ Followers

Monday, 3 December 2012

Breaking News: Royal Bank of Canada to set up in Singapore Jan 2013

Jersey's largest private employer and heart of the finance industry in Jersey, is to establish a 'branch' in Singapore in January, senior managers were informed last weekend.

For those of you who have been following the posts on this blog which have highlighted Singapore as the favoured jurisdiction for those few people left with anything worth stealing by the banking/government colossus of fraud and exploitation may still be surprised to learn that plans are already underway for Jersey's finance industry to move its operation to this location.

Of course the move will not happen all at once, expect things to happen gradually in small unnewsworthy, and thus unreported, tranches over the next 24 to 36 months until the office in Jersey is little more than a letterbox.

Royal Bank of Canada employs approximately 1,000 of Jersey's 18,000 private sector workforce (out of a total workforce of 42,500 when the unproductive, make work States of Jersey, and its subsidiaries, jobs are included) but all these jobs are those of the upper quartile in terms of earnings which will likely gradually drift off, closer to where all the money is, India and China to the new office in Singapore where wages are a lot lower than here.

The question also follows, where will the Royal Bank of Canada pay its taxes, Jersey or Singapore? I'm sure they have done (or will soon do) a deal with Singapore that will see a large proportion of the profit taxed in Singapore at a favourable rate.

Expect this to be reported as a 'positive development', if at all, by the JEP. In the long term this is a positive development, we are closing in on the day the States of Jersey goes bankrupt, the price of housing will fall and government expenditure will finally have to be reined in to somewhere closer to simply unrealistically high from its current level of ludicrously high.

Who knows maybe our States Members will act now to avert the looming financial crisis by actually cutting expenditure instead of talking about doing it? Yeah I though that was funny too!