Jersey and South Africa: A Strategic Partnership

In a period of heightened geopolitical volatility, economic realignment and technological disruption, capital seeks certainty, transparency and trusted governance. This report explores how the long-standing relationship between Jersey and South Africa provides a ballast for the future that is both consistent and adaptable. Their complementary partnership mobilises global capital, strengthens African financial ecosystems and supports sustainable economic growth.

Jersey has established itself as a stable, internationally respected financial centre with more than 30 years of experience serving South African clients. With deep expertise in private wealth structuring, investment funds, governance and sustainable finance, Jersey offers a neutral, tax-efficient and highly regulated platform through which South African families, institutions and fund managers can access international markets, diversify assets and access capital from Europe and worldwide. Its central time zone, specialist professional base and agile regulatory framework make it particularly well suited to complex cross-border structuring.

South Africa, in turn, remains Africa’s most sophisticated, deep and liquid capital market, with a robust legal framework, globally integrated banking system and highly developed institutional investor base. It acts as both an originator and gateway for capital across the continent. Moreover, due to its non-aligned diplomatic stance and predictable business environment, South Africa is also increasingly becoming a recognised jurisdiction for global wealth itself.

Together, Jersey and South Africa create a powerful conduit for two-way capital flows – combining specialist market insight with international credibility. Their shared business culture and lifestyle and complementary agile financial frameworks, have also seen more flows of people between the two jurisdictions.

Dr Rufaro Nyakatawa, Market Development Consultant – Africa, Jersey Finance

Every generation views their epoch as characterised by radical change, but the world has rarely been as uncertain and volatile as now. The pace of political, economic and technological change has seen the world order fundamentally reconfigured. At the same time, there are great opportunities for those who can balance agility with a strong foundation. Jersey has long been a jurisdiction offering certainty, transparency and stability able to withstand the test of time, while being nimble in adapting to rapid global developments. This is especially important for investors, families and entrepreneurs in an economy such as South Africa’s, which is open to the global market. This is reflected in figure 1, from the 2025 South African Private Equity and Venture Capital Association (SAVCA) survey of investment funds that geopolitical concerns remain top of mind for South African and global investors.

Fig. 1: Geopolitics remains a large concern for South African investment funds

Jersey has more than 30 years of specialist expertise in supporting South African clients with world-class solutions, access to international capital and asset allocation diversification. It has more than 14,000 industry professionals offering a full-suite of financial services but is particularly excellent at structuring and managing investment funds and nurturing private wealth, while complying with global regulatory and taxation frameworks.

• Its central time zone
• Quality and value relative to other IFCs
• Its agility and adaptability enables efficient transacting and implementation of even the most bespoke and complex structures
• The high standard of its transparency and governance offers clients peace of mind

Protecting and growing the capital of families, entrepreneurs and investors

Jersey a combination of service offerings for mobilising, protecting and growing capital and has some of the world’s largest structures under management of its state-of-the–art solutions.

In this report we will explore how Jersey has expanded its footprint in South Africa and continues to provide value for clients there, while working alongside the expertise of South African professionals. Supported by data-driven analysis, companies on the ground share their experiences and reflections on how they have provided solutions in funds, corporate services and private wealth.

They show how Jersey structures are used to support South African investment and capital flows, while providing a gateway into Africa’s untapped economic potential. The partnership scales technical expertise through capacity-building. Cross-border collaboration between Jersey and African markets continues to flourish and enable broader economic impact with flows in both directions, including skills development, job creation, women’s empowerment and sustainable investment outcomes. Built to endure for future generations, the scale of the opportunity can unlock new frontiers as the global economy reconfigures for a new age.

Jersey and South Africa share a long-standing and increasingly strategic relationship, grounded in deep financial expertise and internationally respected regulatory frameworks. This is expected to strengthen in the coming years as the synergies outlined in this report continue to support the scaling of the assets under management in both jurisdictions.

Why South Africa?

South Africa has the deepest and most liquid capital markets and robust business environments in Africa, which also continues to consolidate its position as the continent’s leading economic hub and gateway. Its banking system, capital markets, legal profession and institutional investor base are well developed and globally integrated, underpinned by a robust regulatory environment. It also has a dedicated industry champion for investment funds in the SAVCA and an active chapter of the Society of Trust and Estate Practitioners (STEP), both ensuring international competitiveness. This depth enables South Africa not only to attract capital but to originate, manage and deploy investment across the African continent.

Jersey firms have set up in South Africa to enhance this capability drawing on South Africa expertise; while providing a stable, neutral and internationally recognised platform through which South African institutions, fund managers and families can structure cross-border activity. South-African powered Jersey structures are widely used to support outbound investment, international fundraising, private wealth planning and long-term African investment.

Stronger together

Jersey expertise supports South African-led investment into Africa through professional collaboration, strengthening financial ecosystems on both sides. The jurisdiction’s regulatory credibility underpins investor confidence. Innovation is also shaping this relationship. Infrastructure fund structuring remains central to African investment, while digital assets and tokenisation are beginning to complement traditional models. These developments have the potential to enhance access to capital, improve transparency and broaden participation in African infrastructure and real-asset investment. Together, Jersey and South Africa also provide a powerful conduit for capital into Africa, combining local insight with international credibility. The partnership is also supported by the ease of which South Africans and Islanders can move between the two jurisdictions with specialist migration support, a similar business culture and lifestyle. This has facilitated the proliferation of financial expertise in this report.

For decades, families from South Africa and across Sub-saharan Africa have used Jersey structures to meet their international wealth planning objectives. Increasingly, wealth is being considered holistically, incorporating sustainability, impact and long-term legacy alongside financial return. They can rest assured that they are receiving state of the art, full-spectrum solutions in private banking, fiduciary services and legal advice. South Africa’s ultra-high-net-worth (UHNW) individuals, families and institutions increasingly require structures that match the complexity of their global lives and assets and safeguard their wealth for the transfer to the next-generation. Jersey is a leading jurisdiction for trusts and foundations offering several benefits for these highly mobile and sophisticated groups.

Full-suite private banking solutions

Below two private bank fiduciaries, from Barclays and Standard Bank, show how their dedicated management of HNW clients’ assets protect, grow and transfer wealth across generations.

Greg Barclay, Head of Fiduciaries, Barclays UK and Crown Dependencies, explains: “Barclays’ propositions are structured to ensure consistency, irrespective of where clients access these solutions. This approach is particularly advantageous for private banking clients who require solutions both for their personal needs and for corporate or trust structures established to safeguard their wealth and legacy for future generations.”

He continues: “To support Jersey’s financial services sector, Barclays has established a dedicated fiduciaries team focussed on meeting the financial requirements of Trust and Corporate Service Providers (TCSPs) incorporated in Jersey. This offering delivers world-class solutions, underpinned by robust relationships and strategic partnerships with TCSPs, thereby reinforcing the strong reputation of Jersey Inc. The fiduciaries team works closely with our private banking colleagues in both the UK and internationally, enabling us to showcase the comprehensive capabilities of the Barclays Group. This collaboration ensures that our private banking clients benefit from exceptional solutions and services, whether their needs are onshore or offshore.”

The following case study demonstrates how Barclays has practically assisted clients in this regard:

Standard Bank was established in South Africa more than 150 years ago and today is the leading bank in Africa. Michael Giraud, Head of Fiduciaries at Standard Bank, offers the following case study, showcasing how the private bank’s diversified service offering can pivot and adapt to support professionals and their families moving between Jersey and South Africa.

Supporting South African families returning home from abroad

Jersey trust and corporate services providers are highly experienced in supporting South African families

Trusts, foundations and corporate structures established in Jersey also continue to play a central role in supporting South African and African families. These structures deliver strong governance, neutrality, privacy, administrative efficiency and longevity, they also enable objectives across the full sustainability spectrum – from philanthropy to impact investment.

Supporting families in their financial and charitable goals in Kenya

This view is supported by Paul Douglas, Accuro’s Co-founder and Managing Director: “For many years families from Sub-saharan and Eastern Africa have been setting up structures in Jersey to meet their financial objectives. Astute families are considering their wealth more holistically and now incorporate sustainability objectives in their planning. These objectives are often driven by a multitude of reasons which can include:

• Moral or reputation duties to support their communities
• To fill a vacuum that may be left where geopolitical winds have moved resources away from supporting sustainable ventures
• Where some see strong investment opportunities and are able to do good but also do well financially

Trusts, foundations and company structures deliver against these objectives as they provide strong governance, privacy, reporting, administrative efficiency, neutrality and longevity. This can apply to the full spectrum of sustainability ranging from pure philanthropy, through to impact investments for financial return.”

The following case study demonstrates how Accuro implements this:

In this same context, Suntera has helped its clients meet a wide range of long-term objectives, such as asset protection from uncertainty, portfolio diversification, succession planning, cross-border wealth structuring and strengthening governance for family-owned or founder-led businesses.

Suntera has expertise across all of Sub-saharan Africa and has more than 500 specialists across its international network of 10 jurisdictions to ensure that complex international structures and cross-border transactions are managed with precision and in line with the highest international standards. The case study that follows demonstrates how this is practically implemented.

Legal advisory: private client structuring

Jersey continues to be a jurisdiction of choice for complex African and South African family structures and besides from trust and fiduciary expertise, the Island also has some of the leading global specialists for Southern and Eastern Africa. Recent mandates include:

• Multi-jurisdictional family governance frameworks
• Private trust companies and foundations supporting intergenerational succession
• Philanthropic vehicles aligned with long-term social impact objectives

These structures enable families to professionalise governance, separate business and personal assets and engage credibly with international partners. Jersey is well-positioned for the growing opportunities arising from Africa’s increasingly affluent population.

As the African continent develops economically, these opportunities for Jersey will further accelerate. The latest Henley & Partners wealth survey shows that South Africa remains a key hotspot for growth in millionaires. According to their research, South Africa now accounts for 34% of Africa’s millionaires – roughly equal to the next five wealthiest countries combined and with 41,100 millionaires, it leads Africa’s “Big 5” wealth markets of Egypt (14,800 resident millionaires), Morocco (7,500), Nigeria (7,200) and Kenya (6,800), which together represent 63% of the continent’s millionaires and 88% of its billionaires.

Fig. 2: Africa’s wealthiest cities (USD)

Helping UHNWIs achieve their financial and philanthropic goals

Bedell Cristin’s Partner, Sevyn Kalsi, has specialist expertise in helping clients in South Africa and the wider continent. In Southern Africa, Sevyn advises a single family office for a UHNW family from Botswana to review the family’s wealth structures, migrate their structures to Jersey and to provide ongoing advice to the family office legal team on matters including a new family governance strategy. A case study is shown below.

Jersey offers a full-suite of expertise and a wide range of structures to support the needs of South Africa’s highly sophisticated fund managers and supports the diversification of their investor base and helps them attract global investors. Jersey is uniquely positioned to facilitate cross-border investment: with its central time zone, world-class regulatory frameworks and seamless access to EU and UK markets. Moreover, its tax-neutral environment and extensive experience in alternatives such as private equity, private credit, venture capital and infrastructure funds make it a formidable offshore jurisdiction, with total funds business standing at US$739.6 billion (as of June 2025).

Besides a range of fund services from asset management to investment funds managed from South Africa, Jersey is also a preferred domicile for Africa‑focussed fund structures led by South African sponsors, managers or investors. Jersey acts as a bridge for European capital-raising and inward African investment, with South Africa ranking fifth as the country of origin for the total number of Jersey-domiciled funds. Jersey vehicles are also widely used for infrastructure funds targeting energy transition, transport, digital infrastructure and social assets across South Africa and the continent – supporting long‑term capital deployment into priority sectors.

The case study shows how this works.

Legal and structuring expertise

Nienke Malan, Partner at Carey Olsen, explains why Jersey is such a compelling proposition for South African funds and how the firm’s deep familiarity with South African tax and regulatory issues supports these transactions. It also demonstrates how linkages between Jersey and South Africa not only support regulatory harmonisation, but also lifestyle harmonisation with a similar cultural outlook.

Making the Jersey Private Fund regime work for South African funds

Malan says the firm also advises on more regulated fund products for managers seeking broader capital-raising capability. Since its introduction in 2017, the fast-track JPF regime has proved popular, particularly as a JPF is authorised within 24 hours of application. The JPF regime is ideal for a manager seeking a cost-efficient, light touch regulatory regime for a restricted circle of professional investors. The most common category of professional investor is an investor who makes a minimum commitment of £250,000 (or currency equivalent). There is no requirement for any functionary of the fund (e.g. investment manager/adviser) to be regulated in Jersey. Single investment, single investor and joint ventures are helpfully not considered “funds” for Jersey regulatory purposes and therefore there is no Jersey regulatory overlay.

Malan goes on to explain that there are several additional fund vehicle options available in Jersey – including limited partnerships, separate limited partnerships, companies (including protected cell companies), trusts and LLCs. For close-ended funds, Carey Olsen most often sees its clients establishing a simple Jersey general partner company / limited partnership structure or a Jersey unit trust with trustees and/or a manager.

“Carey Olsen’s Africa practice has deep roots across the continent and our long-established relationships mean we understand the unique challenges – currency volatility, exchange control, investor expectations and regulatory requirements – and provide guidance grounded in local realities as well as international best practice,” she says.

Helping South African venture and private equity funds raise capital

Meanwhile, Ogier is involved in a number of mandates relating to Africa infrastructure projects. These include an oil and gas direct lending fund to provide senior and junior debt to finance both oil and gas projects and energy transition projects. The fund will be structured as a Jersey limited partnership and its general partner will be a Jersey limited company. The fund will be a JPF and will be managed by a further Jersey limited company. Ogier is also advising an African multilateral financial institution on the establishment of a Jersey fund to raise equity capital to be deployed across debt, equity and mezzanine instruments in infrastructure projects in Africa.

It has advised on a notable number of South African transactions, including:

• Acting as the offshore council for South African firm Ethos private equity on Ethos Fund V raising US$800 million in commitments to invest in South Africa and Sub-saharan Africa
• Acting for South African venture capital firm, Knife Capital, on the formation and launch of Knife Capital Fund III which raised US$100 million focussed on tech
• Umbrella funds for leading banks First Rand Group/ Ashburton and umbrella funds for Standard Bank, STANLIB Fund Managers and Melville Douglas

While the case studies above show the strides made by Jersey firms in advising South Africa’s leading private equity and venture funds, there are still many opportunities for Jersey firms seeking opportunities in the funds space in South Africa. While relatively large compared to the rest of the continent, there is still much room for growth, which the local industry feels excited about. The following graph from the SAVCA PE survey shows that South Africa’s fund managers feel optimistic about asset growth into 2026 and 2027 and expect a lot of growth in private equity in particular.

Fig. 3: What is the expected growth of PE firms over the next three years?

Digital assets, funds and Corporate services: Administration and financing at scale

Once funds have been structured, they are in the safe hands of Jersey’s many specialist fund and corporate services providers, with decades of experience ensuring everything ticks along smoothly. Collaboration between Jersey and South Africa reflects the growing sophistication of cross-border fund servicing and the investment in technical capacity building in South Africa to facilitate outsourcing of services for Jersey firms to support the growth in opportunities between the two jurisdictions.

With experience across private capital, traditional funds and digital assets, this partnership supports the convergence of traditional and digital investing, including tokenisation and institutional digital assets. Investment in people, technology and governance underpins service delivery at scale as the following examples from JTC and Altum show.

Fig. 4: Institutional investors intended allocations to tokenised assets

Unlocking innovation in digital assets by investing in people

Empowering people through technical funds capacity-building 

Altum’s growth in South Africa demonstrates how Jersey-linked firms invest in people, technology and governance, creating long-term economic value and high-quality employment. A leading provider of closed-ends funds expertise, Altum has distinguished itself globally. In addition, Managing Director, Sandri Pieters, explains how she built the South African operation from the ground up in the following case study.

Bringing solar energy to Africa with specialist structuring solutions

Other corporate and fund services providers exemplify the practical implementation of the Jersey/Africa jurisdictional partnership even further – not only do they offer best in class solutions, but also demonstrate how Jersey contributes to Africa’s development as in the following example from Hawksford.

Hawksford is an international provider of corporate, private client and fund services. Headquartered in Jersey, the group supports clients globally with administration, governance and compliance solutions.

Driving high-impact capital to support Africa’s economic growth

And finally, this case study from Investec shows how specialist banking services are the engine facilitating capital for transactions that drive Africa’s economic growth by cooperation of expertise across the Channel Islands and South Africa.

The scenario set out by Investec and Hawksford is complemented by Jersey’s access to European capital as most South African funds raise their ex-South African funds from Europe, as shown in the following chart from the most recent SAVCA Private Equity Survey.

Fig. 5: Breakdown of non-South African sources of funds raised by geography

Jersey’s expertise in anti-money laundering and combating financing of terrorism (AML/CFT), enforcement and asset recovery extends beyond private sector advisory. Through financial crime training for regulators, prosecutors and law-enforcement agencies across Africa, Jersey firms contribute to strengthening institutional capacity and promoting rule of law standards. These initiatives reinforce Jersey’s reputation as a responsible and globally trusted IFC that ranks high in the MONEYVAL scores year after year and strengthens institutional governance capacity across the continent, which will further scale and leverage partnerships and capital flows. South Africa’s speedy resolution of its reputation in coming off the Financial Action Task Force (FATF) “grey list” will further ensure these standards are maintained

Governance and capacity building 

Professional services collaboration

South African professional services firms working alongside Jersey counterparts play a critical role in structuring well-governed solutions. From audit and advisory services to talent development and skills transfer, these collaborations contribute to a more resilient and competitive financial ecosystem. South Africa’s world-class chartered accountants are valued not only on the island but also in the City of London and globally. Here Baker Tilly Greenwoods shows how professional depth supports this collaboration.

Exceptional services for family and entrepreneurs 

ESG and impact considerations are increasingly integral to capital allocation decisions, especially for NextGen investors. Drivers include:

• Moral and reputational responsibilities to communities
• The need to address funding gaps where geopolitical priorities shift
• The opportunity to combine impact with long-term financial return

Jersey and South Africa are aligned in embedding sustainability into investment structures rather than treating it as a constraint. Jersey is a leading jurisdiction for sustainable finance both in funds and private wealth.

Recent engagement by the JFSC, including consultation on sustainable finance and forthcoming guidance on sustainability-related and business integrity risks, reinforces Jersey as a jurisdiction actively supporting responsible capital.

Fig. 6: Sustainability becoming more of a driver for UHNW ESG investors

Standard Bank’s African Women Impact Fund

Providing broad-based impact and financial inclusion in Africa

4G Capital’s wider impact

The impact 4G Capital is having on women-led businesses is also remarkable. With 73% of their client base made up of women, 4G Capital has successfully integrated sustainability into its model, ensuring that clients receive support through insurance and responsible lending practices that are designed for long-term success. From creating career pathways for young mothers to enabling business growth in underserved regions, 4G Capital is redefining how fintech can support women.

Its impact and model has resulted in a B-Corp rating far above the assessment median as shown alongside.

Fig. 7: 4G Capital’s B-Corp score

Jersey and South Africa together form a compelling partnership: South Africa provides financial depth, regional expertise and market access, while Jersey delivers stability, governance and international credibility. As Africa’s capital raising needs continue to grow – particularly in infrastructure, sustainability and innovation – this relationship will play an increasingly important role in enabling responsible, long-term investment across the continent and facilitating new flows into emerging markets and the Middle East as the global political center shifts east.