GENERAL

Status: Self-governing Crown Dependency
Location: Situated in the Bay of St Malo, closer to France than England.
Area: 63km2
Capital: St Peter Port
Population: 60,000
Business language: English
Currency: Pounds sterling
Time zone: GMT and BST
Business hours: Mon-Fri 9am to 5.30pm
Climate: Mild winters, warm summers.
Average temperatures of 6ºc in winter and 16ºc in summer.

IMPORTANT CONTACTS

Guernsey International Business Association
Polygon Insurance Co Ltd
PO Box 225, Polygon Hall
Le Marchant Street
St Peter Port
Guernsey
GY1 4HY
Tel: + 44 1481 716000
Fax: + 44 1481 716565

Chamber of Commerce
Suite 3
16 Glategny Esplanade
St Peter Port
Guernsey
Tel: + 44 1481 727483

Channel Islands Stock Exchange
1 Lefebvre Street
St Peter Port
Guernsey
GY1 4PJ
Tel: + 44 1481 713831

Regulator:
Guernsey Financial Services Commission
Valley House
Hirzel Street
St Peter Port
Guernsey
Tel: + 44 1481 712706/712801
Fax: + 44 1481 712010
email: info@gfsc.guernsey.net

EXPAT EMPLOYMENT DETAILS

Visas not required for EU nationals, but a housing license or right to work document is needed before commencing work.

COMMUNICATIONS

Highly advanced telecommunications with cable, digital, fibre optic and microwave links to the UK and France. Frequent flights link Guernsey with London and other parts of Britain and Europe.

POLITICAL AND ECONOMIC STABILITY

Internally self-governing with fiscal indepen-dence and its own legislature and laws. Guernsey is not a Member State nor an associate member of the EU; the relationship of Guernsey with the EU is a special relationship set out in Protocol 3 to the Treaty of Accession of the UK to the EU. The regulatory body for financial business is the Guernsey Financial Services Commission and it has statutory powers to enforce compliance with the laws relating to the conduct of business.

KEY ACTIVITIES

The major activities are corporate and private banking, captive and life insurance, collective investment fund administration, investment management, and trust and company formation and administration. In particular, Guernsey is Europe's largest, and the world's third largest, captive insurance centre.

ADVANTAGES OF GUERNSEY

  • No exchange controls.
  • Constitutional and fiscal independence.
  • Low costs.
  • Breadth of experience.
  • Comprehensive infrastructure of professional services.
  • Good government/business relationship.
  • Strong regulatory controls for the establishment and monitoring of financial activities.

The content of this factfile is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances

This factfile also appears in the 'International Offshore and Financial Centres Handbook 1999/2000'. For further information about this highly informative guide to offshore centres, or to order your copy, please phone +44 (0) 207 820 7733 or send an email to iofch@mondaq.com