The Migration of Companies Ordinance which came into effect in August is expected to make it much easier for captives to transfer from other jurisdictions into Guernsey.
John Darwood, Senior Adviser, at the Commission's Insurance Division, said: 'The introduction of similar legislation in most of the offshore countries will provide an opportunity for captives which otherwise might consider themselves locked into a particular location to review the desirability of continuing there or transferring to somewhere which is, perhaps, more convenient.
He adds: 'One of the virtues of the legislation is that it significantly reduces the costs attached to transferring from one location to another by greatly simplifying the procedures involved.'
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
For further information contact Nigel Taylor, Director of Investment Business or Tammy Menteshvili, Deputy Director of Investment Business on Tel: +44 (0) 1481 712706 or visit the Guernsey Financial Services Commission Web Site at:
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