Continued success – Guernsey’s fiduciary services sector has successfully grown during the past 50 years. This continuity has developed a mass of experience, infrastructure and accumulated intellectual capital, which ensures the Island remains at the forefront of the international fiduciary industry.
The highest reputation and standards – Trust and corporate services business can be transacted with confidence in Guernsey as the Island has been scrutinised and endorsed by the International Monetary Fund and the Financial Action Task Force.
A positive environment for fiduciary services
Pragmatic regulation – The Guernsey Financial Services Commission promotes a robust yet pragmatic regulatory regime and is renowned for being approachable, accessible and open to new ideas.
Innovative legislation – Modern legislation remains advanced through continuous improvement, allowing practitioners access to the most comprehensive range of products when offering client solutions. Company law permits limited partnerships, Protected Cell Companies, Incorporated Cell Companies – which are becoming increasingly popular in the wealth management sphere – and the amalgamation and migration of companies.
Strong corporate governance – Guernsey has an experienced and qualified pool of non-executive directors.
Competitive tax environment – Non-Guernsey income (and Guernsey bank interest) accruing to trusts that have no Guernsey beneficiary is not subject to Guernsey income tax and from 2008 there will be a zero rate for corporate entities. There is no withholding tax on dividends paid, no capital gains tax, no death duties or inheritance taxes or VAT.
Conveniently located – The Island’s location between Europe and the UK places it in a time zone between the US and the Far East. This makes Guernsey a convenient place to carry out business with many different countries. Travelling to the Island is also quick and easy as there are frequent air and sea links to both Europe and the UK, with a flight time from London taking less than an hour.
A ‘one day business solution’ – Guernsey has a broad-based financial services industry (including support services) and all of the Island’s businesses and key institutions are in close proximity to each other so an extensive array and high volume of business can be carried out face-to-face and in a short amount of time.
Highly developed business support infrastructure – Carrying out business in Guernsey is quick and easy because the Island has a high quality infrastructure, including a newly upgraded first class telecommunications network that is unsurpassed offshore.
Special relationship with the EU – Businesses based on the Island have the advantages of being in a jurisdiction that is within the Common Customs Area and Common External Tariff without all the implications of operating from a full member of the EU. For example, directives such as those on fiscal harmonisation, financial services and company law do not have effect in Guernsey.
Stability – Continuity within Guernsey’s democratic government offers political and economic stability and thereby a safe and secure environment on which business can rely.
Independence – Legislative and fiscal independence allows the Island to respond quickly to the needs of business.
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