Fiona Le Poidevin, Chief Executive of Guernsey Finance - the
promotional agency for the Island's finance industry, led a
delegation to South Africa last week, which included exhibiting at
the event in Johannesburg.
Miss Le Poidevin said it was encouraging to find that many
wealth management practitioners view Guernsey as a prestigious
jurisdiction due to its heritage in financial services.
"There was a real sense in South Africa that Guernsey is
the 'place to go' for wealth management services and an
acknowledgement that our heritage in financial services has created
infrastructure and expertise which just cannot be found in other
"For example, Mauritius, which has an extensive network of
Double Taxation Arrangements, is frequently used for special
purpose vehicles, holding companies and general administration.
However, it is widely recognised that Guernsey's history has
helped it build much greater substance to the extent that Guernsey
trusts and corporate structures have a certain esteem about them in
South Africa and we are able to offer a different
proposition," she said.
During her time in Johannesburg last week Miss Le Poidevin had a
series of meetings with wealth management practitioners and
professional services firms in the city and attended the STEP
conference at the Sandton Convention Centre. Local finance industry
members joining her at the conference were Paul Ockleford from Willow
Trust, Rex Cowley from Overseas Pensions and Paul Woodland from
Trust. Konrad Friedlaender from Carey Olsen
also attended the event.
Miss Le Poidevin added: "Across all four key pillars of
Guernsey's finance industry - banking, investment funds, wealth
management and captive insurance - there are long and strong links
with South Africa. However, there are currently some particular
opportunities which are opening up.
"Principally these are in the more traditional areas of
using trust and company structures for asset protection and wealth
planning but, we have also introduced foundations, which can also
be used for philanthropic purposes. Guernsey has also been
innovative in introducing a world-first image rights law and
register and the first aircraft registry in the Channel Islands.
There are also opportunities in the overseas pensions space,
particularly through providing corporate international
"South Africa also acts a gateway to the wider continent of
Africa where there are a growing number of natural resources
companies seeking to raise fresh investment from global capital
markets. Guernsey specialises in providing a hub for these firms to
list on international stock exchanges, including the Channel
Islands Securities Exchange, the Main Market, AIM and Specialist
Fund Market of the London Stock Exchange and the Johannesburg Stock
"Guernsey Finance will be supporting industry to ensure
that all the opportunities opening up in South Africa and the wider
African economies are maximised for the benefit of the local
The New Generation fund administration platform – this is perhaps how we should now refer to Mauritius. As at February 28, 2007 more than US$36 billion were invested by Mauritius domiciled investment funds, including in Indian equities.
India and Mauritius signed a protocol for the amendment of the convention for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes of income and capital gains convention...
Global Business Banking in Mauritius offers various potential for investment here and for institutional investors to use Mauritius as a platform for their investments globally.
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