The economies of Jersey and Guernsey are based on finance, tourism, agriculture and horticulture. The finance industry is now the most important, superseding tourism in Jersey and horticulture in Guernsey. The finance sector has achieved considerable growth over the last thirty years. The principal advantages of the Islands for the finance sector are:
- Political and economic stability.
- Quality professional services.
- Low rates of income tax.
- Nominal taxation for offshore companies and investment funds.
- No capital gains tax, gift tax, death duties or inheritance tax.
- No value added tax.
- No wealth tax.
- Proximity to the EU.
- Absence of exchange controls.
- Minimal disclosure for companies and trusts.
- Convenient time zone.
- Excellent communications worldwide.
- Effective but not overbearing governmental controls.
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 Jonathan G. Hooley on Tel (indirect line): + 44 (0) 1481 721000, Tel (direct line): +44 (0) 1481 719544, Fax: +44 (0) 1481 722373.