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Why Guernsey?
Guernsey is a well regulated British Crown Dependency comprising one of the Channel islands and is host to some 150 licensed financial services providers, ranging from large organisations to independent, boutique operations. Together they employ approximately 2,200 staff and hold between £250bn and £300bn worth of assets in trust.The Island remains a jurisdiction of choice for corporate settlors using trusts for the administration of pension schemes and employee share plans. Corporate structures are utilised to hold assets and investments of all types including residential and commercial property, intellectual property rights and yachts.Additionally, Guernsey continues to maintain its excellent reputation in the emerging niche market of the family office, where it can build on its track record of providing trust services for individuals and families.The Island is renowned for its robust yet pragmatic regulatory environment and it was one of the first jurisdictions to introduce an effective licensing and supervision system in relation to trust administration services, pension administration services and company management. It is the businesses that manage and provide fiduciary services that are regulated, rather than the trusts themselves.In 2008 Guernsey modernised legislation by enacting a new Trusts Law; including the introduction of Purpose Trusts; the removal of limits on the length of a trust’s duration - allowing perpetual trusts; and abolishing the liability of directors of corporate trustees, particularly as a way to encourage greater use of Private Trust Companies (PTCs).There is also an independent office of Public Trustee with the ability to step in to act as a trustee where, amongst other cases, it is necessary or desirable to act for the purposes of preserving the trust assets or otherwise in the interests of the beneficiaries.Perhaps most importantly, Guernsey is on the G20 ‘white list’ as having substantially implemented the internationally agreed tax standard.It is these developments which were central to Guernsey being named 'International Finance Centre of the Year' at the STEP Private Client Awards 2008/9.