• About Guernsey

About Guernsey

 

Overview

Guernsey is part of the Channel Islands and is located in the English Channel.  Close to both the French coastline and to the UK, Guernsey is in easy reach of the UK and Europe.  With regular flights to most UK major airports from the island, Guernsey offers a convenient option, particularly for those want to live or do business in UK time zones.   

Guernsey is a British Crown Dependency which is legally separate from the UK and outside the European Union. Guernsey has Third Country status within Europe.  This is a position that sees Guernsey voluntarily implement appropriate EU legislation or apply equivalent international standards.

 

Economy

Guernsey is a well-known international finance centre with a strong reputation. The financial services sector is the dominant industry and the largest contributor to island GDP.  The island also has a broad commercial industry which includes active retail, tourism, professional services, technology and real estate sectors.

Guernsey’s global financial services industry includes a range of banking, investment funds, insurance and private wealth services.  Guernsey Finance is the promotional body which represents financial services businesses.

 

Taxation

Guernsey offers a highly competitive tax environment.  There are no capital gains taxes, wealth taxes, VAT and a general income tax rate of 0% for investment holding companies. There is also flat standard rate of income tax for Guernsey resident individuals of 20% with tax capping for higher earners in certain circumstances. 

The Guernsey corporate tax regime underwent extensive change in 2008. The standard rate of tax for most Guernsey companies is now 0%. There are exceptions for profits derived from Guernsey land and property ownership/development (20%), profits derived from banking and certain regulated financial services business activities (10%) and the profits from regulated utility companies and large retailers (20%). 

 

Regulation

The Guernsey Financial Services Commission is responsible for the regulation of the finance sector.  Regulated entities include banks, company administrators, directors, insurers, insurance intermediaries, investment firms and intermediaries and trust administrators.  The Commission’s role is to ensure that financial services providers operate to established international standard and has the legal authority to enforce compliance with the laws relating the conduct of financial services businesses in Guernsey.  

 

Relocation

With a population of just over 60,000 people, Guernsey offers a relaxed life style, mild climate and entrepreneurial spirit. It’s an attractive jurisdiction through which both people and corporates can structure or relocate their financial affairs.  

Working in Guernsey requires a Right to Work document which is linked to the candidate's housing license status. If you are moving to Guernsey from outside of the European Union then a work permit will also need to be issued to allow you to enter the island.

 

Links

For further information, visit:

http://www.locateguernsey.com

http://www.guernseyfinance.com

http://www.visitguernsey.com/

https://www.gov.gg/article/119651/Work-Housing-and-Support

http://www.channelislands.eu/

www.gfsc.gg