£274 billion! That’s the net asset value of funds under management in Guernsey according to data released recently by Guernsey’s Financial Services Commission.
Migration is effected by application to the Guernsey Registrar of Foundations (the "Registrar") and therefore no court application is required, which enables a streamlined process for migrations.
Guernsey has signed a Double Taxation Arrangement (DTA) with Hong Kong.
Guernsey Finance’s Fiona Le Poidevin looks at the creation of the Guernsey Foundation and what it offers that makes it different to other private client solutions.
Fiona Le Poidevin, Chief Executive of Guernsey Finance – the promotional agency for the Island’s finance industry, looks at the role of international finance centres (IFCs).
Although it boasts a thriving private equity industry, Guernsey must lessen its dependence on UK-sourced business and diversify into other areas if it is to prosper, writes Yuri Bender of PWM.
The Foundations Law 2012 came into force on 8 January 2013 and the Guernsey Registry has been accepting applications for registration since 9 January 2013.
The Guernsey Court of Appeal has recently reviewed the general duty of confidentiality that trustees owe to beneficiaries.
The Governments of Jersey and Guernsey both announced in March 2013 that they intend to agree intergovernmental agreements with the UK for the automatic exchange of tax-related information.
The Guernsey Court has recently considered an application to set aside two dispositions on the grounds of mistake, rendering it necessary to give consideration to how serious a mistake should be to render it unjust for the recipient of property to be allowed to retain such property.
In a last year decision the Court of Appeal of Jersey has clarified the principles relating to the payment of costs in non-adversarial trust applications.
In the Guernsey case of IKEA Limited & IKEA Wholesale Limited v Hauxwell-Smith and others, IKEA was found to have been the victim of serious procurement irregularities.
Nerine was the first Channel Islands independent trust company to open an office in India with the launch of Nerine Advisory Services Pvt Limited in Delhi in 2011, which was followed later that year by the incorporation of Nerine Trustee Company Pvt Limited.
Guernsey’s decision not to seek equivalence with Solvency II should not be seen as a sign its regulations are in any way lower quality than other jurisdictions, according to Martin Le Pelley, the immediate past chairman of the Guernsey International Investment Association.
Companies need to be increasingly vigilant in complying with regulatory, tax and legal compliance across the full scope of their jurisdictional footprint, according to Martin Le Pelley, compliance director for Heritage Insurance Management.
In its recent judgment in "Rubin v Eurofinance S.A.; New Cap Reinsurance Corpn. v Grant", the UK Supreme Court considered the extent to which the English courts should recognise and enforce a judgment made in non-EU foreign insolvency proceedings
New figures from the Guernsey Financial Services Commission show that the net asset value of funds under management and administration in the Island grew £2.4 billion during the fourth quarter of 2012.
Wayne Atkinson and Kit Hobbs from Collas Crill examine the long-mooted opportunities for the development of alternative sources of energy in Guernsey and their potential impacts and strength of continuing innovation in the jurisdiction.