About the country
Guernsey is the second largest of the Channel Islands and is dependent on the British Crown. The capital and financial centre is St. Peter Port. Guernsey is associated with the European Union by the treaty of accession entered into by the United Kingdom.
About the economy in Guernsey
Guernsey although a small island, is one of the world's leading offshore financial centers. It's economy is supported by various institutions such as the Chamber of Commerce, the Board of Industry and the Guernsey Financial Services Commission which is the Island's main regulatory body. The autonomous government, political stability and entrepreneurial spirit of Guernsey have helped the island boom rapidly. Guernsey deals on the new Channel Islands' Stock Exchange, obviously benefits International banks and financial bodies which are reside here. The main local businesses are mainly law firms, accountancy and recruitment agencies, as well as property and retail estate agents, which makes the general population producing well above the average GDP for such a small island.
Business related to financial services, banking, fund and wealth management and insurance brokerage account for approximately 61% of the total income on the island. Low taxation and the reliability of local service providers are explain why Guernsey is one of the most desirable tax heaven destinations around the world.
Guernsey is a leader in offshore fund and wealth management activities. The financial services industry is regulated by the Guernsey Financial Services Commission. In addition to the regulation of banking, insurance and fund management companies, there is a licensing system for businesses providing company formation, account and business management services, as well as, trustee services.
In the near future Guernsey will become an even more attractive destination for businesses since it is aiming at changing the tax regulation and planning to introduce a zero tax rate for all companies, both offshore and onshore.
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