Offshore bank accounts

Guernsey company formation

 

Basic facts regarding Guernsey

The Bailiwick of Guernsey (the Bailiwick) encompasses a number of the Channel Islands (Guernsey, Alderney, Sark, and Herm). A Crown Dependency of the United Kingdom, it relies on the United Kingdom (UK) for its defense and international relations. Alderney and Sark have their own separate parliaments and civil law systems. Guernsey’s parliament legislates in matters of criminal justice for all of the islands in the Bailiwick.

By constitutional convention established over some 900 years the Island has complete autonomy in all matters of internal government, including taxation. The legal system is derived in part from the customary laws of Normandy but has been strongly influenced by English law in trust, company and commercial matters and the English Supreme Court remains the Island’s ultimate court of appeal.

Offshore business in Guernsey

The Bailiwick is an offshore financial center. As of September 2009, the financial services industry consisted of 45 banks, all of which have offices, records, and a substantial presence in the Bailiwick. The banks are licensed to conduct business with residents and nonresidents alike. The approximately 18,800 companies registered in the Bailiwick do not fall within the standard definition of an international business company (IBC). Guernsey and Alderney incorporate companies, but Sark, which has no company legislation, does not. Companies in Guernsey must disclose beneficial ownership to the Guernsey Financial Services Commission. In 2008, there were approximately 714 international insurance companies and 829 collective investment funds.

International cooperation

Guernsey has executed Tax Information Exchange Agreements with Australia, Denmark, Finland, France, Germany, Greece, Greenland, Iceland, Ireland, New Zealand, Norway, San Marino, Sweden, Faroe Islands, Netherlands, United Kingdom, United States, South Africa.

Fraud Investigation Law Allows for assistance including exchange of information in cases of serious or complex fraud including tax fraud (with all countries).

Mutual Legal Assistance Law Allows for assistance including exchange of information in criminal tax matters which do not involve serious or complex fraud or money laundering with all countries.

Money laundering legislation allows Guernsey’s authorities to assist overseas authorities investigating criminal conduct or the whereabouts of proceeds of such conduct including tax fraud (with all countries).

Law implementing Savings Tax Agreements with EU member states provides only for exchange in the case of voluntarily disclosure.

[sources: United States Department of State Bureau for International Narcotics and Law Enforcement Affairs; Organisation for Economic Co-operation and Development]

 

Bank accounts

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