• IN561 Key Aspects - Economic Substance Requirements For Guernsey

    1 Introduction

    Like other offshore jurisdictions, Guernsey will be implementing new legislation introducing economic substance requirements for companies in Guernsey. This briefing note sets out key aspects of the Guernsey Government proposed legislation,  noting that further, more comprehensive guidance notes, will follow in due course.

    The proposed legislation is relevant to all companies … more

  • IN557 Use Of A Guernsey Or Isle Of Man Family Investment Company To Hold UK Assets

    What is a Family Investment Company?

    A Family Investment Company (“FIC”) is a company in which the shareholders are family members, often from different generations. FIC’s enable families to pass UK assets out of their individual estates for inheritance tax purposes, whilst retaining control or passing control to professional directors to manage the company.  FIC’s also provide asset protection. … more

  • IN558 Guernsey And The Isle Of Man - Implementation Of Substance Requirements

    Background

    The Crown Dependencies (Guernsey, Isle of Man and Jersey) will shortly be approving new legislation, presented to the three respective Parliaments, to introduce economic substance requirements, for companies incorporated, or resident for tax purposes, in each of these jurisdictions.

    This legislation has been designed to meet the high level of commitment made by the Crown Dependencies, … more

  • IN544 - The Approach to Taxation in 'Offshore' Centres is Changing - For The Better

    The EU Code of Conduct Group (Business Taxation) (“the COCG”) have been working with the Crown Dependencies (Guernsey, Isle of Man and Jersey) to review ‘economic substance’. The EU Code Group concluded that the Isle of Man and Guernsey were compliant with most of the EU principles of good tax governance, including the general principles of “fair taxation”. However, one area that raised concern … more

  • IN543 - Guernsey - One of the World's Premier International Finance Centres

    The Island of Guernsey offers Private Clients confidence in relation to the preservation, protection and growth of their wealth.

    Guernsey is a well regulated jurisdiction situated in Europe, between the United Kingdom and France, with excellent travel links to both countries.  It is a tax neutral, politically stable jurisdiction with an excellent reputation and a network of multi-jurisdictional … more

  • IN541 - Key Features of the New Double Tax Agreements between the UK and Guernsey, and the UK and the Isle of Man

    At the start of July 2018 three new Double Tax Agreements (DTAs) were announced between the UK and the Crown Dependencies (Guernsey, Isle of Man, and Jersey). The three DTAs (from each of the islands) are identical, which was a key aim of the UK Government.   

    Each of the DTAs cover clauses relating to Base Erosion and Profit Shifting (’BEPS’) and they comply with new international tax standards, … more

  • IN378(P) - Uses of Private Trust Companies and Private Trust Foundations (Portuguese version)

    Razões para a Utilização de “Private Trust Companies” e “Private Trust Foundations”

    Considerações

    Um fideicomisso ou “trust” é instituido quando um indivíduo (o “settlor”) transfere a propriedade de certos ativos para outro indivíduo ou sociedade (o “trustee”) que controla e gere esses ativos e os usa em benefício de um indivíduo específico ou de um grupo de indivíduos (os beneficiários). … more

  • IN378(S) - Why Use Private Trust Companies and Private Trust Foundations? (Spanish version)

    ¿POR QUÉ UTILIZAR “PRIVATE TRUST COMPANIES” Y “PRIVATE TRUST FOUNDATIONS”?

    Resumen

    Un fideicomiso se establece cuando un individuo (el fideicomitente) transfiere la propiedad de ciertos activos a otro individuo o corporación (el fideicomisario) que controla y administra esos activos y los utiliza en beneficio de un individuo o grupo de individuos específicos (los beneficiarios).

    Dilemas … more

  • IN496 - What is a Guernsey Private Fund Structure and why are Family Offices Increasingly Using Them?

    Why Guernsey For Private Fund Structures?

    Guernsey is a leading domicile for funds, with more than 50 years of experience in the formation, administration and cross-border distribution of investment funds. It also offers a ‘lighter touch’ approach to Private Investment Structures (‘PS’), also known as Private Funds (‘PF’), which are ‘related party’ investment structures, particularly suitable … more

  • IN479 - Guernsey Register of Beneficial Ownership – A Unique Approach

    Background

    In February 2017, Guernsey’s Government approved the establishment of a register of beneficial ownership information.

    In implementing this initiative, Guernsey, along with a large number of other jurisdictions, is maintaining its commitment to meet international standards on tax transparency and is adopting the recommendations of the Financial Action Task Force.

    This new Register … more

  • IN466 - Dixcart Business Centres: Serviced Offices Where and Why?

    Dixcart Business Centres offer extensive serviced office capacity and are ideal for companies establishing themselves in a new location. Dixcart Business Centres are located in Guernsey, the Isle of Man, Madeira (Portugal), Malta and the UK.

    Business Centres can offer a productive work environment and a cost effective option for organisations with international interests wishing to operate from … more

  • IN465 - 2-REG Channel Islands Commercial Aircraft Registry: Case History Highlighting the Advantages of Temporary Registration

    Established in December 2013, “2-REG”, the Channel Islands Aircraft Registry, is the aircraft registry of the States of Guernsey. The nationality mark is ‘2’ followed by four letters, allowing for attractive registration marks.

    There have been 94 registrations to date of lessor owned aircraft, corporate aircraft, including a Boeing 787-8 Dreamliner, and locally owned aircraft. The registry is … more

  • IN461 - The Advantages and Relevant Procedures to Migrate a Company or Foundation to Guernsey

    Why is Guernsey an Attractive Jurisdiction for Companies?

    There are a number of reasons why an individual may wish to migrate a company or foundation from its current jurisdiction of registration to the Bailiwick of Guernsey.

    Guernsey is a well-regulated and internationally respected international jurisdiction.  It is also a politically stable jurisdiction with its own autonomous government but … more

  • IN455 - Image Rights Registration and the Future Benefits This Can Offer

    Guernsey’s innovative legislation on Image Rights (IR) became law in November 2012 and it remains the only jurisdiction in the world to date where an individual, group or legal entity can register their Image Rights on a public register. 

    Registrations have been steady since that date, with currently 64 IR registrations for individuals and entities from a broad range of human activity, including … more

  • IN449 - Guernsey and the Isle of Man: Convenient Choices to Reset the Clock for UK Non-Domiciles

    The UK non-domiciles regime remains a relatively attractive option with UK non-domiciliaries (“non-doms”) continuing to have the opportunity to enjoy significant tax advantages for a period of up to 15 years.

    Changes to UK Non-Dom Legislation

    Major reforms regarding how non-UK domiciliaries are taxed were however introduced in April 2017.

    As detailed in the Dixcart note: UK Tax Residence - … more

  • IN434 - CRS and Transparency - Clients Should Assess and Act Now

    The 2004 Disclosure of Tax Avoidance Schemes (DOTAS), introduced by the UK in 2004, was one of the first pieces of legislation, globally, to address the topic of transparency and disclosure.

    With the on-going implementation of the OECD’s Common Reporting Standards (CRS), the prescient title of UK HMRC’s 2013 publication ‘No Safe Havens’ is more relevant than ever.

    Commercial and wealth … more

  • IN422 - Family Offices and Cell Company Investment

    Guernsey pioneered the concept of Cell Companies initially to provide for segregated captive insurance. There entities are also referred to as Segregated Cell Companies and Segregated Portfolio Companies.

    Creative Uses of Cell Companies

    Since the introduction of the Protected Cell Company (PCC), the cell company concept has been further enhanced by the innovation of the Incorporated Cell … more

  • INGF1 - Guernsey Foundations

    Background

    On 25 July 2012 the States of Deliberation, Guernsey’s Parliament, approved the projet de loi The Foundations (Guernsey) Law, 2012 (the “Law”). The Law came into force on 7 January 2013.

    The Law is divided into three parts - the substantive law and two schedules. The first schedule deals with administrative matters, such as the establishment of foundations and their registration. The … more

  • JNA: Formation of Companies in Guernsey

    Updated April 2018

    WHY USE GUERNSEY?

    Guernsey is a premier international financial centre with an enviable reputation and excellent standards. The Island is also one of the leading jurisdictions providing international insurance services and has developed as a base from which internationally mobile individuals can organise their worldwide affairs.

    Factors contributing to and enhancing the … more

  • IN417 - Why the Choice of Trustee is so Important

    The job of trustee is an onerous one, which makes choosing the right trustee extremely important.

    The name of the arrangement - ‘trust’, provides a clear indication as to the most important emotion that the settlor must have with respect to the trustee.

    The Role of Trustee

    The settlor of a trust gives the legal ownership of the assets put into the trust to the trustee, who looks after those … more

  • IN393 - Moving to Guernsey: The Benefits and Tax Efficiencies

    The island of Guernsey is the second largest of the Channel Islands, which are situated in the English Channel close to the French coast of Normandy. The Bailiwick of Guernsey comprises three separate jurisdictions: Guernsey, Alderney and Sark. Guernsey is the largest and most populated island in the Bailiwick. Guernsey combines many of the reassuring elements of UK culture with the benefits of … more

  • IN409 - CROWD FUNDING - Professional Trustee Services for Commercial UK Fundraising and Borrowing Arrangements

    Alternative project finance continues to remain a popular route to commercial fundraising, particularly in the UK commercial property development industry. Businesses continue to diversify their funding arrangements by considering alternative finance structures. These structures can take a number of different forms, with the most common being equity and debt based alternative investments, with UK … more

  • IN380 - Foundations - Why? And Consideration of Various Jurisdictions: Guernsey, The Isle of Man, Malta and Nevis

    Foundations are useful tools in terms of wealth management and asset protection. The jurisdictions of Guernsey, the Isle of Man, Malta and Nevis are attractive locations in which to establish a foundation. Each of these jurisdictions offer a number of potential advantages and the most appropriate jurisdiction will depend upon each specific situation.

    Dixcart and Foundations

    Dixcart can assist … more

  • IN312 - Aircraft Registration: Guernsey, Isle of Man, Malta and Portugal

    Dixcart provides aircraft registration services in a number of jurisdictions. These jurisdictions have registries which offer a variety of advantages and tax efficiencies. 

    Dixcart can advise on aircraft registration and help coordinate the aircraft registration process in: Guernsey, the Isle of Man, Malta and Portugal. This can include establishing and administering the relevant ownership … more

  • SA2 - Guernsey: An Attractive Domicile for South African Private Wealth

    Guernsey is one of the leading tax-free jurisdictions for the administration of international private wealth. Although a Crown Dependency and represented internationally by the UK Government, it is autonomous and has its own Parliament and its own tax regime. The island uses the British pound but also issues its own banknotes.

    Guernsey’s finance industry benefits from a firm foundation of … more

  • IN366 - Why are Security Trustee Arrangements Increasingly Popular and Why Choose Dixcart?

    Alternative project finance has become increasingly popular since the financial crisis of 2008. Businesses continue to diversify their funding arrangements by considering alternative finance structures. These structures can take a number of different forms, with the most common being equity and debt based alternative investments.  

    How Can Dixcart Assist with the Organisation of these … more