For more than 50 years, Guernsey has been one of the world’s best-regarded and most successful international finance centres.
In this special focus, we look at how Guernsey has survived and thrived during a year of unprecedented global disruption. Rupert Pleasant, CEO of Guernsey Finance, comments on how the jurisdiction's key strengths can pave the way to a brighter future, while we talk to William Mason from the Guernsey Financial Services Commission, who discusses how the jurisdiction has never wavered in the face of the COVID-19 pandemic and constant regulatory demands.
We also hear from Dr Andy Sloan, Deputy CEO, Strategy at Guernsey Finance, on the jurisdiction's commitment to international standards in tax and sustainable finance.
In addition, our detailed sector focus concentrates on Guernsey's key industries. Considering Guernsey’s highly regarded regulatory regime and long history in cell company and captive insurance innovation, Carey Olsen's Christopher Anderson looks at how the jurisdiction has become popular for longevity swaps. Also, Darren Bacon from Mourant discusses the current trends in the funds sector and what lies ahead in 2021, while Raymond Ashton from Ashton Barnes Tee gives his views on the future of Guernsey's finance sector as a whole.
Guernsey Finance Chief Executive Rupert Pleasant takes a look back at 2020 and how Guernsey’s key strengths can pave the way to a brighter future.
We leave 2020, a year which will certainly go down in history for all the wrong reasons, with the world perhaps a more uncertain and complex place than ever before.
But taking a global view from Guernsey, I am encouraged that I can reflect on our core strengths of stability, security, and substance being ideally suited for these times.
Our research over the last couple of years has highlighted that these are the strengths that investors and clients consider to be important, and Guernsey scores exceptionally highly on these issues. Despite the COVID headwinds, we have seen the “flight to quality” continue in 2020. So, despite COVID restrictions, we market ourselves, promote ourselves, and continue to develop product with a specific focus designed to facilitate the migration of funds, their managers, and limited partners.
Featuring technical analysis of developments in Guernsey's key industries, including funds, trusts and insurance. We also look at the jurisdiction's progress in the area of green and sustainable finance.
In recent years, economic substance has become a fundamental factor driving developments in global finance centres.
The global Base Erosion and Profit Shifting (BEPS) movement, driven by the Organisation for Economic Cooperation and Development (OECD), was motivated by a desire to stop multinational corporations, particularly global technology firms, from artificially structuring their affairs to avoid corporate tax.
A spill-over of all of this, as we are very well aware of now, was the transportation of the issue across to financial centres where, frankly, it was largely redundant. Financial centres worldwide scrambled to introduce economic substance legislation – requiring relevant economic activities to be conducted within the jurisdiction of registration – which led to some getting caught in the firing line.