Guernsey has been ranked as the number one European specialist finance center in The Banker magazine's annual ranking of the top international finance centers (IFCs), reports Low Tax.
The Financial Times-owned monthly international affairs publication bases its ratings on data ranging from financial market indicators to economic potential and business environment factors, focusing on the level of international business and the value offered to institutions seeking to expand their international operations in that territory.
Recognizing that data for specialized financial centers is seldom consistent with that used for mainland financial centers, The Banker surveyed each specialist IFC and compiled a separate table using data relevant to the bespoke characteristics of those locations.
Commenting on the ranking, Dominic Wheatley, CEO of Guernsey Finance, the island's financial services promotion agency, said: "Guernsey sets extremely high standards across all its sectors of expertise and our ranking as Europe's number one specialized finance center is testament to that fact."
"Guernsey is the largest captive insurance domicile in Europe and is an emerging center for reinsurance business Nearly 1,000 funds are domiciled or serviced in the island - with a value of more than GBP266bn (USD351bn) - which are used for cross-border distribution into all corners of the globe, and the island is home to more non-UK entities listing on the London Stock Exchange than any other jurisdiction globally.
Guernsey's ranking as the leading specialist IFC in Europe saw it leapfrog Jersey, and it was second overall behind the Cayman Islands.