Guernsey is an autonomous, English speaking jurisdiction in the English Channel with a population of 60,000. It is situated thirty miles west of the Cherbourg peninsula and eighty miles from the south coast of England.
The Island has a long history of economical and political stability, with its own legislature and democratic government. It has preserved its fiscal autonomy for over 900 years.
Whilst being a dependency of the British Crown, the Channel Islands are not part of the United Kingdom nor the European Union, although defence and foreign affairs are handled by the UK.
The Island enjoys a special relationship with the European Union, but is not a member state as defined by Protocol 3 to the 1973 Treaty of Accession of the United Kingdom to the European Community.
Guernsey has developed into one of the premier offshore financial centres, with many of the world’s major banks, accounting firms, captive insurers and fund management groups established in the Island. The finance industry is closely regulated by The Guernsey Financial Services Commission, an independent statutory body established in 1988.
There are no local exchange controls, death duties, succession or inheritance taxes nor capital gains, transfer or wealth taxes. Guernsey does not levy value-added tax on goods or services and for non-residents, interest on bank deposits is not subject to local income tax.