Since the early 1960s, high net worth individuals (HNWIs) from the UK and around the world have chosen to place their money and confidence in Guernsey’s banks.
In the subsequent 50+ years, Guernsey’s banking industry has responded to new cultural and digital trends to ensure the services they provide are those demanded by HNWIs and their family members.
- Deposits - Guernsey banks offer a variety of savings options with competitive interest rates
- Lending - a growing feature of wealth management by private banks is bespoke and tax efficient lending
- Foreign exchange - specialised foreign exchange services are provided by a number of highly experienced and innovative teams
- Wealth management – private banks provide investment management (link to investment management), retirement and estate planning (link to private client services) in-house or via wholly-owned subsidiaries
Individuals who are not resident in Guernsey are not taxed by the jurisdiction as the island is tax neutral. This means that whilst non-residents can hold cash deposits without incurring any liability to Guernsey income tax, the reporting obligations rest with the individual at their place of tax residency. Guernsey has legislation to meet the obligations of FATCA and is an early adopter of CRS.
Depositor compensation scheme
The Guernsey Banking Deposit Compensation Scheme was introduced in 2008. In the event of the failure of a Guernsey bank, the scheme guarantees of up to £50,000 per qualifying deposit, wherever the depositor may live.
For more information visit http://www.dcs.gg/.