Trust & company
Guernsey is a leading international fiduciary centre with more than 50 years’ experience supplying trust and corporate services to clients from around the world.
The island plays host to a wide range of fiduciary and corporate service providers, ranging from subsidiaries of major European, North American and South African financial institutions to owner-managed independent trust companies. In total, there are more than 150 licensed fiduciaries in Guernsey.
In addition, there are many licensed individuals who can act as trustees or directors. Guernsey’s branch of the Society of Trust and Estate Practitioners (STEP) has more than 700 members - one of the largest regional memberships in the world.
Some of the specialist services provided by Guernsey’s fiduciary sector include protection and exploitation of image rights and wider intellectual property (IP), aviation services (including registration, ownership, leasing and finance) and marine services (including yacht importation and ownership, crew management, and insurance).
At the forefront of transparency
In the last 10 years, Guernsey has been at the forefront of the move towards increased tax transparency and information sharing:
- Guernsey has entered into an agreement with the government of the United States of America to implement the Foreign Account Tax Compliance Act (FATCA)
- Guernsey has committed to early adoption of Common Reporting Standard (CRS), under which Guernsey service providers will automatically share information with tax authorities in 97 countries
- Guernsey has entered into 60+ Tax Information Exchange Agreements (TIEAs)
Guernsey’s service providers recognise the distinction between transparency and privacy, and will ensure that client data remains confidential at all times.
"Guernsey is in the leading group of jurisdictions who are active in the practical implementation of tax transparency and co-operation. Their adherence to the internationally accepted standards developed by the OECD means that there is clear and demonstrable criteria against which the OECD can consider them as a cooperative jurisdiction. The fact that Guernsey has been peer reviewed as part of the Global Forum illustrates that other jurisdictions also consider Guernsey transparent and cooperative against those international standards." Pascal Saint-Amans, the OECD's Head of Global Tax Policy
Highest standards of regulation
In 2015, MONEYVAL reported Guernsey as being compliant or largely compliant with 48 of 49 of the FATF recommendations on Anti-Money Laundering and Countering the Financing of Terrorism, the highest standards of any jurisdictions assessed.
Guernsey was one of the first centres in the world to establish a comprehensive system for the licensing and supervision of its trust and corporate service providers.
This was introduced by the Regulation of Fiduciaries, Administration Businesses and Company Directors, etc. (Bailiwick of Guernsey) Law, 2000 which came into effect in 2001.