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Global drive towards transparency adds to Guernsey's appeal in US

25 April 2016

A move towards global transparency has increased Guernsey's appeal as a jurisdiction for tax and wealth planning to the US market, according to a Guernsey trust director.

Andrea Daley Taylor, pictured left, was one of three directors from Trust Corporation International to attend the 12th Annual International Estate Planning Institute in New York, jointly staged by STEP New York and the New York State Bar Association.

Trust Corporation International attended as the sole gold sponsor of the two-day event and distributed Guernsey Finance marketing literature from their prominent exhibition stand.

"People seemed to home in on the Guernsey collateral - they were interested in what Guernsey can offer as a jurisdiction. We've worked at raising awareness because Americans have historically favoured the Caribbean financial centres and are familiar with what they know,", said Mrs Daley Taylor.

"There's a definite interest in shifting away from that now. We're introducing Guernsey as a viable alternative with a strong judicial system and regulatory environment that can offer a better service."

She said that a move towards global transparency has been helpful in marketing 'Guernsey PLC' to US clients.

"The nature of North Americans is that they are familiar with compliant structures and are generally comfortable with a higher level of disclosure. In light of the move in legislation towards greater transparency Guernsey becomes a more attractive option due to our reputation as a robust and transparent jurisdiction."

The conference included technical updates from distinguished speakers exchanging ideas and discussing developments in international estate planning. It focused on the needs of international families with a US touchpoint. There were also discussions about the practicalities of Common Reporting Standards (CRS) and other global initiatives following on from FATCA. As part of their sponsorship package Trust Corporation International hosted a breakfast meeting for delegates. They also held private dinners for law firms, accountants and tax and wealth planners.

The Guernsey independent fiduciary firm identified the US as a key market for its services some years ago and was attending the New York event for the third consecutive year.

Mrs Daley Taylor added: "Attending the event for a third time has meant that we've been able to cement some of the relationships we've been building with our previous visits. Relationships are key to our business and the Trust Corporation ethos so meeting up with some familiar faces across the Atlantic is always very rewarding."

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