Portfolio International, a leading global investment publication has issued a glowing appraisal of Guernsey's offshore finance sector, describing the jurisdiction as “a small island that thinks big” in a 20-page supplement dedicated to Guernsey.
Bob Campion, the editor of the magazine, writes in his editorial foreword that: “The innovators in Guernsey have rewritten the rule book and are now offering foundations, which are broadly equivalent and familiar to Europeans. It is just one example of the impressive achievements of this ambitious offshore centre, which now boasts one of the most dynamic fund industries in the world.”
Reporter Robert Melia Watson added that Guernsey "has now built itself into one of the most efficient and well respected international offshore centres in the world.”
Guernsey Finance, the jurisdiction's investment promotion body, has noted that the island has begun to attract much attention from the international financial press in recent times. Last month Guernsey dominated an entire issue of specialist trade title Trust & Estate Practitioner, with a comprehensive focus on the trust and fiduciary sector.
“Guernsey Finance spends a great deal of time talking to journalists and we facilitate the opportunity for many of them to visit Guernsey and see the financial services industry for themselves," stated Peter Niven, Chief Executive of Guernsey Finance.
He added that both of these recent publications are targeted at professional introducers, which is Guernsey’s principal market.
"The magazines reflect very powerfully the success that our finance industry is currently enjoying and should support the marketing work being carried out by many Guernsey-based financial institutions," Mr Niven observed.
Guernsey hit the headlines earlier in the year when figures published by the Guernsey Financial Services Commission revealed that funds under management and administration on the Island grew by GBP8.3 billion (9.1%) over the quarter ended 31 December 2005 to reach a total of GBP100.0 billion. Over 2005 as a whole, values increased by GBP26.4 billion, an increase of 35.9%.
The GFSC has also reported that total deposits held in Guernsey banks had reached a new high of more than GBP80 billion by December 31, 2005.
Guernsey is also set to introduce a 'zero/ten' corporate tax system, whereby businesses and corporate entities will be subject to income tax at 0%, and entities regulated by the GFSC will be charged tax at 10%, in order to ensure future growth in the jurisdiction's financial services industry, which accounts for about 36% of gross domestic product.
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