You can view an infographic version of our At a Glance Guide to Guernsey: a jurisdiction of substance here.
Economic substance regulations are being introduced across the globe and this means that clients are now required to critically evaluate their economic substance in their jurisdiction of tax residency.
For some businesses, it will prove a challenge to meet the applicable economic substance regulations without making any changes to their day-to-day operations and in some cases it may be necessary to consider relocation to a jurisdiction where the core income generating activities of the business can be carried out within that jurisdiction by a suitably sized and skilled workforce.
Enter Guernsey - a destination of choice for businesses seeking to achieve economic substance.
As a jurisdiction Guernsey offers:
- Strong credentials as a jurisdiction offering sustainable finance
- Modern office accommodation to support a growing financial services industry
- Leading international standards on AML and transparency
- Easy access links, including daily flights to and from key European cities
- Skilled and experienced workforce to draw on, including first class legal and accounting advisors
- An engaged government with a proactive approach to compliance with international regulation
- A robust and specialist global financial environment
We work with businesses across a diverse range of sectors to help them understand the economic substance requirements applicable to them and provide solutions-based advice on how they are able to achieve substance in the jurisdictions in which we operate, including relocation and restructuring alternatives.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
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