Why choose Guernsey?
Guernsey has been an international finance sector for more than 50 years and has been voted a top 10 financial sector, as well as being ‘whitelisted’ in both OECD and FATCA rankings. Guernsey is a British Crown dependency; it is neither part of the United Kingdom nor the European Union. We have our own constitution and enjoy a stable political and economic environment - but in the same time zone as the UK. Guernsey boasts a robust legislative framework alongside a world-renowned modern Trust law, and benefits from a mature legal system based on English law. It therefore provides clients with the confidence to set up trust structures, which makes the Island a jurisdiction of choice.
Guernsey is a tax neutral jurisdiction, taxes are paid in the jurisdiction in which the client is tax resident. There is no inheritance or capital gains tax, no estate tax, and no transfer taxes are payable on the transfer of assets into a Trust. Although Trusts are not subject to local taxes, the jurisdiction complies with the international fight against tax evasion, fraud and avoidance, being one of the first adopters of CRS and FATCA reporting.
Guernsey Trusts can be used to overcome forced heirship. Our courts do not recognise foreign court orders which are inconsistent with their own Trust law, allowing individuals to dispose of their property how they wish.
Additionally, Guernsey Trusts can exist in perpetuity and therefore one Trust can provide benefit to a multigenerational family over many, many years. This provides asset protection and can help preserve family assets over the long term.
As well as a robust legislative framework and world renowned modern Trust law, Guernsey also has a modern Company law introduced in 2008, as well as an online Guernsey Company Registry. The Registry boasts a wealth of information and guidance on local company law, Limited Liability Partnerships, Limited Partnerships, Incorporated Cell Companies and Foundations. Alongside there is access to the legislation itself and the ability to search the register for Guernsey registered companies, with the option to download information/documents.
Guernsey companies have two main filings per year. The first being its annual validation due in January each year, currently at a cost of £500 per limited company (charges vary depending on the type of company). The second is the Guernsey Revenue tax filing, due in November annually, for which a signed set of annual financial statements are required.
Guernsey’s modern company law and easily accessible Company Registry means that many Guernsey based fiduciary providers prefer to offer Guernsey registered companies as a first option. Forming a BVI, Isle of Man or Cayman company, for example, now means duplicating work as a tax filing is required in each jurisdiction, as well as substance reporting, amongst others. Forming a Guernsey Company with a Guernsey based fiduciary means one tax filing, one annual validation, as well as a ‘whitelist’ jurisdiction reporting on CRS and FATCA, all without timezone or language issues. The Company Registry does maintain a beneficial ownership register, however, this information is not publicly accessible.
Established in Guernsey in 1976, Louvre Trust has developed into a first class operation offering private client, corporate and family office services. Led by Derek Baudains for over four decades, Louvre Trust is an owner-managed business. Unlike many other service providers, Louvre is not a subsidiary of a bank or large finance corporation.
We have no tied third-party relationships and are not beholden to a wide shareholder base or a private equity investor. Louvre’s impartiality means we can search out and offer our clients the very best structures and services for their individual needs.
Our business is built on a true understanding of each individual client and their unique needs. Louvre takes pride in a high staff-to-client ratio and our long-serving team fosters long-term client relationships based on trust and mutual respect. We maintain the traditional values of customer service and attention to detail, but take a proactive and innovative approach to give our clients the solutions they need.
Our international clients often require specialist skills such as banking, investment, legal, accounting and taxation advice. As an independent business, Louvre has developed relationships with a worldwide network of trusted advisers. Alternatively, we can work with your existing team to provide a seamless service.
Louvre’s employees make regular trips to the UK to visit clients and intermediaries, as well as venturing further afield as the need arises.
We believe that our integrated approach allows us to offer our clients additional value. By working closely with our network we can identify investment opportunities, see potential efficiencies and anticipate, assess and reduce risk.