Guernsey Finance

The three main sets of agreements are:

• Tax Information Exchange Agreement (TIEA)
• Double Taxation Agreement (DTA)
• EU Savings Tax Directive

The signing of these agreements demonstrates Guernsey's position as a leading international finance centre that is a willing and active participant in the world economic community. The Island embraces transparency and is well regulated but this is not achieved at the expense of confidentiality or privacy for clients.

Guernsey's position as a highly reputable international finance centre has been reinforced by its inclusion, alongside the likes of the United Kingdom and United States, on the OECD 'white list' that was published at the conclusion of the G20 summit in London, April 2009.

• TIEAs

TIEAs are designed to facilitate external tax authorities requesting specific information from the Island authorities to combat tax evasion and fraud. The agreements stipulate a precise process by which this is achieved to avoid the potential for fishing expeditions and to ensure that client confidentiality is maintained unless there is a sufficient body of evidence to point to tax evasion.

Guernsey has signed TIEAs with 34 jurisdictions: Argentina, Australia, Bahamas, Canada, Cayman Islands, China, Denmark, the Faroes, Finland, France, Germany, Greece, Greenland, Iceland, Ireland, India, Indonesia, Japan, the Netherlands, New Zealand, Norway, Mexico, Polans, Portugal, Romania, San Marino, Seychelles, Slovenia, South Africa, St Kitts & Nevis, Sweden, the UK and the US.

• DTAs 

Guernsey has also signed DTAs with 12 jurisdictions: 2 extensive DTAs with Jersey and the UK; and 10 more specific DTAs with Australia, Denmark, the Faroes, Finland, Greenland, Iceland, Ireland, New Zealand, Norway and Sweden. 

Related shipping and aircraft agreements have also been signed with some of these jurisdictions.

For more information on TIEAs and DTAs click this link.

•  EUSTD

Guernsey has signed bilateral agreements with all EU member States implementing measures equivalent to the EU Savings Tax Directive. There is further information via this link.

As part of adopting these equivalent measures, the Guernsey Government has now announced that financial institutions in Guernsey will have a window between 1st January 2011 and 1st July 2011 for moving to automatic exchange of infomation. View the news release on this announcement via this link and the Government approval via this link.

Alternatively, for more information on any of the above contact the Guernsey Income Tax Office +44 (0) 1481 724711.