Guernsey’s finance industry received some excellent news last week following the publication of The Banker’s annual ranking of top IFCs. The island has been ranked as the number one European specialist finance centre scoring 98.4, an improvement of 12.37 on last year’s figure of 86.02.
The Banker is owned by the Financial Times and bases its ratings on data ranging from financial market indicators to economic potential and business environment factors, focusing on the level of international business and the value offered to institutions seeking to expand their international operations.
The publication recognises the unique nature of jurisdictions such as Guernsey where data is seldom consistent with centres on the mainland. The Banker surveyed each specialist IFC and compiled a separate table using data relevant to the bespoke characteristics of those locations.
Guernsey’s improved score saw it leapfrog Jersey, making it the top-scoring specialist IFC in Europe. Guernsey Finance Chief Executive Dominic Wheatley says:
“Guernsey sets extremely high standards across all its sectors and our ranking as Europe’s number one specialised finance centre is testament to that fact. Guernsey is the largest captive insurance domicile in Europe and is an emerging centre for reinsurance business.
Nearly 1,000 funds are domiciled or serviced in the island – with a value of more than £266 billion – which are used for cross-border distribution into all corners of the globe, and the island is home to more non-UK entities listing on the London Stock Exchange than any other jurisdiction globally.
Our top-class fiduciary services provide high-net-worth individuals with legally robust and tax efficient structures for the purposes of asset management, succession and tax planning. The island also has significant expertise in providing pension plans for international businesses and their employees as well as globally mobile individuals.”
James Orrick holds a Masters in Corporate Governance from Bournemouth University, a BSc (Hons) in Accounting and Finance from the University of Essex, is a Fellow of the Association of Chartered Certified Accountants and the Institute of Chartered Secretaries and Administrators.