2002, Guernsey and the United States signed
an agreement designed to provide for the exchange
of information on money laundering and tax
Treasury Secretary, Paul O'Neill, who signed
the agreement on behalf of the American authorities
stated that: "This new agreement will
formalise and streamline our current co-operation
in criminal tax matters and will allow exchange
of information on specific requests in civil
tax matters as well."
Treasury Department announced in May, 2006,
that an exchange of letters between the United
States and the States of Guernsey to bring
the agreement into effect had been completed
on March 30, 2006.
the Guernsey Financial Services Commission
and the Malta Financial Services Authority
signed a Memorandum of Understanding which
provides a framework for closer cooperation
between the two regulatory bodies. The Memorandum
provides a formal basis for cooperation, including
the exchange of information and investigative
Neville, Director General of the Commission,
commented: “I am very pleased to have taken
this step. I advised Malta on the setting
up of its investment service regulation, and
I have known the Maltese regulators for many
years.” He added: “This Memorandum of Understanding
between the Commission and the Malta Financial
Services Authority is another step towards
strengthening our relationship, providing
a formal basis by which we can cooperate and
exchange vital information."
2005, the Guernsey FSC and Hong Kong's securities
and futures markets regulator, the Securities
and Futures Commission, signed a Letter of
Intent which provides a framework for enhanced
cooperation between the two authorities.
of Intent, the first to be signed by the Hong
Kong SFC with a regulatory body outside Asia,
provides a formal basis for strengthening
regulatory cooperation, particularly with
regard to the supervision of investment products
and cross-border trading.
on the development, Peter Neville, observed
delighted to have the opportunity to sign
this Letter of Intent with the Hong Kong SFC.
The Guernsey Commission and the SFC have developed
a very close working relationship over the
years. For example, 3 Guernsey umbrella funds
with 33 classes have been authorised by the
SFC for marketing to the public in Hong Kong.
The Letter of Intent is an important further
step in deepening that relationship."
2007, the Guernsey Financial Services Commission
entered into a Memorandum of Understanding
with the Dubai Financial Services Authority
(DFSA). This MoU has formalised arrangements
for co-operation and information sharing between
the two regulators.
on the MoU, David Knott, then Chief Executive
of the DFSA observed: “The business links
between financial firms in Guernsey and the
Dubai International Financial Centre will
become increasingly significant, especially
with the introduction last year of trust and
collective investment fund regimes in the
DIFC, making the GFSC an important relationship
for the DFSA.”
“Today’s bilateral agreement reflects each
agency’s responsibilities, not just for securities,
but as an integrated regulator of its banking
and insurance sectors. It recognises that
both regulators place reliance on the quality
of regulatory standards administered in the
2007, the Guernsey government announced that
a new Social Security Agreement with Ireland
had come into force.
is good news for people in Guernsey who have
also lived and worked in Ireland," announced
Deputy Dan Le Cheminant, Guernsey's Social
Security Deputy Minister. "Under this new
Agreement, they may be able to get a small,
part pension from Ireland when they reach
the age of 65 by taking account of social
security contributions paid in the past."
pensions, the agreement also covers a number
of other benefits, including bereavement benefits,
sickness, invalidity and unemployment. It
also sets out the rules for where contributions
should be paid.
October 2008, Guernsey's Chief Minister Lyndon
Trott signed agreements on exchange of tax
information with seven Nordic countries, including
Denmark, Faroe Islands, Finland, Greenland,
Iceland, Norway and Sweden. Under the terms
of these agreements, the Nordic Countries
and Guernsey will, on request, exchange bank
and other information relating to both criminal
and civil tax matters. In addition to the
TIEAs, reciprocal agreements were signed that
lift the burden of double taxation in a number
of specific areas such as shipping and air
transport. It is anticipated by the Guernsey
government that the signing of these agreements
will create the opportunity for Guernsey to
negotiate further agreements to avoid double
taxation with each of the Nordic countries
in the future.
on the Nordic agreements, Deputy Trott said:
"The importance of exchanging tax information
has been increased by economic globalisation.
I am delighted that at its recent meeting
the OECD recognised the significant progress
we have made to achieve its rigorous standards.
We now have nine agreements in place –
a testament to our commitment to transparency."
new tax information exchange agreement between
the governments of the United Kingdom and
Guernsey was signed in London on January 20,
2009 by William Bach, Parliamentary Under
Secretary of State for Justice, and Chief
Minister Lyndon Trott. The governments also
agreed to amend the provisions of the 1952
arrangement between the two governments for
the avoidance of double taxation with respect
to taxes on income, notably to add provisions
on the taxation of income from pensions and
a mutual agreement procedure.
Welcoming the signature, then Financial Secretary
to the UK Treasury, Stephen Timms said: "This
new tax information exchange agreement represents
a significant step in our efforts to counter
and prevent tax evasion and avoidance. I welcome
the willingness of the States of Guernsey
to implement these high standards of transparency
and exchange of information."
Bach, Crown Dependencies Minister added: "The
signing of this agreement shows the collaborative
nature of the relationship between the UK
and Guernsey, and Guernsey's commitment to
meeting high international standards."
to the Income Tax (Guernsey) (Approval of
Agreement with United Kingdom) Ordinance,
2009, this TIEA was due to come into force
on March 25, 2009.
March 26, tax cooperation agreements between
Ireland and Jersey, and Ireland and Guernsey
are two agreements with each: a tax information
exchange agreement; and an agreement for affording
relief from double taxation with respect to
certain income of individuals and establishing
a mutual agreement procedure in connection
with the adjustment of profits of associated
Tax Information Exchange Agreement (TIEA)
is based on a model agreement developed by
the Organisation for Economic Co-operation
and Development (OECD). It will allow the
Irish Revenue Commissioners to request information
from their Jersey or Guernsey counterparts
that is relevant to an Irish tax investigation.
Such information would typically relate to
bank accounts or the beneficial ownership
of companies or trusts. Likewise, Jersey and
Guernsey authorities may request the Revenue
Commissioners to obtain and provide information
of relevance to their tax investigations.
agreement for the avoidance of double taxation
with respect to income and corporation taxes
was also signed with both jurisdictions.
April 2009, Guernsey released a statement
welcoming its ‘white listing’
by the OECD as a result of the G20 summit
Minister Lyndon Trott said that the island’s
inclusion on a white list with some of the
world’s top financial centres cemented
Guernsey’s position as an internationally
compliant and transparent low tax jurisdiction.
has been a long and hard process to get where
we are today. Recognition as a jurisdiction
which has substantially implemented the internationally-agreed
tax standard is nothing more than we deserve,”
is a well-regulated, transparent, co-operative
jurisdiction and the international community
appears to have embraced that message. The
news will serve as a massive boost for business
in Guernsey and the island’s economy.”
had signed 13 Tax Information Exchange Agreements
at the time and was preparing to sign more
as an indication of its commitment to international
cooperation in tax matters.
July 21, Guernsey’s Chief Minister signed
a Tax Information Exchange Agreement with
the New Zealand government.
previous TIEAs, the agreement with New Zealand
is a composite one, instead of there being
separate agreements where additional benefits
are agreed. The agreement covers exchange
of information and the allocation of certain
taxing rights for individuals, but each of
the provisions is comparable to those in the
other TIEAs signed by Guernsey.
the agreement, Guernsey will, on request,
exchange bank and other information relating
to both criminal and civil tax matters.
signed at the meeting was a political joint
declaration, further establishing the economic
relationship between the governments of New
Zealand and Guernsey. The island can expect
to gain legislative recognition in New Zealand
to the benefit of Guernsey’s finance
Treasury in the United Kingdom issued a statement
in July 2009 welcoming Guernsey’s progress
in signing agreements on the exchange of information,
which is strengthening its reputation as a
jurisdiction committed to good governance
in tax matters.
HM Treasury’s statement, Financial Secretary,
Stephen Timms said:
warmly welcome Guernsey’s continuing
progress in concluding Tax Information Exchange
Agreements. Guernsey’s firm commitment
to transparency and exchange of information
in tax matters is very encouraging, and I
call on others to follow their example”.
United Kingdom also recognised Guernsey’s
commitment to international standards of anti-money
laundering legislation and practice, counter
terrorist financing legislation and financial
regulation, and also commended Guernsey’s
participation in international efforts to
combat financial crimes.
October 2009, Guernsey announced the signing
of its fifteenth Tax Information Exchange
Agreement (TIEA), with Australia.
agreement was signed on October 7 by Guernsey
Chief Minister Lyndon Trott and Australian
High Commissioner in the UK, John Dauth.
agreement for the allocation of taxing rights
and the mutual agreement of transfer pricing
adjustments was also signed at the same time.
has already concluded TIEAs with Denmark,
Faroe Islands, Finland, France, Germany, Greenland,
Iceland, Ireland, Netherlands, New Zealand,
Norway, Sweden, United Kingdom and the United