Guernsey vs ISLE OF MAN Global Pensions Specialist INSURANCE INVESTMENT FUNDS TRUST & COMPANY PENSIONS MANAGEMENTINVESTMENT BANKING
Guernsey vs Isle of Man
2 Guernsey vs Isle of Man
Guernsey is an established centre of excellence for international pension and savings plans, with more than 50 years’ experience. The island is politically, economically and environmentally safe and secure.
3weareguernsey.com
A self-governing jurisdiction since 1204, with more than 800 years of constitutional autonomy.
tiesHistoricaltoUK
Constitutional, political and geographical differences
Right to appeal
A British Crown Dependency –relationship with the UK is through the Crown not the UK Parliament. in UK Council ✔ ✔ volatilityPolitical
Privy
Origins based in Norman-French law, with a strong emphasis on English common law due to strong influence of UK. Strong emphasis on English common law due to strong influence of UK. Yes – no major weather, geological or other environmental disasters occur frequently.
Yes – no major weather, geological or other environmental disasters occur frequently.
Environmentally and geographically stable
A self-governing jurisdiction which never formally became a part of the 18th century Kingdom of Great Britain, nor its successors, including the present-day UK.
andApplicationprinciplesofEnglishcommonlaw
Guernsey Isle of Man
A British Crown Dependency –relationship with the UK is through the Crown not the UK Parliament.
Not volatile – secure and stable with candidates typically being elected independently (non-partisan). Not volatile – internally secure and stable with candidates elected independently, although there are political parties with minor support.
Political and geographical differences
Political position in the world
4 Guernsey vs Isle of Man rEGULATORY AND LEGAL DIFFERENCES
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The Channel Islands Financial Ombudsman. Isle of Man Pensions Ombudsman. Regulation of pension providers In 2017 Guernsey became one of the first jurisdictions in the world to regulate pension providers. The scheme administrator is regulated. Pensions are legally defined and given separate authority to trusts, under The Regulation of Fiduciaries, Administration Businesses and Company Directors etc (Bailiwick of Guernsey) law, 2000. Pension providers are regulated under The Pension Scheme and Gratuity Scheme Rules and Guidance, 2020 (Pension Scheme Rules). Tax approval regime contained in Income Tax (Guernsey) Law 1975.
legislationpensionsPrincipal
Yes.
Pension scheme rules, which further enhance member protection Fees and commission must be disclosed to pension plan members (introduced in 2017 and updated in 2020). Consumer protection
Yes
✔ ✗Assetlegislationprotection
The Retirement Benefit Schemes Act 2000. The Retirement Benefits Schemes (International Schemes) Regulations 2001. Guernsey Isle of Man Regulatory and legal differences
5weareguernsey.com EU ComplianceSubstanceEconomicstatuswithOECD Whitelisted (2019). Whitelisted (2009). Removed from blacklist (2018) before being whitelisted (2019). Whitelisted (2009). Adherence to International Standards Compliance with FATF Member of the International Organisation of Pension theregulatorFinancialSupervisorsservicesamemberofNetworkforGreeningtheFinancialSystem Compliant with Moneyval and fully committed to the implementation of FATF and CFT recommendations ✔ Yes since 2019 Yes since 2019. Compliant or largely compliant with FATF and CFT recommendations ✔ ✘ Yes since 2020. Guernsey Isle of Man Member of the United Nation’s Financial Centres for Sustainability aDHERENCE TO INTERNATIONAL STANDARDS
International Pension Plan (IPP) permitted
Increased. Decreased.
Yes – with non-resident members benefitting from being able to make payments without the deduction of any local withholding taxes. This further preventing double taxation.
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administratorsproviders/increasedordecreasedoverpast10years?
International Savings Plan (ISP) permitted Number of providers/administratorspension
97*
6 Guernsey vs Isle of Man
Qualifying Non-UK Pension Scheme (QNUPS) permitted ✔ ✔ QualifiedOverseasRecognisedPensionScheme(QROPS)permitted ✔ Guernsey Isle of Man Product comparison - personal and corporate pensions and savings plans Stats and figures
Number of pension
Yes – with non-resident members benefitting from being able to make payments without the deduction of any local witholding taxes. This further prevents double taxation. Source: GFSC (Q4 2021) Yes – with non-resident members benefitting from being able to make payments without the deduction of any local withholding taxes. This further prevents double taxation. 48* Source: IOM FSA (Q4 2021)
PRODUCT COMPARISON
Yes – with non-resident members benefitting from being able to make payments without the deduction of any local witholding taxes. This further prevents double taxation
Guernsey - THE JURISDICTION OF CHOICE 7weareguernsey.com Guernsey Specialistserviceproviders LeaderGlobal Safety security&
weareguernsey.com Guernsey Finance, PO Box 655, St Peter Port, Guernsey, GY1 3PN +44(0) 1481 720 071 info@weareguernsey.com Please recycle me 70% of the wood used in creating this brochure is recycled material, with the remaining 30% from a ‘controlled/sustainable’ wood forest
