Guernsey vs Bermuda vs Isle of Man
Guernsey vs Bermuda vs Isle of Man
Port Soif, Guernsey
Guernsey vs Bermuda vs Isle of Man
Guernsey is home to a number of international life insurer branches. This comparator looks at the investors protection offered across several jurisdictions with offshore life branches.
Life Branches Investor Protection
Jurisdictional Tax Treatment
Financial Regulator
Administration of Branch
Legal Framework
No income tax payable for a non-resident investor.
No corporate tax or capital gains tax; dividends recieved net of witholding tax; tax on reciept of proceeds depending on tax residence.
Guernsey Financial Services Commission (GFSC).
Carried out by a regulated appointed insurance manager.
As a British Crown Dependency, Guernsey has been independent for more than 800 years and its links to the UK are through the Crown rather than Parliament.
As a result, Guernsey has its own legislature, The States of Guernsey, which determines local laws including taxation.
No income tax payable for a non-resident investor.
No corporate tax or capital gains tax; dividends recieved net of witholding tax; tax on reciept of proceeds depending on tax residence.
Bermuda Monetary Authority.
Carried out by a regulated appointed insurance manager.
No income tax payable for a non-resident investor.
No corporate tax or capital gains tax; dividends recieved net of witholding tax; tax on reciept of proceeds depending on tax residence.
Isle of Man Financial Services Authority.
Carried out by a regulated appointed insurance manager.
A British Foreign Territory that enjoys independent and stable on legal, regulatory, and political side.
A British Crown Dependency that enjoys independent and stable legal, political and regulatory framework.
Guernsey Isle of Man
Bermuda
Guernsey vs Bermuda vs Isle of Man
Guernsey vs Bermuda vs Isle of Man
Yes, as part of standard conditions that is applied to all long-term life insurance.
All long-term insurers are subjected to a Standard Condition issued by the GFSC requiring the appointment of a Guernsey-based trustee to ensure assets representing at least 90% of the policyholders’ liabilities are held in a separate trust account.
Policyholders have access to the value of the trust which is held in a
Requirement to segregated long-term business fund where policyholders have priority claims over unsecured creditors in event of insolvency.
Yes, access to Compensation scheme regulated under Isle of Man Life Assurance (Compensation of Policyholders) 1991.
All long-term life insurers policyholders have access to Statutory protection scheme.
90% of the liabilities under the contract will be paid out from the Compensation Fund in the event a life insurer is unable to meet its liabilities.
Guernsey vs Bermuda vs Isle of Man
We would like to thank Etienne Bosch at Discovery Limited, Cobus Kruger at Citadel Investment Services and Gary Tansell at BWCI for their contributions.
Guernsey vs Bermuda vs Isle of Man
