Guernsey vs Mauritius The optimal jurisdiction for trusts INSURANCE INVESTMENT FUNDS TRUST & COMPANY PENSIONS MANAGEMENTINVESTMENT BANKING
Not volatile – secure and stable with candidates typically being elected independently (non-partisan).
None, historical ties are more closely connected to France.
A self-governing jurisdiction with more than 800 years of constitutional autonomy, having split from Normandy in 1204.
Guernsey Mauritius vs Mauritius vs Mauritius
2 Guernsey
Constitutional, political and geographical differences
A British Crown Dependency –relationship with the UK is through the Crown not the UK parliament.
Guernsey
Origins based in Norman-French law, with a strong emphasis on English common law due to strong influence of UK. Amalgamation of French civil law and English common law.
Not volatile – internally secure and stable with candidates elected via multiparty system. However, the island is in a politically volatile region. ✔ Limited acces through the Judicial Committee.
Yes – no major weather, geological or other environmental disasters occur frequently.
No – island often subject to extreme weather, notably tropical cyclones. Guernsey has a long tradition of providing specialist private wealth management to sophisticated private clients and their families. The island is politically, economically and environmentally safe and secure.
A self-governing jurisdiction following independence from Britain in 1968.
andPoliticalRightvolatilityPoliticaltoappealinUKPrivyCouncilHistoricaltiestoUKpositionintheworldApplicationandprinciplesofEnglishcommonlawEnvironmentallygeographicallystable
Unit EmployeePensionTrust.Trust.Benefit Trust. The Trusts (Guernsey) Law permits settlor reserved powers. Possession Trust. Charitable Trust. Purpose AccumulationTrust.and maintenance Trusts.
Bare TheEmployeeDiscretionaryProtectiveTrust.Trust.Trust.BenefitTrust.Trusts(Mauritius)Law permits settlor reserved powers.
legal
regulatory and differences
Regulatory and legal differences
3
Discretionary Trust. Life Interest Trust. Resulting, implied and constructive Trusts. Purpose Trusts (both charitable and non-charitable). Bare Trust.
None As per the Finance Act, 2021, non-resident trusts can no longer file for non-residency declaration, to prove that they are not based in Mauritius and so can no longer prove that they do not have to pay tax on the structure. A 15% tax on trusts with income generated in Mauritius is enforced. None (except for certain unit trusts). None (except for certain unit trusts). The Public Trustee (Bailiwick of Guernsey) Law, 2002 The Trusts (Guernsey) Law, 2007 The Trusts Act, 2001 Guernsey Mauritius weareguernsey.com
PrincipalGovernmentfeesRegulatoryapprovalstrustlegislationTypesoftrust
Within a few days once relevant requirements have been met. For a PTC this includes a prepared, audited account.
✔
✔ Guernsey
No public filing requirement. Trust documents are confidential. Within a few days for a straightforward discretionary trust subject to AML requirements being met. No public filing requirement. Trust documents are confidential. Mauritius
4 Guernsey vs Mauritius ✘ ✔ ConfidentialityRegulationofprofessionaltrustees
Private Trust Company legislation does not exist. However, the financial services regulator has declared that where a private company acts as a Trustee for a specific number of Trusts for the benefit of a family it will not be considered as carrying out trust business.
Protectorspermitted ✔ ✔ PTC legislation and regulations Discretionary exemptions available subject to discretion of the Regulator.
forRequirementlocalassetsorlocaltrustadministrationEstablishmenttime
Guernsey Mauritius 5weareguernsey.com Adherence to International Standards Reported position on UNEP FI’s 21st Century Fiduciary Duty regulatorFinancialinitiative.servicesamember of the Network for Greening the Financial System ✔ ✔ Yes since 2019. ✘ ✘ No. However, Bank of Mauritius is. Member of the United Nation’s Financial Centres for Sustainability EU Economic CompliancestatusSubstancewithOECD Whitelisted (2019). Whitelisted (2009). Removed from Blacklist (2020). Whitelisted (2009). Compliance with FATF Compliant with Moneyval and fully committed to the implementation of FATF and CFT recommendations Compliant or largely compliant with FATF and CFT recommendations adherence to international standards
Yes – a Guernsey Private Investment Fund (PIF) can be created as a bespoke private wealth structure for those investors who hold a family relationship. ✘ Yes – under the Fiduciaries Law. Yes – although formal Private Trust Company legislation does not exist. Guernsey Mauritius Product comparison Yes – under the Foundations Law, 2012. Yes – under the Foundations Act. There are plans for a Family Investment Company product to be launched sometime in 2022. For more details grant@weareguernsey.comcontact ✘ 6 Guernsey vs Mauritius Future developmentsCompaniesfundinvestment/PrivatevehiclespermittedPrivateTrustpermittedPrivateTrustFoundationspermittedFamilyInvestmentCompanypermitted product comparison
Guernsey - the jurisdiction of choice 7weareguernsey.com Guernsey savingCost Flexible 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
