Guernsey vs Singapore
The optimal jurisdiciton for trusts
Guernsey vs Singapore
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.
2 Guernsey vs Singapore - The optimal jurisdiction for trusts
St. Peter Port, Guernsey
Constitutional, Political and Geographical Differences
Jurisdiction Guernsey
Political position in the world
Singapore
Constitutional, politcal and geographical differences
A self-governing jurisdiction with more than 800 years of constitutional autonomy, having split from Normandy in 1204.
A self-governing republic situated in South East Asia. The president is the Head of State. The nation has its own independent court system.
Historical ties to UK
A British Crown Dependency – relationship with the UK is through the Crown not the UK Parliament.
A former British colony gaining independence in 1965. The state remains a member of the Commonwealth.
Right to appeal in UK privy council
Political volatility
Application and principles of English common law
Environmentally and geographically stable
Not volatile – secure and stable with candidates typically being elected independently. ✔ No major weather, geological or other environmental disasters.
Origins based in Norman-French law, with a strong emphasis on English common law due to strong influence of UK.
As a former British colony, the legal system is based on English common law.
Not volatile – secure and stable multi-party system. ✔ No major weather, geological or other environmental disasters.
Regulatory and Legal Differences
Jurisdiction Guernsey
Regulatory and legal differences
Singapore
Principal trust
legislation
Regulatory approvals
Government Fees
Types of trust
The Public Trustee (Bailiwick of Guernsey) Law, 2002.
The Trusts (Guernsey) Law, 2007.
(except for certain unit trusts).
Discretionary trust.
Fixed trust, Protective trust.
Accumulation & maintenance trust.
Bare trust.
Unit trust.
Pension trust.
Employee Benefit trust.
Limited reserved powers for trusts.
Trustees (Amendment) Act 2004.
(except for certain unit trusts).
Discretionary trust.
Fixed trust, Protective trust.
Accumulation & maintenance trust.
Bare trust.
Unit trust.
Pension trust.
Employee Benefit trust.
Limited reserved powers for trusts.
Guernsey vs Singapore - The optimal jurisdiction for trusts
Regulatory and Legal Differences
Jurisdiction Guernsey
Regulatory and
Establishment time
Within a few days for a straightforward discretionary trust subject to AML requirements being met.
Within a few days for a straightforward discretionary trust subject to AML requirements being met.
Confidentiality
No public filing requirement. Trust documents are confidential.
No public filing requirement. Trust documents are confidential.
PTC legislation and regulations
Discretionary exemptions available subject to discretion of the Regulator.
No requirement to be registered with the Monetary Authority of Singapore – but must engage a licensed trust company to conduct AML services.
Regulation of professional trustees
Protectors permitted
Requirement for local assets or local trust administration
Guernsey Financial Services Commission.
Monetary Authority of Singapore.
International Standards/Products
Jurisdiction Guernsey
EU Economic Substance status
Compliance with OECD
Compliance with FATF
Singapore
Adherence to international standards
Whitelisted (2019).
Private Trust Companies permitted
Private Trust Foundations permitted
Private wealth investments investable through a fund vehicle permitted
Non-charitable purpose trusts permitted
Cobo, Guernsey
Whitelisted (2009).
Compliant with Moneyval and fully committed to the implementation of FATF and CFT recommendations
Product Comparison
✔ Under the Fiduciaries Law.
✔ Under the Fiduciaries Law.
✔ A Guernsey Private Investment Fund (PIF) can be created as a bespoke private wealth structure for those investors who hold a family relationship.
N/A
Whitelisted (2009).
Compliant or largely compliant with FATF and CFT recommendations
✔ Under the Trusts (Guernsey) Law.
✔ Under the Trust Companies Act (TCA).
Guernsey vs Singapore - The optimal jurisdiction for trusts
