GUERNSEY vs singapore The optimal jurisdiction for trusts INSURANCE INVESTMENT FUNDS TRUST & COMPANY PENSIONS MANAGEMENTINVESTMENT BANKING
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 GUERNSEY vs singapore
✔ No major weather, geological or other environmental disasters.
SINGAPORE weareguernsey.com
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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.
A self-governing republic situated in South East Asia. The president is the Head of State. The nation has its own independent court system.
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JURISDICTION
Right to appeal in UK privy
geographicallyEnvironmentallyPoliticalHistoricalcommonprinciplesApplicationcouncilandofEnglishlawtiestoUKvolatilityandstable
As a former British colony, the legal system is based on English common law. A former British colony gaining independence in 1965. The state remains a member of the Commonwealth. Not volatile – secure and stable multi-party system.
A self-governing jurisdiction with more than 800 years of constitutional autonomy, having split from Normandy in 1204. ✔ Origins based in Norman-French law, with a strong emphasis on English common law due to strong influence of UK.
POLITICAL AND GEOGRAPHICAL DIFFERENCES
✔ No major weather, geological or other environmental disasters.
CONSTITUTIONAL, POLITICAL AND GEOGRAPHICAL DIFFERENCES
Political position in the world
CONSTITUTIONAL,GUERNSEY
The Public Trustee (Bailiwick of Guernsey) Law, 2002. The Trusts (Guernsey) Law, 2007. (except for certain unit trusts). Discretionary trust. Life Interest trust. Purpose trust (charitable and non-charitable). Bare trust. Unit EmployeePensionTrust.Trust.Benefit Trust. Trusts with settlor reserved powers permitted Trustees (Amendment) Act 2004. ✘ (except for certain unit trusts). Discretionary trust. Fixed AccumulationProtectivetrust,trust.& maintenance trust. Bare trust. Unit EmployeePensiontrust.trust.Benefit trust. Limited reserved powers for trusts.
GUERNSEYREGULATORY AND LEGAL
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SINGAPORE Guernsey vs Singapore – The optimal jurisdiction for trusts
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Principal TypesRegulatoryGovernmentlegislationtrustFeesapprovalsoftrust
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REGULATORY AND LEGAL DIFFERENCES
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Within a few days for a straightforward discretionary trust subject to AML requirements being met. No requirement to be registered with the Monetary Authority of Singapore – but must engage a licensed trust company to conduct AML services. No public filing requirement. Trust documents are confidential. Monetary Authority of Singapore.
Within a few days for a straightforward discretionary trust subject to AML requirements being Discretionarymet. exemptions available subject to discretion of the Regulator. No public filing requirement. Trust documents are confidential. Guernsey Financial Services Commission.
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JURISDICTION GUERNSEYREGULATORY AND LEGAL DIFFERENCES Establishment time PTC legislation and assetsRequirementprofessionalRegulationConfidentialityProtectorsregulationspermittedoftrusteesforlocalorlocaltrustadministration
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INTERNATIONAL STANDARDS/PRODUCTS JURISDICTION GUERNSEYADHERENCE TO INTERNATIONAL STANDARDS PRODUCT COMPARISON EU permittedfundPrivateCompaniesPrivateSubstanceEconomicstatusTrustpermittedinvestment/vehiclesCompliancewithFATFNon-charitablepurposeCompliancewithOECDPrivateTrustFoundationspermitted Whitelisted (2019). ✔ 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. Compliant with Moneyval and fully committed to the implementation of FATF and CFT recommendations ✔ Under the Trusts Law. Whitelisted (2009). ✔ Under the Fiduciaries Law. N/A. ✔ Under the Trust Companies Act (TCA). ✘ Compliant or largely compliant with FATF and CFT recommendations ✘ Whitelisted (2009). ✘ SINGAPORE trusts permitted 6 Guernsey vs Singapore – The optimal jurisdiction for trusts
Guernsey service providers are renowned for offering competitive fees, and structures that enable a greater retention of control for clients and their families. JURISDICTION GUERNSEY FUTURE DEVELOPMENTS Family CompanyInvestmentpermitted There are plans to allow the creation of a Family Investment Company product, which is due for completion year end 2021. For more details contact arobinson@weareguernsey.com ✘ SINGAPORE sacostving ofretentioncontrol safety GUERNSEYsecurityand 7weareguernsey.com FIND A PRACTITIONER TODAY! Visit the business directory at weareguernsey.com future developments
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
