Guernsey's global competitiveness as a finance sector has
been further enhanced following confirmation from the EU
Council's Code of Conduct Group and the European Council of
Finance Ministers (ECOFIN) that the island has satisfied its legal
substance requirements for entities operating in or through the
jurisdiction.
The Code Group's findings were formally approved at the
ECOFIN meeting in Brussels today [12 March 2019].
Guernsey's government consulted with industry to clarify
legislative and reporting requirements to meet the Code Group's
standards, also working closely with Jersey and the Isle of Man,
and the EU Commission.
Guernsey's approach is proportionate, and requires companies
that are tax resident in Guernsey and undertaking specific
activities to demonstrate that they have sufficient substance in
the island.
