Substance requirements are becoming so significant that they are
now influencing where high net worth individuals are basing family
office arrangements, according to new research commissioned by the
specialist global finance centre of Guernsey.
Guernsey, which was reaffirmed by the European Union as a
cooperative jurisdiction in terms of good tax practice and
transparency in March, having satisfied "substance"
requirements, is increasingly being considered as a jurisdiction of
choice for global family offices in order to manage their wealth
structures in a safe, secure and stable environment.
The independent research, commissioned by Guernsey Finance and
carried out by consultancy Gibson Strategy in February and March
this year, interviewed family offices, high net worth families and
corporate service providers.
