These generally last for a maximum of 5 years, although longer licenses may … Guernsey, technically a crown dependency, is part of the British Isles — its citizens hold British nationality, and many have southern English-sounding accents — but it is not part of the U.K. Guernsey residents can’t vote in U.K. elections unless they have recently lived there, and the Brexit referendum was no exception. Competition policy per se was not within the scope of Protocol 3 (although normal conditions of competition in trade in agricultural products apply) so there was no obligation on the Channel Islands to follow general EU competition rules. Guernsey and Jersey are among a small group of third country jurisdictions that are the subject of a European Commission “adequacy decision”, meaning that they have been officially assessed as meeting EU data protection standards. Guernsey, and other such international finance centres, committed to addressing the EU's concerns about a supposed 'lack of economic substance' by introducing so-called substance legislation by the end of 2018, in order to stay off the proposed EU … Both have had tax crimes as a predicate offence for AML purposes for more than a decade. The Channel Islands were outside the Common Agricultural Policy (CAP): they did not pay into nor received funds from the EU budget. The median age for males is 40 years and for females is 42 years. Like the UK and Ireland, Guernsey and Jersey are outside the visa/check-free Schengen area and so operate border controls for flights or ships arrivals from countries other than the UK or Ireland. This measure of the difference, in water … Here, the PA news agency looks at nine key questions on travel in 2021. The answer depends on whether you are selling goods or services. They therefore make a very important contribution to the economy and to community life in both Bailiwicks. Their own independent regulators enjoy excellent regulatory cooperation with their EU counterparts, including with the European Supervisory Authorities. For those areas previously covered by Protocol 3 (and hence still covered during the Transition Period), EU legislation is directly applicable, and the Channel Islands are regarded as part of the UK Member State. By using this site you are giving your consent for us to set cookies. They have a combined population of approximately 165,000, and a combined GDP of approximately £6.2billion. Protocol 3 excluded “Channel Islanders” from the provisions of the Treaty relating to the free movement of persons provisions of the Treaty. Germany and other EU nations had been pushing the European Medicines Agency to move quicker than its previously planned December 29 meeting. The Channel Islands are part of the Common Travel Area (CTA) with the UK and Ireland. The UK’s withdrawal from the EU on 31 January 2020 does not directly affect the Channel Islands’ relationship with the EU 27 in key areas like tax, anti-money laundering, financial services, and data protection where the Islands were already third countries and as such remain committed to close cooperation with the EU. It does not derive from EU law but predates it and hence was not linked to Protocol 3. They therefore make a very important contribution to the economy and to community life in both Bailiwicks. The Channel Islands are third countries for the purposes of the EU’s Common Commercial Policy (CCP). However, the bulk of the energy needs in the Channel Islands are met from supplies from the EU, mainly by electricity cable interconnectors from France, so the Channel Islands have a strong interest in a properly functioning, competitive EU energy market, with security of supplies. Moving into Latin America, and again leaving regulatory issues to our colleagues in the legal profession, in Chile there may be opportunities for a local insured to file and settle withholding tax on premiums on behalf of its offshore captive insurer; similarly in Peru for Income Tax and IGV Sales Taxes, and in Colombia for IVA Sales Tax. Although small, only 62 sq km (38 sq miles) in size, Guernsey harbours a strong local identity. Competition policy Director of Public Health Dr Nicola Brink said 975 doses arrived on the island on Thursday. An interesting complication arising from the varying approaches is with regard to the treatment of stock. The Channel Islands and the EU: tackling financial crime. The Bailiwick of Guernsey is in the Commonwealth (Commonwealth of Nations), although not as a member, in its own right. In Belgium alone FiscalReps have sub-classified these 18 classes into more than 150 for the purposes of accurately coding products and subsequently calculating premium tax and parafiscal charges for their clients in this country. EU nationals are not subject to any visa controls. In addition to the varying state taxes and parafiscal charges in some states to fund fire and emergency services, the captive insurer needs to be mindful of the additional 3% Federal Income Tax deducted from premiums paid to non-admitted insurers. Guernsey and Jersey are among a small group of third country jurisdictions that are the subject of a European Commission “adequacy decision”, meaning that they have been officially assessed as meeting EU data protection standards. The Channel Islands are therefore directly affected by the relevant European legislation concerning spectrum and benefit from being part of a larger European group when harmonising spectrum usage in international negotiations. As major well-regulated financial centres, both Guernsey and Jersey are significant net providers of liquidity and investment funds to the EU economy. Guernsey and Jersey are attractive tourist destinations with their natural beauty and their unique culture and heritage. However, the Channel Islands’ own legislation deals with competition questions in a manner consistent with treatment of similar questions under EU competition law. Further details can be found in the separate note“The Channel Islands and Brexit”. Tourist and business visits There is close cooperation between the Channel Islands and the French authorities on emergency planning and on radioactive sampling. EU 27 nationals represent around 20% of the resident population in Jersey and around 7% of the resident population in Guernsey. Although the farming and fisheries sectors are less important in both absolute and relative terms than they were in the past, they remain vital for the fabric of the rural economy. In Belgium after only two days in a warehouse the stock can be classified as classes 8 and 9, whereas in France the stock can be warehoused for up to two months under class 7. Further details of the tax and regulatory cooperation between the Channel Islands and the EU can be found in the separate note “CI-EU tax cooperation“. The Channel Islands are part of the UK telephone numbering plan which is managed by OFCOM in accordance with the relevant EU Directives. The Channel Islands are part of the Common Travel Area (CTA) with the UK and Ireland. Environment Channel Islanders and EU free movement rights Protocol 3 does not cover services, so the Channel Islands are treated as third countries for the purposes of EU financial services legislation. In the wake of this announcement, Guernsey’s chief minister, Jonathan Le Tocq, wrote to the European tax commissioner Pierre Moscovici to welcome the news. All rights reserved | info[at]channelislands.eu, Channel Islands: Tuesday, December 15th, 2020 21:32 | Brussels: +1 hour, The right to reside and the right to work, Channel Islanders and EU free movement rights. Guernsey and Jersey are becoming more relevant to Asian managers looking to take advantage of investment and fundraising opportunities in the UK/Europe. Sustainable Investing for Private Wealth and Family Offices, Global distribution map for Guernsey funds, Infrastructure - Guernsey for alternatives, Real Estate Investment Trust - Guernsey for alternatives, Aviation services - registration, ownership and operation, Cayman vs Guernsey - substance and jurisdiction choice, Foundations Law - Jurisdiction Comparison, Foundations Law - comparison with reserved powers trusts, Luxembourg vs Guernsey - marketing and jurisdiction choice, ESG, Green and Sustainable Investing - Understanding the depth of local knowledge, a survey, Guernsey as a centre for green and sustainable finance - a jurisdictional assessment, Reporting Global Developments - Family Offices Financing Sustainability, Reporting Global Developments - Family Offices, Reporting Global Developments - Private Capital in Private Equity, Making waves - the power of private capital, Guernsey - a leading centre of green and sustainable finance, Guernsey's commitment to strategic action on green finance, Guernsey's seven world-leading green products and services, Uses of Special Purpose Insurers in Guernsey. Only those provisions within EU trade and investment agreements that gave improved market access to the EU for goods from a non-EU country will continue to apply directly in the Channel Islands for the duration of the Transition Period. The Channel Islands are third countries for the purposes of the EU’s Common Commercial Policy (CCP). The Channel Islands were outside the EU for the purposes of transport, since this was a service provision which was not covered by Protocol 3. As a VAT system does not exist in Guernsey, and with a recent proposal to introduce one being voted out, certain claims … Guernsey and Jersey are attractive tourist destinations with their natural beauty and their unique culture and heritage. Like transport, energy services are a service under EU law and so were outside the scope of Protocol 3. Virtually all manufactured goods are imported. For example, the Islands’ airports have been formally assessed by the European Commission as meeting EU aviation security standards – an assessment endorsed by the EU’s aviation security committee. The life expectancy is 80.1 years for males and 84.5 years for females. 7 It has the highest tides in Europe. The Channel Islands are part of the Common Travel Area (CTA) with the UK and Ireland. 0800 840 2050 during office hours ONLY (08.00 to 17.00) Customer log in: User name Password Log in OECD Decisions and Recommendations apply to Guernsey and Jersey to the same extent as they do to the UK unless the contrary is specifically stated in a particular case. Leaving aside the regulatory issues involved on cross-border transactions – these are issues for the lawyers to ponder – it will be no surprise to hear that the approach of each tax authority to premium tax settlement from non-admitted insurance varies from one EU member state to the next. The Islands have made clear their commitment to remaining good neighbours of the EU irrespective of the outcome of the future relationship negotiations between the UK and the EU. So which countries are in the European Union, which countries aren’t, and are countries like Guernsey and … Transport This provides for passport-free travel and simplified entry procedures for business visitors and tourists. The terms relating exclusively to the Channel Islands and the Isle of Man were subsequently embodied in Protocol No. However, the Channel Islands’ own legislation deals with competition questions in a manner consistent with treatment of similar questions under EU competition law. This provides for passport-free travel and simplified entry procedures for business visitors and tourists. The Bailiwick of Guernsey belongs to the Common Travel Area.A bailiwick is the area or district of jurisdiction of a Bailiff. >b /"i Amendment of the Brexit Law. ""EU provision" has the meaning given in the European Union (Brexit) (Bailiwick of Guernsey) Law, 2018, and includes an item of Preserved EU law within the meaning of that Law,", and in the definition of "implementation", for "Community provision" substitute "EU provision". UK travellers visiting the EU once the Brexit transition period ends will face a number of new hurdles. Tourism is therefore an important industry. The German tax authorities deem this register to determine that any vessels operating out of their ports are subject to German premium tax. It does not derive from EU law but predates it and hence was not linked to Protocol 3. This Protocol lapsed from the date of the UK’s withdrawal, but its substantive provisions will continue to apply during the Transition Period until 31 December 2020. They are British Crown Dependencies, with a direct allegiance to the British Crown which goes back over 800 years. Trade Moving outside of the EU, Guernsey captive insurers find themselves in an equal position to those captives domiciled within the EU. © 2020 CIBO. Competition policy per se was not within the scope of Protocol 3 (although normal conditions of competition in trade in agricultural products apply) so there was no obligation on the Channel Islands to follow general EU competition rules. Looking to Asia, captives writing Singapore-based risk on a non-admitted basis have an added advantage over local insurance companies, in that the 7% local GST is not applicable where the premium transaction is offshore. Jersey has a special relationship with the European Union (EU). The EY classification doesn’t determine the length of time stock is to be static in a warehouse before it becomes ‘property’ (classes 8 and 9) versus ‘goods in transit’ (class 7). The Channel Islands are committed to some international environmental standards on which EU legislation has subsequently been based. Competition policy Complexities in these territories arise with the differing rules and requirements on a stateby-state basis in addition to the potential FET obligations. Since May 2016 Guernsey and Jersey have been within the geographic scope of the credit transfer and direct debit schemes of the Single Euro Payments Area (SEPA). If these nuances provide premium tax filing and settlement challenges to EU-based insurers writing EU-based risk, the challenges can only increase for Guernsey, or other non-EU jurisdictions looking to ensure premium tax compliance, with the added regulatory issues and whether they are physically able to even register with EU premium tax authorities. This was recognised most recently by EU Finance Ministers (ECOFIN) who, on 12 March 2019, confirmed that Guernsey and Jersey were cooperative jurisdictions, following a rigorous assessment process coordinated by the EU’s Code of Conduct Group on Business Taxation. For most purposes the Channel Islands were already outside the EU (third countries) and cooperation in these areas will not be directly affected by the UK’s withdrawal. Air and sea links are vital for small island economies like Guernsey and Jersey. Guernsey ceased to be ruled by Normandy in 1204. Gaelic Games Europe represents European County Board GAA, European County Board LGFA and European International Board CA, each of which is governed by their respective associations, namely the Gaelic Athletic Association, the Ladies Gaelic Football Association and the Camogie Association. However, the Channel Islands’ own legislation deals with competition questions in a manner consistent with treatment of similar questions under EU competition law. Each Bailiwick has significant marine energy resources (both wind and tidal current) that, if developed, could be exported into the EU to assist with climate change commitments. These international standards have often been transposed into EU law, and built upon. EU nationals are not subject to any visa controls. Authorities may also take a different view on ongoing compliance by non-EU insurers, to regularisation of a historical position for the insurer looking to seek compliance. Tourist and business visits The Channel Islands are not members of the International Telecommunications Union and the UK Regulator, OFCOM, manages and licences spectrum rights of use on the Channel Islands’ behalf. Energy Like the UK and Ireland, Guernsey and Jersey are outside the visa/check-free Schengen area and so operate border controls for flights or ships arrivals from countries other than the UK or Ireland. Tourist and business visits At 33ft, Guernsey’s tidal range is one of the world’s largest. This provides for passport-free travel and simplified entry procedures for business visitors and tourists. The Channel Islands have shown themselves by their actions to be reliable, active and cooperative partners of the EU and of the wider international community. After the UK left the EU on 31 January, Guernsey was forced to introduce permits because it was no longer party to the London Fisheries Convention, which governs access to waters for its signatories. In effect, a vessel registered within the UK but operating out of German ports could be subject to double taxation, due to the two countries different interpretation of the directive’s ‘location of risk’ rules. Exports of goods from the Channel Islands to the EU and from the EU to the Channel Islands are treated as intra-EU trade. Other EU member states will not even consider the registration of non-EU entities as taxpayers. Investment With Alderney, Sark, Herm, Jethou, and associated islets, it forms the Bailiwick of Guernsey. However, despite its location in Europe, non-EU membership and the subsequent inability to passport insurance business across the EU brings unique challenges for direct writing opportunities, along with premium tax compliance hurdles. The detailed rules setting out the conditions with respect to trade in agricultural products (which include fish and fish products) are set out in EC Regulation 706/73, as amended. WE ARE GUERNSEY is the brand under which Guernsey Finance promotes the island's financial services sector internationally. 2. Guernsey as a domicile for captives has many advantages for EU-based corporates, not to mention the island’s beauty and its proximity to the UK and mainland Europe. Together with the Bailiwick of Jersey, the Bailiwick of Guernsey is included in the grouping known as the Channel Islands. Above, Oslo, who also enjoys a trade-only relationship with the EU Facing strong pressure from Germany and other EU nations, the European Medicines Agency (EMA) has brought forward a meeting to assess the … Virtually all manufactured goods are imported. Whilst neither Guernsey nor Jersey is a member of the EU, some aspects of EU legislation are adopted by the Channel Islands in compliance with the bilateral agreements in place between Guernsey and Jersey and member states of the EU, including for example a number of tax information exchange agreements with … The first phase of the rollout of the Pfizer/BioNTech vaccine in Guernsey is due to begin next week. In Guernsey, EU Nationals and those from the European Economic Area, will have to apply for a visa via the UK online system, on top of their local employment permit. The Bailiwick ranked 10th in the world in 2015 with an average life expectancy of 82… The Channel Islands are not within the EU common system of VAT so trade in goods is not subject to the EU Principal VAT Directive. Non-EU-based insurers successfully register with HMRC and file ongoing IPT in the UK, and similar success is regularly evidenced in the Netherlands. This will no longer be the case after Brexit. During the period that the UK was an EU Member State, Guernsey was neither a separate Member State nor an Associate Member of the European Union. As small islands, Guernsey and Jersey have a services-based economy. Protection of the environment on land and in the surrounding marine areas is crucial for the unique ecosystems of the Channel Islands. There is close cooperation between the Channel Islands and the French authorities on emergency planning and on radioactive sampling. The Channel Islands have a robust and internationally respected system of financial regulation, including with respect to tackling money laundering and terrorist financing. The OECD Convention was extended to Guernsey and Jersey in 1990 and they are part of the UK for the purposes of its membership of the OECD. Environmental legislation was not covered by Protocol 3 but in some cases EU environmental standards, in areas like air and water quality, are used as guidelines for domestic legislation in the Channel Islands, even though there was no legal obligation to do so. Keen-eyed observers will spot a few differences, like blue post boxes and the use of … The protection of personal data and ensuring that when such data needs to be transferred to another jurisdiction it is done efficiently and securely, is vital for public bodies and for industry in Guernsey and Jersey. ; there are amendments not relevant to these Regulations 3 of the UK’s Accession Treaty in. 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