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Crown Dependencies Hold First Trilateral Meeting

Tuesday, October 30, 2012

The Chief Ministers of the UK Crown Dependencies, Jersey, Guernsey and the Isle of Man have held their first formal meeting to discuss tax and public sector reform, and the changing environment facing offshore international financial centres.

The forum, held at Gatwick Airport on October 25, 2012, follows on from an earlier meeting in May at which the heads of the territories agreed to regularly engage in trilateral discussions for mutual benefit.

Guernsey's Chief Minister, Peter Harwood, said:

"Guernsey, Jersey, and the Isle of Man, whilst separate and indeed competing jurisdictions in certain areas, face common challenges where working together benefits taxpayers in all of our islands. I am therefore delighted to have followed-up the bilateral meetings held earlier this year with Jersey and the Isle of Man with this opportunity to discuss matters of mutual interest."

Isle of Man Chief Minister, Allan Bell added:

‘In the current international climate it is more important than ever that the Crown Dependencies maintain an open dialogue on matters of mutual interest. The islands may be commercial competitors but we do face common challenges both at home and abroad. This was a very useful opportunity to share views and information on a range of topics including the economy, growing global pressure on tax issues, and our support for developing countries. On the domestic front all three islands are facing up to public sector reform.’

On behalf of Jersey, the island's Chief Minister, Ian Gorst said:

“Since the elections, there has been a real enthusiasm to engage with each other and work together in areas that are of benefit to each island. I’m pleased that this has now been formalised with our first official meeting [which are proposed to continue in 2013]."

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The Report

Offshore Trusts Guide: Introduction

The History of Offshore Trusts
Development of Professional Competence in the Jurisdictions
What Future for the Trust?
The New Age of Transparency
The Swiss Association of Trust Companies
The Society of Trusts and Estates Practitioners

Offshore Trusts Guide: Jurisdictions

Bahamas

Bahamas: Legal Framework and Formation Rules and Fees
Bahamas: 2006 Private Trust Companies Legislation

Barbados

Barbados: Legal Framework and Formation Rules and Fees
Barbados: Supervisory and Licensing Regime and Fees

Bermuda

Bermuda: Legal Framework and Formation Rules and Fees
Bermuda: Supervisory and Licensing Regime and Fees

British Virgin Islands

British Virgin Islands: Legal Framework and Formation Rules and Fees
British Virgin Islands: Special Trusts Act 2003
British Virgin Islands: The Trustee Act 2003
British Virgin Islands: :Supervisory and Licensing Regime and Fees
British Virgin Islands: New Laws on Private Trust Companies
British Virgin Islands: New Private Trust Company Regulations

Cayman Islands

Cayman Islands: Legal Framework and Formation Rules and Fees
Cayman Islands: Supervisory and Licensing Regime and Fees

Cook Islands

Cook Islands: Legal Framework and Formation Rules and Fees
Cook Islands: Supervisory and Licensing Regime and Fees

Cyprus

Cyprus: Legal Framework and Formation Rules and Fees
Cyprus: Supervision, Licensing and Tax

Gibraltar

Gibraltar: Legal Framework and Formation Rules and Fees
Gibraltar: Legislation, Regulation and Supervision

Guernsey

Guernsey: Legal Framework and Formation Rules and Fees
Guernsey: Trusts Law 2007

Isle of Man

Isle of Man: Legal Framework and Formation Rules and Fees
Isle of Man: Supervisory and Licensing Regime
Isle of Man: Uses Clients and Tax Treatment

Jersey

Jersey: Legal Framework and Formation Rules and Fees
Jersey: Supervisory and Licensing Regime
Jersey: Trusts Amendment Act 2006
Jersey: Foundations

Liechtenstein

Liechtenstein: Legal Framework and Formation Rules and Fees
Liechtenstein: Regulation Supervision and Transparency
Liechtenstein: Characteristics of Liechtenstein Trusts
Liechtenstein: Foundations

Madeira

Madeira: Legal Framework and Formation Rules and Fees

Malta

Malta: Legal Framework and Formation Rules and Fees
Malta: The Trust and Trustees Act 2004

Mauritius

Mauritius: Legal Framework and Formation Rules and Fees
Mauritius: Characteristics of the 2001 Trusts Act
Mauritius: Additional Provisions of the 2001 Trusts Act
Mauritius: Tax Treatment

Monaco

Monaco: Legal Framework and Formation Rules and Fees

Nevis

Nevis: Legal Framework and Formation Rules and Fees

Panama

Panama: Legal Framework and Formation Rules and Fees
Panama: Requirements for Acting as Trust Company in Panama

Seychelles

Seychelles: Legal Framework and Formation Rules and Fees

Turks & Caicos

Turks & Caicos: Legal Framework and Formation Rules and Fees
Turks & Caicos: The Voidable Dispositions Ordinance

Vanuatu

Vanuatu Legal Framework and Formation Rules and Fees




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