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Guernsey Launches QROPS Masterclasses

Friday, July 30, 2010

Following the success of previous topical coverage, Guernsey Finance has announced that it plans to reexamine Qualifying Recognized Overseas Pension Schemes (QROPS) at ‘masterclasses’ to be held in Manchester, Bristol and Birmingham, in the United Kingdom, in September and October.

Peter Niven, Chief Executive of Guernsey Finance – the promotional agency for the island’s finance industry, said: “Our two seminars in London were extremely well attended and we received very positive feedback from delegates who showed a real thirst for knowledge on the subject. Now we’re looking to build on these by rolling out similar seminars across other key financial centres in the UK where we believe there is latent demand for quality information.”

“We’ll have a panel of experts on hand at each event to take the audience right through from the foundation stages to the very latest thinking on QROPS such as recent developments like the introduction of QNUPS. They will be tackling a wide range of issues, including some of the common myths associated with these pension schemes and of course there will be a chance for the audience to have their questions answered by Guernsey and UK practitioners.”

The event will include an update on the work by the Guernsey Association of Pensions Providers (GAPP) to establish a code of practice for its members. A working group is in the process of drafting guidelines and it is hoped that a draft will be issued to GAPP members for consultation around the time of the autumn seminar series.

Panellists at the events will include Richard Green, the Deputy Director of Income Tax for the States of Guernsey; Adrian Howe, the Pensions Director at Marlborough Pension Trustees, and Stuart Place, the Marketing Director of Argyll Investment Services.

Also joining the sessions will be Richard Garrod, formerly Head of Tax in Manchester at accountancy firm Mazars and now a Director of financial services firm Confiance in Guernsey; Jo Summers, Director at the London-based PWT Advice; and Liz Hinchliffe, Pensions Technical Manager at Pinsent Masons LLP.

Niven added: “Since the introduction of the QROPS regime in 2006 Guernsey has become the leading jurisdiction providing this product. A key reason is the security that Guernsey offers – we continue to be proactive in ensuring that our schemes retain approval by HMRC.”

“This strong relationship with HMRC is backed up by the advantages offered by Guernsey schemes, such as the flexibility in tax planning, investment choice and benefit drawdown, as well as the experience and expertise of service providers and the island’s reputation for legislation and regulation of the highest standards.”

“Attending this seminar provides a great opportunity to hear from both Guernsey and UK experts, ask them questions and meet face to face with local service providers from the island.”

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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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