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Offshore Financial Centres
The Isle of Man
The Isle of Man was the first
offshore centre to be granted Designated Territory status by
the U.K. This makes the Isle of Man one of the
best-regulated International Finance centres in the world.
In terms of political and financial security, few locations
can rival the advantages provided by the Isle of Man.
With
more than 1,000 years of continuous parliamentary government
- the longest period of unbroken government in the world -
the Isle of White enjoys exceptional political stability. In
terms of direct taxation and legal matters, it is
independent of, and not subject to, laws passed by the
United Kingdom parliament.
In addition,
the Isle of Man is not a member state of the European Union and
is therefore not obliged to bring its tax system into line with
that of the European Union. Isle of man law prohibits financial
institutions from disclosing details of clients, or their
financial dealings, to any tax authority therefore providing
complete security.
In addition
clients are protected by the Compensation of policyholders
Regulations 1991, which are incorporated in the Financial
Supervision Act 1988 operated by the Isle of Man Government
Insurance Authority.
The Isle of
Man compensation of policyholders regulations Act 1991 provides
up to 90% of an insurer’s liability to the policyholder, in the
unlikely event that the company should go into liquidation.
There is no upper limit to the amount of compensation that can
be paid.
Jersey
Jersey is one of the world’s major international financial
centres and its political and economic stability has made it an
attractive base for thousands of banks, fund management
companies and other financial professionals.
The Island has developed a sophisticated and comprehensive
infrastructure of laws and regulations to support its
Finance industry. Located between the United Kingdom and
France, Jersey is recognised around the world as a centre of
financial strength and security.
Jersey prides itself for being at the forefront of financial
service regulation and investor protection. What’s more,
from Jersey’s population of 88,000, over 12,000 are
professionally trained staff working within the finance or
related industries – a sure sign of the Island’s commitment
to international investors. The wrap is protected under the
Financial Service (Jersey) Law.
Dublin
All life assurance companies licensed to conduct business in
Ireland are directly regulated by the Irish Government
through the Department of Enterprise, Trade and Employment.
Ireland
is a full member of the European Union
The Irish
regulatory system is in line with EU requirements .
All life assurance companies are subject to strict EU.
solvency margin rules. The same rules that apply to life
companies in the UK, Germany, Belgium, Holland, France and
anywhere else in the EU. The aim of the solvency margin
requirements is to insure that the company concerned has
sufficient funds to comply fully with its obligations to
policyholders.
Policyholders of unit-linked life
assurance savings, investment, pension policies are secure
in the knowledge that companies based in Dublin's financial
services centre are required at all times to hold
investments to the value of the units held by client's life
policies. These funds are held separate and distinct from
the shareholders funds, and are reported separately to the
regulator.
Guernsey
Guernsey is a part of the British Isles and yet it is
independent of the United Kingdom. Guernsey’s history since
1205 has been one of prosperity, economic success and
political stability. Guernsey’s position today as a premier
international finance centre results from its combination of
fiscal neutrality, quality communications and a progressive
approach to legislation.
Policyholder protection of the highest order has contributed
to the prominence of international insurance within a
wide-ranging financial services industry. The concentration
of business has also resulted in the development of a
network of professional support services, including a
growing reputation for e-commerce.
Substantial investment in new premises by many of the
leading international financial services companies is also a
tangible sign of the positive way in which Guernsey’s major
industry is viewed by its key players. There is little doubt
that the future of Guernsey as a centre for international
finance is bright and exciting.
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