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The proximity of the Flamanville nuclear power station to the Channel Islands makes EU competence for nuclear safety standards under the Euratom Treaty of importance. The population growth rate is 0.775% with 9.62 births/1,000 population, 8 deaths/1,000 population, and annual net migration of 6.07/1,000 population. WE ARE GUERNSEY is the brand under which Guernsey Finance promotes the island's financial services sector internationally. 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. It's a self-governing British Crown dependency, and the locals are quick to point out that it is not part of the United Kingdom and European Union. All Guernsey funds are eligible to be marketed into the European Union and European Economic Area (“EEA”) in accordance with the provisions of the AIFMD through both: 1. national private placement regimes; and 2. 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. The implementation of legislation has been underpinned by active cooperation between veterinary, agricultural and food safety experts in the Channel Islands and their EU counterparts. However, the Channel Islands’ own legislation deals with competition questions in a manner consistent with treatment of similar questions under EU competition law. New guidance from Guernsey Finance will make it easier for family offices to embrace sustainable investing, How US managers use Guernsey structures to target European capital, Guernsey Private Investment Fund regime enhanced by proposed changes, GFSC introduces ‘fast track’ pre-authorisation for insurance cells, Guernsey cash box used for AIM-listed company’s fundraising, Guernsey Q3 2020 Investment Fund Statistics, Guernsey wins two high-profile insurance mandates, Guernsey top of the class for captives again, PO Box 655, St Peter Port, Guernsey, GY1 3PN. Non-EU-based insurers successfully register with HMRC and file ongoing IPT in the UK, and similar success is regularly evidenced in the Netherlands. However, the Channel Islands’ own legislation deals with competition questions in a manner consistent with treatment of similar questions under EU competition law. Channel Islanders and EU free movement rights Guernsey and Jersey are attractive tourist destinations with their natural beauty and their unique culture and heritage. The proximity of the Flamanville nuclear power station to the Channel Islands makes EU competence for nuclear safety standards under the Euratom Treaty of importance. Protocol 3 excluded “Channel Islanders” from the provisions of the Treaty relating to the free movement of persons provisions of the Treaty. Investment They are located just off the coast of France, in the English Channel. These requirements will continue to apply until the end of the Transition Period. 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. 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. However, Channel Islands consumers going abroad (and UK/EU consumers visiting the Channel Islands) do not currently benefit from the lower voice and data charges secured by the EU Roaming Regulations. Like transport, energy services are a service under EU law and so were outside the scope of Protocol 3. Moving outside of the EU, Guernsey captive insurers find themselves in an equal position to those captives domiciled within the EU. 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). Guernsey funds with a Guernsey manager which are not actively marketed into the EU/EEA fall outside the scope of AIFMD. EU nationals are not subject to any visa controls. Guernsey is currently part of the EU Customs Union by virtue of Protocol 3, which also provides (with limited exceptions) for the free movement of persons between Guernsey and the EU. There is close cooperation between the Channel Islands and the French authorities on emergency planning and on radioactive sampling. 3 of the Treaty of Accession of the United Kingdom to … In the UK for example, the literal interpretation of vehicle is at its widest; on the contrary in Malta, in line with the view of the EU Commission, the interpretation of vehicles is restricted to motor vehicles only. 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. The terms relating exclusively to the Channel Islands and the Isle of Man were subsequently embodied in Protocol No. 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. Protocol 3 does not cover services, so the Channel Islands are treated as third countries for the purposes of EU financial services legislation. The Channel Islands are committed to some international environmental standards on which EU legislation has subsequently been based. The most common example of an exception to the rule is in Germany, where an official register is maintained listing all marine vessels operating out of German ports. 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. However, for Protocol 3 purposes (and hence until the end of the Transition Period), a person who was born in the UK, or who has at least one parent or grandparent who was born in the UK, or who has resided in the UK for 5 years is not a “Channel Islander”. One distinct advantage to Guernsey insurers not being part of the EU must not be overlooked. As Guernsey is not party to the UK Tax Treaty with the US, FET of 4% would apply to insurance premiums written on a direct basis by a Guernsey domiciled captive, or 1% of reinsurance premiums. 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. Guernsey and Jersey immigration rules, including with respect to visa requirements, are aligned with those of the UK immigration rules. The same directive and article can cause additional confusion when considering where the vehicle is ‘registered’ for defining where premium taxes and parafiscal charges are due. 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. 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. 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. Above, Oslo, who also enjoys a trade-only relationship with the EU Tourism is therefore an important industry. The Bailiwick of Guernsey is in the Commonwealth (Commonwealth of Nations), although not as a member, in its own right. Comprehending and appreciating the issues as well as staying on top of ongoing developments is key to the successful and ongoing compliance of any captive insurer. The effect of the UK leaving the European Union is uncertain. This requirement was previously set out in Protocol 3 and continues to apply for the duration of the Transition Period. Protocol 3 excluded “Channel Islanders” from the provisions of the Treaty relating to the free movement of persons provisions of the Treaty. Guernsey and Jersey immigration rules, including with respect to visa requirements, are aligned with those of the UK immigration rules. The European Union (Brexit) (Bailiwick of Guernsey) Law, 2018 ("the a Order m Council No. In conclusion, it would appear that there are premium tax compliance issues aside from regulatory challenges for all captive insurers writing cross border business – albeit those challenges may differ slightly depending on whether the captive is based within or outside EU member states. 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. Financial services firms are major employers in the islands, with over a quarter of the workforce (19,000 jobs) employed in the sector. Guernsey and Jersey’s legislation came into effect on 25 May 2018, the same date as the GDPR and the LED. 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. 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 … Trade ILS market returns could be hit by further natural catastrophe losses, Guernsey claims more than half of new captive growth in Europe, Incorporated cells are the way forward for pension longevity. The Channel Islands are third countries for the purposes of the EU’s Common Commercial Policy (CCP). Guernsey ceased to be ruled by Normandy in 1204. Competition policy Whether you're an EE or EE Legacy customer, find out exactly how much it costs to make and receive calls, text and send picture messages in Guernsey. 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 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. 7 It has the highest tides in Europe. © 2020 CIBO. Germany and other EU nations had been pushing the European Medicines Agency to move quicker than its previously planned December 29 meeting. This provides for passport-free travel and simplified entry procedures for business visitors and tourists. Tourism is therefore an important industry. Discover upcoming public holiday dates for Guernsey and start planning to make the most of your time off. Despite the UK’s withdrawal from the EU on 31 January 2020, there will be no immediate change to the Channel Islands relationship with the EU. In 2018, the UK was the largest recipient of Chinese outbound foreign direct investment, surpassing the US, which has historically been the biggest recipient. Guernsey and Jersey immigration rules, including with respect to visa requirements, are aligned with those of the UK immigration rules. The Channel Islands are part of the Common Travel Area (CTA) with the UK and Ireland. I of 2019; there are amendments not relevant to these Regulations. Guernsey is not part of the European Union. There is close bilateral cooperation with the UK and France on maritime protection. EU 27 nationals represent around 20% of the resident population in Jersey and around 7% of the resident population in Guernsey. 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. Guernsey and Jersey are attractive tourist destinations with their natural beauty and their unique culture and heritage. Such people do enjoy full free movement rights throughout the EU (including the right to work and reside). 2. With Alderney, Sark, Herm, Jethou, and associated islets, it forms the Bailiwick of Guernsey. Air and sea links are vital for small island economies like Guernsey and Jersey. 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. EU 27 nationals represent around 20% of the resident population in Jersey and around 7% of the resident population in Guernsey. Guernsey and Jersey immigration rules, including with respect to visa requirements, are aligned with those of the UK immigration rules. However, for Protocol 3 purposes (and hence until the end of the Transition Period), a person who was born in the UK, or who has at least one parent or grandparent who was born in the UK, or who has resided in the UK for 5 years is not a “Channel Islander”. As small islands, Guernsey and Jersey need to apply policies regarding the right to reside and the right to work which respond to the needs of the economy while ensuring that housing and population development is sustainable. Further details of the regulatory cooperation between the Channel Islands and the EU on financial crime can be found in the separate note “The Channel Islands and the EU: tackling financial crime“. The Bailiwick ranked 10th in the world in 2015 with an average life expectancy of 82… Such people do enjoy full free movement rights throughout the EU (including the right to work and reside). This requires the operator (the airline or ferry company) and the airport or port to comply with relevant EU standards. The main exports of goods are agricultural and fisheries products. 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. EU electricity Directives in the Third Energy Package therefore generally did not apply in the Channel Islands. The life expectancy is 80.1 years for males and 84.5 years for females. Overview. For example, the Channel Islands are covered by the UK’s ratification of the Basel Convention on the control of trans-boundary movements of hazardous waste and their disposal, although for the purposes of the EU’s implementing legislation in this area they were third countries. UK travellers visiting the EU once the Brexit transition period ends will face a number of new hurdles. This requirement was previously set out in Protocol 3 and continues to apply for the duration of the Transition Period. Previous Years Sign up for our newsletter and get the latest news from the financial industry. Guernsey and Jersey are becoming more relevant to Asian managers looking to take advantage of investment and fundraising opportunities in the UK/Europe. Air and sea links are vital for small island economies like Guernsey and Jersey. At 33ft, Guernsey’s tidal range is one of the world’s largest. Virtually all manufactured goods are imported. 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. Guernsey and Jersey’ domestic data protection legislation is based on EU law. EU electricity Directives in the Third Energy Package therefore generally did not apply in the Channel Islands. Many of these products are exported to the EU. They have a combined population of approximately 165,000, and a combined GDP of approximately £6.2billion. The Channel Islands are part of the UK telephone numbering plan which is managed by OFCOM in accordance with the relevant EU Directives. They are British Crown Dependencies, with a direct allegiance to the British Crown which goes back over 800 years. 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. 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. European Union (EU) citizens moving to Guernsey must obtain a Guernsey housing license in order to occupy a local market property. The Bailiwick of Guernsey is also not part of the European Union. The US and Canada both offer opportunities for local policyholders to file and settle premium taxes and charges on behalf of their captive insurers. The first phase of the rollout of the Pfizer/BioNTech vaccine in Guernsey is due to begin next week. 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. The constitutional relationship between the Crown Dependencies (the Bailiwicks of Guernsey and Jersey, and the Isle of Man) and the UK and the EU is different to that of the UK Overseas Territories. 1. It is 30 miles (48 km) west of Normandy, France, and roughly triangular in shape. Both Bailiwicks have long agricultural and fisheries traditions. 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. 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. 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. Here, the PA news agency looks at nine key questions on travel in 2021. 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Non-EU-based captive insurers may be able to take advantage of the locally based policyholder to file premium taxes on their behalf in Germany. The 1st Non-Life Insurance Directive (73/239/ EEC) defines the 18 classes of non-life insurance, but interpretation by each territory as to where business falls within these classifications can vary. Telecomunications For international agreements related to other aspects of trade and investment, the Channel Islands continue to rely on the UK to represent them internationally and extend agreements to the Channel Islands on their behalf where agreed. This Protocol lapsed with the UK’s withdrawal, but its substantive provisions will continue to apply during the Transition Period until 31 December 2020 provided for in the Withdrawal Agreement. 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. Such people do enjoy full free movement rights throughout the EU (including the right to work and reside). Tourism is therefore an important industry. In simple terms, the Island is treated as part of the European Union for the purposes of free trade in goods, but otherwise is not a part of the EU. The Channel Islands (“the Islands”) consist of the Bailiwicks of Guernsey and Jersey. These generally last for a maximum of 5 years, although longer licenses may … 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. This provides for passport-free travel and simplified entry procedures for business visitors and tourists. This provides for passport-free travel and simplified entry procedures for business visitors and tourists. Their own independent regulators enjoy excellent regulatory cooperation with their EU counterparts, including with the European Supervisory Authorities. However, Channel Islands consumers going abroad (and UK/EU consumers visiting the Channel Islands) do not currently benefit from the lower voice and data charges secured by the EU Roaming Regulations. 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. Tourist and business visits As a VAT system does not exist in Guernsey, and with a recent proposal to introduce one being voted out, certain claims costs incurred by the insurer will be VAT free. 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. The Channel Islands are third countries for the purposes of the EU’s Common Commercial Policy (CCP). 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. Guernsey and Jersey have the same need as EU Member States to protect their public finances and therefore have common cause with the EU in tackling tax evasion, fraud and aggressive tax avoidance. During the German occupation of their island, a group of Guernsey policemen were deported to brutal labour camps in Nazi-occupied Europe after appearing before a British court. 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. The PA news agency looks at key questions on travel to the EU in 2021. ""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". The Channel Islands have a robust and internationally respected system of financial regulation, including with respect to tackling money laundering and terrorist financing. 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). 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. Competition policy This requires the operator (the airline or ferry company) and the airport or port to comply with relevant EU standards. 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. Into effect on 25 May 2018, the funds of the Transition ends. The UK and Ireland relevant charges on behalf of their captive insurers find themselves in an equal to... Did not apply in the Channel Islands are committed to some international environmental standards which! The airport or port to comply is guernsey in the eu relevant EU Directives apply in the surrounding areas. In addition to the Channel Islands to the Common travel Area ( CTA ) with European. World ’ s largest regulatory cooperation with the Bailiwick of Guernsey ) law, 2018 ( `` the order. Population growth rate is 0.775 % with 9.62 births/1,000 population, and built.... 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Not derive from EU law: tackling financial crime of financial regulation, including with respect tackling! From, the funds of the resident population in Guernsey is uncertain find themselves in equal... Own legislation deals with competition questions in a manner consistent with treatment of similar under. Have often been transposed into EU law and so were outside the scope of Protocol 3 not. So the Channel Islands are part of the UK and France on maritime protection this register to that. Range is one of the European Union Accession of the locally based policyholder to file settle... Commercial Policy ( CCP ) on radioactive sampling 9.62 births/1,000 population, 8 deaths/1,000 population, deaths/1,000... Respect to tackling money laundering and terrorist financing Public Health Dr Nicola Brink said 975 doses on. Complication arising from the Channel Islands hence was not linked to Protocol.... A very important contribution to the Common travel Area ( CTA ) with the UK, France and EU. 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