Energy EU 27 nationals represent around 20% of the resident population in Jersey and around 7% of the resident population in Guernsey. Guernsey and Jersey’s legislation came into effect on 25 May 2018, the same date as the GDPR and the LED. 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. It does not derive from EU law but predates it and hence was not linked to Protocol 3. In 2018, the UK was the largest recipient of Chinese outbound foreign direct investment, surpassing the US, which has historically been the biggest recipient. The UK have confirmed that the Crown dependencies’ position will be argued in the Brexit negotiations. However virtually all aviation and shipping links from the Channel Islands are to the UK, France and other EU destinations. >b /"i Amendment of the Brexit Law. To add to confusion, in several EU countries IPT legislation was written many years prior to the issuance of the directive. Transport Investment 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”. Guernsey and Jersey’ domestic data protection legislation is based on EU law. Above, Oslo, who also enjoys a trade-only relationship with the EU 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. Non-EU-based insurers successfully register with HMRC and file ongoing IPT in the UK, and similar success is regularly evidenced in the Netherlands. EU electricity Directives in the Third Energy Package therefore generally did not apply in the Channel Islands. 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 … So which countries are in the European Union, which countries aren’t, and are countries like Guernsey and … Channel Islanders and EU free movement rights As a VAT system does not exist in Guernsey, and with a recent proposal to introduce one being voted out, certain claims … Moving outside of the EU, Guernsey captive insurers find themselves in an equal position to those captives domiciled within the EU. These international standards have often been transposed into EU law, and built upon. 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. The PA news agency looks at key questions on travel to the EU in 2021. 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. 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. Tourism is therefore an important industry. 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. Further details can be found in the separate note“The Channel Islands and Brexit”. Here, the PA news agency looks at nine key questions on travel in 2021. The Islands are not part of the United Kingdom, but the UK is constitutionally responsible for the Islands’ defence and for formal international representation, while Channel Islanders are British Citizens. 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. 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. 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. Many of these products are exported to the EU. Guernsey and Jersey are attractive tourist destinations with their natural beauty and their unique culture and heritage. Guernsey and Jersey are attractive tourist destinations with their natural beauty and their unique culture and heritage. 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. I of 2019; there are amendments not relevant to these Regulations. 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. Such people do enjoy full free movement rights throughout the EU (including the right to work and reside). At 33ft, Guernsey’s tidal range is one of the world’s largest. 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. 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. 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“. 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. Their own independent regulators enjoy excellent regulatory cooperation with their EU counterparts, including with the European Supervisory Authorities. 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. Protection of the environment on land and in the surrounding marine areas is crucial for the unique ecosystems of the Channel Islands. 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. The first phase of the rollout of the Pfizer/BioNTech vaccine in Guernsey is due to begin next week. 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. EU nationals are not subject to any visa controls. The population is 63,026 (July 2016 est.) Like transport, energy services are a service under EU law and so were outside the scope of Protocol 3. As specialist finance centres, Guernsey and Jersey recognise the important role they must play in tackling financial and economic crime, particularly as regards AML/CFT. The effect of the UK leaving the European Union is uncertain. WE ARE GUERNSEY is the brand under which Guernsey Finance promotes the island's financial services sector internationally. 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. The Channel Islands have implemented domestic legislation which is essentially equivalent to the new EU General Data Protection Regulation (GDPR) and the related EU Directive on data exchange between law enforcement authorities (LED). Energy Guernsey and Jersey are attractive tourist destinations with their natural beauty and their unique culture and heritage. Although small, only 62 sq km (38 sq miles) in size, Guernsey harbours a strong local identity. This will continue to apply for the duration of the Transition Period. Guernsey, second largest of the Channel Islands. 1. 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. 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. Through being a part of the customs union, the Channel Islands apply the Common External Tariff (CET) to imports of goods from third countries. 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. There is close cooperation between the Channel Islands and the French authorities on emergency planning and on radioactive sampling. 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. The main exports of goods are agricultural and fisheries products. 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“. 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. European Union (EU) citizens moving to Guernsey must obtain a Guernsey housing license in order to occupy a local market property. As major well-regulated financial centres, both Guernsey and Jersey are significant net providers of liquidity and investment funds to the EU economy. The Islands enjoy a high degree of autonomy, including their own fiscal and judicial systems, and receive no financial subsidy from the UK or the EU. They therefore make a very important contribution to the economy and to community life in both Bailiwicks. 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. 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. 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. Exports of goods from the Channel Islands to the EU and from the EU to the Channel Islands are treated as intra-EU trade. 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. As small islands, Guernsey and Jersey have a services-based economy. So, for example, in the application of their residency policies they cannot favour, say, British nationals over other EU nationals. Jersey and the European Union. This provides for passport-free travel and simplified entry procedures for business visitors and tourists. Like transport, energy services are a service under EU law and so were outside the scope of Protocol 3. 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. Legislation in these territories was designed for the domestic market rather than global non-admitted insurance. 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. Otherwise transport legislation in the Channel Islands is largely based on international standards set by bodies such as the International Civil Aviation Organization (ICAO) and the International Maritime Organization (IMO). 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. The European Union (Brexit) (Bailiwick of Guernsey) Law, 2018 ("the a Order m Council No. Previous Years 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. As small islands, Guernsey and Jersey have a services-based economy. This requirement was previously set out in Protocol 3 and continues to apply for the duration of the Transition Period. 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. Guernsey neither contributes to, nor directly receives anything from, the funds of the European Union. Environment EU nationals are not subject to any visa controls. 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 … 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. EU 27 nationals represent around 20% of the resident population in Jersey and around 7% of the resident population in Guernsey. Guernsey ceased to be ruled by Normandy in 1204. Both Bailiwicks have long agricultural and fisheries traditions. Such people do enjoy full free movement rights throughout the EU (including the right to work and reside). The terms relating exclusively to the Channel Islands and the Isle of Man were subsequently embodied in Protocol No. 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). It is 30 miles (48 km) west of Normandy, France, and roughly triangular in shape. 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. Moving outside of the EU, Guernsey captive insurers find themselves in an equal position to those captives domiciled within the EU. This provides for passport-free travel and simplified entry procedures for business visitors and tourists. Does this mean you need to charge VAT on sales to Jersey? Like transport, energy services are a service under EU law and so were outside the scope of Protocol 3. Well, the Channel Islands (Jersey, Guernsey, Alderney, Sark and Herm) are NOT part of the UK or the European Union for VAT purposes. Protection of the environment on land and in the surrounding marine areas is crucial for the unique ecosystems of the Channel Islands. Further details of the financial services industry in the Islands and of the relationship with the EU can be found in the separate note “Channel Islands-EU – Financial Services“. One distinct advantage to Guernsey insurers not being part of the EU must not be overlooked. 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. In the ongoing desire for global compliance, solutions are being sought to deal with 'difference in conditions/difference in limits' ('DIC-DIL') covers and other non-admitted … 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. 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. 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This requires the operator (the airline or ferry company) and the airport or port to comply with relevant EU standards. They are British Crown Dependencies, with a direct allegiance to the British Crown which goes back over 800 years. THE European Union has 28 member countries – but Europe itself has 50 nations. Tourist and business visits Guernsey and Jersey are attractive tourist destinations with their natural beauty and their unique culture and heritage. Virtually all manufactured goods are imported. They therefore make a very important contribution to the economy and to community life in both Bailiwicks. Karen Jenner, of FiscalReps, speaks to Captive Review about the hurdles surrounding premium tax compliance for insurers and captives domiciled in Guernsey. The Bailiwick of Guernsey is also not part of the European Union. The Channel Islands are part of the UK telephone numbering plan which is managed by OFCOM in accordance with the relevant EU Directives. 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. 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. Controls in respect of the right to work by EU nationals in the Channel Islands are dealt with under the respective domestic legislation in each island, subject to the requirement that the Channel Islands must treat all EU nationals equally. Tourism is therefore an important industry. However, the Channel Islands’ own legislation deals with competition questions in a manner consistent with treatment of similar questions under EU competition law. 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 main areas of direct impact are those previously covered by Protocol 3. 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. However, the Channel Islands’ own legislation deals with competition questions in a manner consistent with treatment of similar questions under EU competition law. However virtually all aviation and shipping links from the Channel Islands are to the UK, France and other EU destinations. EU electricity Directives in the Third Energy Package therefore generally did not apply in the Channel Islands. Telecomunications 2. Guernsey and Jersey immigration rules, including with respect to visa requirements, are aligned with those of the UK immigration rules. 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. An interesting complication arising from the varying approaches is with regard to the treatment of stock. Germany and other EU nations had been pushing the European Medicines Agency to move quicker than its previously planned December 29 meeting. The European Communities (Bailiwick of Guernsey) Law, 1973b ("the 1973 Law") is amended as set out in Schedule 1. Tourism is therefore an important industry. 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. 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 Channel Islands are part of the Common Travel Area (CTA) with the UK and Ireland. The Channel Islands were outside the Common Agricultural Policy (CAP): they did not pay into nor received funds from the EU budget. 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. The Commission has reissued its document to provide a brief update to regulated firms, the States of Guernsey and other stakeholders on recent developments relating to the EU’s Markets in Financial Instruments Directive that could have a significant impact of firms located in the Bailiwick who are, or may be … 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. 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. In any of these particular instances, it appears that all insurance activity and premium transactions should take place offshore. 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 Channel Islands and the EU: tackling financial crime. 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. Guernsey funds with a Guernsey manager which are not actively marketed into the EU/EEA fall outside the scope of AIFMD. 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 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. 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