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Economy and Banking Sector of Guernsey

Guernsey
Location
Europe
EU Status
not part of the EU

Guernsey is a British Crown dependency, situated in the English Channel. Guernsey is a "self-governing possession" of the British Crown and is considered internationally as a "territory for which the United Kingdom is responsible" rather than a sovereign state. Guernsey is not a part of the European Union, although it's within the European Union's customs area.

Currency
GBP (Pound sterling)
Population  (2012)
65 345
Nominal GDP (2015)
2.4 bln GBP  (+0.02%)
Credit Ratings (as of May 2018)
-/-

Financial services, including banking, fund management, and insurance, are the main contributors to the GDP of Guernsey.

Withholding tax rates in Guernsey are 0.0-20.0 %. Guernsey signed 12 double taxation agreements.
Guernsey signed the automatic information exchange agreement on 29 October 2014 and committed to start the automatic information exchange in September 2017.
Guernsey has FATCA agreement with the U.S. in effect since 13 December 2013 (Intergovernmental Agreement Model 1).

Number of Banks
23
Consolidated Banking Assets (2016)
119.72 bln GBP  (+17.48%)
Deposit Guarantee
50 000 GBP

Most of the banks in Guernsey are foreign-controlled banks representing a range of countries with majority of banks having their head offices in the United Kingdom and Switzerland. Banks operating in Guernsey provide quite diversified spectrum of solutions: retail banking services essential to the local community, expatriate deposits, private banking and wealth management. Guernsey's banks also provide custody, foreign exchange and other banking services to investment, fund administration, fiduciary and insurance sectors.

See Also