This provides for passport-free travel and simplified entry procedures for business visitors and tourists. 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. Transport The PA news agency looks at key questions on travel to the EU in 2021. 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. The Bailiwick ranked 10th in the world in 2015 with an average life expectancy of 82… These requirements will continue to apply until the end of the Transition Period. Guernsey, technically a crown dependency, is part of the British Isles — its citizens hold British nationality, and many have southern English-sounding accents — but it is not part of the U.K. Guernsey residents can’t vote in U.K. elections unless they have recently lived there, and the Brexit referendum was no exception. 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. They have a combined population of approximately 165,000, and a combined GDP of approximately £6.2billion. 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. Telecomunications 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. It does not derive from EU law but predates it and hence was not linked to Protocol 3. WE ARE GUERNSEY is the brand under which Guernsey Finance promotes the island's financial services sector internationally. 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 funds with a Guernsey manager which are not actively marketed into the EU/EEA fall outside the scope of AIFMD. This provides for passport-free travel and simplified entry procedures for business visitors and tourists. 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. 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). Both Bailiwicks have long agricultural and fisheries traditions. The Islands have made clear their commitment to remaining good neighbours of the EU irrespective of the outcome of the future relationship negotiations between the UK and the EU. EU nationals are not subject to any visa controls. The main areas of direct impact are those previously covered by Protocol 3. Both Islands are noted for the quality of their fresh fish and seafood, for their dairy products made from the unique Guernsey and Jersey cattle breeds, and for other products such as cut flowers, potatoes, wine and cider. For example, the Islands’ airports have been formally assessed by the European Commission as meeting EU aviation security standards – an assessment endorsed by the EU’s aviation security committee. European Union (EU) citizens moving to Guernsey must obtain a Guernsey housing license in order to occupy a local market property. The Channel Islands have a robust and internationally respected system of financial regulation, including with respect to tackling money laundering and terrorist financing. The Channel Islands are part of the Common Travel Area (CTA) with the UK and Ireland. Energy 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. 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 coverages underwritten by captives. The life expectancy is 80.1 years for males and 84.5 years for females. Their own independent regulators enjoy excellent regulatory cooperation with their EU counterparts, including with the European Supervisory Authorities. This requirement was previously set out in Protocol 3 and continues to apply for the duration of the Transition Period. 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. Jersey has a special relationship with the European Union (EU). It does not derive from EU law but predates it and hence was not linked to Protocol 3. 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. 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. Air and sea links are vital for small island economies like Guernsey and Jersey. Guernsey and Jersey voluntarily implement all EU sanctions, including asset freezes. This requirement was previously set out in Protocol 3 and continues to apply for the duration of the Transition Period. Energy 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. 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). 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. Together with the Bailiwick of Jersey, the Bailiwick of Guernsey is included in the grouping known as the Channel Islands. 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. The Channel Islands are part of the UK telephone numbering plan which is managed by OFCOM in accordance with the relevant EU Directives. 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. 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. 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. EU electricity Directives in the Third Energy Package therefore generally did not apply in the Channel Islands. 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. The Bailiwick of Guernsey belongs to the Common Travel Area.A bailiwick is the area or district of jurisdiction of a Bailiff. 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. The Channel Islands are part of the Common Travel Area (CTA) with the UK and Ireland. 1. 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. 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. 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. 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”. 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. This provides for passport-free travel and simplified entry procedures for business visitors and tourists. 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. They therefore make a very important contribution to the economy and to community life in both Bailiwicks. 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). They therefore make a very important contribution to the economy and to community life in both Bailiwicks. Competition policy There is close bilateral cooperation with the UK and France on maritime protection. However, Regulation 706/73 imposed certain constraints on the Channel Islands’ own systems of agricultural support: state aid for exports of certain agricultural products to Member States and to non-EU countries could not exceed the relevant aid, refund or compensatory amount permitted to be granted by the UK under the respective EU rules. EU nationals are not subject to any visa controls. Channel Islanders and EU free movement rights Guernsey and Jersey immigration rules, including with respect to visa requirements, are aligned with those of the UK immigration rules. Similarly, EU fisheries conservation measures under the Common Fisheries Policy (CFP) did not apply directly to the Channel Islands under Protocol 3 and the Channel Islands did not pay into or receive money from the EU (or UK) budget, including the European Maritime and Fisheries Fund – EMFF. Guernsey neither contributes to, nor directly receives anything from, the funds of the European Union. This will continue to apply for the duration of the Transition Period. 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. It does not derive from EU law but predates it and hence was not linked to Protocol 3. So, for example, in the application of their residency policies they cannot favour, say, British nationals over other EU nationals. 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. EU electricity Directives in the Third Energy Package therefore generally did not apply in the Channel Islands. In Belgium alone FiscalReps have sub-classified these 18 classes into more than 150 for the purposes of accurately coding products and subsequently calculating premium tax and parafiscal charges for their clients in this country. 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“. ""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". 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. Leaving aside the regulatory issues involved on cross-border transactions – these are issues for the lawyers to ponder – it will be no surprise to hear that the approach of each tax authority to premium tax settlement from non-admitted insurance varies from one EU member state to the next. 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”. 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“. In 2018, the UK was the largest recipient of Chinese outbound foreign direct investment, surpassing the US, which has historically been the biggest recipient. So, for example, in the application of their residency policies they cannot favour, say, British nationals over other EU nationals. The Channel Islands (“the Islands”) consist of the Bailiwicks of Guernsey and Jersey. 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). 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. 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 implementation of legislation has been underpinned by active cooperation between veterinary, agricultural and food safety experts in the Channel Islands and their EU counterparts. This provides for passport-free travel and simplified entry procedures for business visitors and tourists. 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. 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 … 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. Complexities in these territories arise with the differing rules and requirements on a stateby-state basis in addition to the potential FET obligations. 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. As major well-regulated financial centres, both Guernsey and Jersey are significant net providers of liquidity and investment funds to the EU economy. All rights reserved | info[at]channelislands.eu, Channel Islands: Tuesday, December 15th, 2020 21:32 | Brussels: +1 hour, The right to reside and the right to work, Channel Islanders and EU free movement rights. The population is 63,026 (July 2016 est.) One distinct advantage to Guernsey insurers not being part of the EU must not be overlooked. Telecomunications 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. Environment Germany and other EU nations had been pushing the European Medicines Agency to move quicker than its previously planned December 29 meeting. However, there is a formal relationship between the Channel Islands and the EU which is governed by Protocol 3 to the UK's Act of Accession to the European Economic Community in … Here, the PA news agency looks at nine key questions on travel in 2021. 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. 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. The effect of the UK leaving the European Union is uncertain. 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. Following a meeting between EU officials in Brussels, the commission confirmed its endorsement of Guernsey as a “cooperative jurisdiction”. 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Sign up for our newsletter and get the latest news from the financial industry. THE European Union has 28 member countries – but Europe itself has 50 nations. 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. In any of these particular instances, it appears that all insurance activity and premium transactions should take place offshore. Protocol 3 excluded “Channel Islanders” from the provisions of the Treaty relating to the free movement of persons provisions of the Treaty. Guernsey is part of a free-movement area with the UK and Ireland, but controls immigration from the rest of the EU. 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. Authorities may also take a different view on ongoing compliance by non-EU insurers, to regularisation of a historical position for the insurer looking to seek compliance. The Bailiwick of Guernsey is also not part of the European Union. 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”. However virtually all aviation and shipping links from the Channel Islands are to the UK, France and other EU destinations. Channel Islanders and EU free movement rights Many of these products are exported to the EU. 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. Non-EU-based insurers successfully register with HMRC and file ongoing IPT in the UK, and similar success is regularly evidenced in the Netherlands. They are British Crown Dependencies, with a direct allegiance to the British Crown which goes back over 800 years. However, the Channel Islands’ own legislation deals with competition questions in a manner consistent with treatment of similar questions under EU competition law. 7 It has the highest tides in Europe. 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. 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. Guernsey, second largest of the Channel Islands. 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. After the UK left the EU on 31 January, Guernsey was forced to introduce permits because it was no longer party to the London Fisheries Convention, which governs access to waters for its signatories. Through being a part of the customs union, the Channel Islands apply the Common External Tariff (CET) to imports of goods from third countries. 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 requires the operator (the airline or ferry company) and the airport or port to comply with relevant EU standards. The Channel Islands are part of the UK telephone numbering plan which is managed by OFCOM in accordance with the relevant EU Directives. UK travellers visiting the EU once the Brexit transition period ends will face a number of new hurdles. Both have had tax crimes as a predicate offence for AML purposes for more than a decade. Such people do enjoy full free movement rights throughout the EU (including the right to work and reside). Tourism is therefore an important industry. 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. As small islands, Guernsey and Jersey have a services-based economy. 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. 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. For example, the Islands’ airports have been formally assessed by the European Commission as meeting EU aviation security standards – an assessment endorsed by the EU’s aviation security committee. It does not derive from EU law but predates it and hence was not linked to Protocol 3. Tourism is therefore an important industry. The European Communities (Bailiwick of Guernsey) Law, 1973b ("the 1973 Law") is amended as set out in Schedule 1. This had hitherto been governed by Protocol 3 of the UK’s Accession Treaty. These international standards have often been transposed into EU law, and built upon. 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