Only 78 square kilometres is the total area of the island of Guernsey! The terrain is mostly level with low hills. Geographically , Guernsey in situated 50 kilometres west of France’s Normandy coast in the Gulf of Saint Malo. The local language of Guernésiais is spoken fluently by only one fifth of the population, with the majority of people choosing English as their main language. The United Kingdom law is valid for immigration and nationality purposes, and Guernsey’s inhabitants are full British citizens.
The financial services, such as insurance, banking, and fund management are becoming more and more of influence to the economy in Guernsey. In recent years, tourism, horticulture and manufacturing have been declining.
Guernsey has its own system of taxation, which CXC are specialists in. We help our clients with the local tax and social security registration, as well as with the preparation of personal income tax return. Income and corporation taxes are generally lower than in the UK and there are no Value Added Taxes. Known for its light tax and death duties, Guernsey is becoming a popular offshore finance centre for private equity funds.
CXC Global’s local expertise and knowledge of Guernsey tax legislation, allows us to work closely with our clients, assist with Local Tax and Social Security Registration, VAT Registration, including a preparation of a personal income tax return at the end of the tax year.
Contracting in Guernsey is fairly simple, and knowledge of tax laws can make this very lucrative. The taxation system in Guernsey is contractor friendly. Guernsey is recognised for being a country with good living standards and reasonable tax system. They have entered into Dual Taxation Treaties with some countries and tend to follow the UK on this. For foreign national contract workers, contracting in Guernsey, it would be wise to consult with CXC Global on the best way to structure, and how best to balance taxation.