Companies which are incorporated in Guernsey but which are owned by non-residents of Guernsey and do no business with Guernsey resident individuals or corporations can be granted exempt status in Guernsey.
The population of Guernsey is approximately 60,000.
Guernsey enjoys a special relationship with the European Union (EU). This is defined by Protocol 3 to the 1973 Treaty of Accession of the UK to the European Community, which can only be changed by the unanimous resolution of all the member states (including the UK). Although Guernsey is not a member state there are special arrangements under Protocol 3 for the free movement of manufactured and agricultural goods between Guernsey and the EU member states.
INFRASTRUCTURE AND ECONOMY
Financial servicesbanking, fund management, insurance, etc.account for about 55% of total income in this tiny Channel Island economy. Tourism, manufacturing, and horticulture, mainly tomatoes and cut flowers, have been declining. Light tax and death duties make Guernsey a popular tax haven. The evolving economic integration of the EU nations is changing the rules of the game under which Guernsey operates.
The official and spoken language is English.
Guernsey Pound (£G).
TYPE OF LAW
Common Law based on English Common Law.
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