Details
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Liechtenstein
Liechtenstein has been established as a financial services centre since 1926, when it adopted the Swiss Franc as its legal currency. But it is the last 15 years that have really seen dynamic growth in the sector. In 1995 Liechtenstein acceded to the European Economic Area, which made access to the markets of other countries possible, and in 2005 it established the Financial Market Authority Liechtenstein, which replaced three previous supervisory bodies.
The FMA safeguards the stability of the Liechtenstein financial market, the protection of clients, the prevention of abuses, and the implementation of and compliance with recognised international standards.
Ireland
A more recent arrival on the offshore scene than the Isle of Man or Channel Islands, Dublin has rapidly developed a reputation for a specialist financial services support infrastructure.
A Dublin location may provide more flexibility than some other international jurisdictions; for example certain UK pension schemes can only invest in providers based in the European Union. Ireland’s regulatory regime also allows a wide choice of permissible funds for investment. Ireland operates a minimum solvency margin regime, which means that life companies must have sufficient assets to meet their liabilities. The minimum solvency requirements in Ireland are among the highest of the offshore jurisdictions.
Guernsey
One of the Channel Islands, Guernsey is a Crown Dependency. As such it enjoys fiscal neutrality and a progressive approach to legislation.
It also has a reputation for quality communications and e-commerce. A commitment to policyholder protection has contributed to the prominence of international insurance within a wide-ranging financial services industry and the concentration of business has resulted in the development of a network of professional support services.
Jersey
Jersey has fewer life offices based on the island than other offshore jurisdictions but has a long-established reputation in banking and investment funds.
A Crown Dependency like its smaller Channel Island sister, Guernsey, it has been described by the Economist magazine as a ‘sophisticated, well run financial centre with expertise in certain niches such as insurance or structured finance.’ Politically and fiscally stable, the island has a comprehensive infrastructure of laws and regulations which combine to promote investor confidence.
Luxembourg
Luxembourg operates one of the most stringent policyholder protection regimes. It has high minimum solvency requirements of offshore life companies and insists that custodianship of policyholder assets is placed with a third party, usually a bank.
Isle of Man
The Isle of Man is one of the oldest and most established jurisdictions for offshore life offices. The number of companies calling the Isle of Man home means that there is a large and experienced pool of talent able to provide high standards of service.
The Isle of Man operates minimum solvency margin requirements, which means that life companies must have sufficient assets to meet their liabilities. The Isle of Man is not part of the EU but makes similar provision to EU member states for the protection of policyholders within its jurisdiction.
Gibraltar
The British overseas territory of Gibraltar has long been an important location for both military and industry alike.
Sound regulation by the Financial Services Commission, combined with an accessible location, EU membership and attractive fiscal benefits, means Gibraltar has established itself as an important offshore financial centre.
