Channel Islands’ OECD position clarification

comment - 01 March 2016

Channel Islands’ OECD position clarification

The fact that both Jersey and Guernsey are included through the United Kingdom’s membership of the Organisation for Economic Co-operation and Development ("OECD") has not always been clearly understood.

On 20 July 1990, by virtue of the United Kingdom’s membership, the OECD Convention was extended to Jersey, Guernsey, the Isle of Man, Gibraltar and Bermuda and this position was clarified by the United Kingdom’s HM Treasury and Ministry of Justice in August 2015.

In practice, this means that any OECD decisions and recommendations apply to Jersey and Guernsey to the same extent as they do to the United Kingdom or any other OECD member country.

The clarification of the OECD position comes at a time where a fund’s domicile in the OECD has become increasingly important from a regulatory and marketing perspective. Furthermore, it also helps reinforce Jersey and Guernsey’s position as tax transparent jurisdictions, confirms the fact that both Islands conform to the highest international standards and further enhances their attractiveness and competitiveness as fund domiciles.

To find out more, please read the OECD release which confirms the status of Jersey and Guernsey.

If you require assistance or wish to find out more, please get in touch with me.

 

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