Guernsey Insurance License

Guernsey Offshore Insurance License

Insurers in Guernsey can obtain licenses to underwrite either general business (non-life) or long-term business (life). New composite insurers are no longer permitted, except where the life or non-life insurance business is incidental in terms of premium income to the principal non-life or life insurance business being underwritten by the licensed insurer, or where the licensed insurer operates as a protected cell or incorporated cell company.

Insurers licensed in Guernsey can be classified as international insurers, which underwrite non-local insurance risks, or domestic insurers, which primarily underwrite Bailiwick of Guernsey insurance risks. International insurers can further be categorized into:

The majority of international insurers licensed in Guernsey are administered by licensed insurance managers who serve as general representatives and manage the day-to-day operations of these insurers.

Features:

Tax Treatment:

Guernsey imposes no capital gains tax, value-added tax (VAT), inheritance tax, stamp duty, or document duties, except concerning Guernsey real property. Most companies, including funds, are subject to a standard income tax rate of 0% on profits, although funds have the option to apply for exempt company status by paying an annual fee of £600.

Setup Duration: Approximately 3 months

For more details, please contact Neptune Fiduciaries at info@neptunecorporate.com or sales@neptunecorporate.com.