Guernsey passes limited partnership regulations
31 July 2020 St Peter Port
Image: eloko67/Adobe Stock
Guernsey has introduced regulations that allow the migration of limited partnerships into the alternative funds island jurisdiction.
The Limited Partnerships (Migration) Regulations 2020 allow limited partnerships, such as company structures, private equity vehicles and collective investment funds, to migrate quickly and easily into the jurisdiction, provided they are white-listed by the European Union and the Organisation for Economic Co-operation and Development for economic substance.
The call for such regulations came as Guernsey lawyers reported significant levels of interest in the migration of funds, companies, and limited partnerships to the island over the last 12 months.
These new regulations follow Guernsey’s adoption last month of a fast-track regime for the similar migration of investment funds and managers.
Rupert Pleasant, chief executive of Guernsey Finance, said: “Companies and fund managers today are looking to jurisdictions that can and have met new global standards on economic substance.”
“Guernsey has always had genuine substance in financial services. Our whitelisted position genuinely sets us apart from other jurisdictions which have not met?these criteria, and we will continue to build on this position of strength.”
Jersey passed a similar limited partnerships amendment earlier this month to promote migration to the Channel Islands.
The Limited Partnerships (Migration) Regulations 2020 allow limited partnerships, such as company structures, private equity vehicles and collective investment funds, to migrate quickly and easily into the jurisdiction, provided they are white-listed by the European Union and the Organisation for Economic Co-operation and Development for economic substance.
The call for such regulations came as Guernsey lawyers reported significant levels of interest in the migration of funds, companies, and limited partnerships to the island over the last 12 months.
These new regulations follow Guernsey’s adoption last month of a fast-track regime for the similar migration of investment funds and managers.
Rupert Pleasant, chief executive of Guernsey Finance, said: “Companies and fund managers today are looking to jurisdictions that can and have met new global standards on economic substance.”
“Guernsey has always had genuine substance in financial services. Our whitelisted position genuinely sets us apart from other jurisdictions which have not met?these criteria, and we will continue to build on this position of strength.”
Jersey passed a similar limited partnerships amendment earlier this month to promote migration to the Channel Islands.
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