Ferbrache & Farrell is pleased that one of the highest institutions in Europe, the Council of Finance Ministers of the EU, has removed Guernsey from the so-called grey list of tax havens.
The move further enhances Guernsey’s global competitiveness as a finance industry.
"In practical terms, that means that there is a higher international recognition that the services and support we in Guernsey provide to our client companies are not seen as enabling empty shelf companies or tax leakages," said Ferbrache & Farrell Partner, Gavin Farrell.
"Indeed, with our longstanding practices, and the new legal and tax requirements supporting such practices, and our commitment to tax transparency, our companies have sufficient substance requirements that support economic activity in Guernsey and avoids criticism of being harmful tax practices.
"This recognition has been achieved through the unified approach between our government and industry in addressing unfounded criticisms and comments led by principally our detractors or competitors."