A team from Guernsey’s fund industry hosted an event in Luxembourg last month aimed at boosting cooperation between the two jurisdictions.
The Guernsey delegation hosted a lunch debate to discuss the ways in which service providers in the two centres can work together more effectively for mutual benefit.
Fiona Le Poidevin, Deputy Chief Executive of Guernsey Finance – the promotional agency for the Island’s finance industry internationally, said: “Guernsey and Luxembourg are both widely recognised as leading centres of excellence for investment fund services but a significant difference is that Guernsey is outside the European Union whereas Luxembourg is a Member State. What we were emphasising to our Luxembourg counterparts is that there are fund structures which can substantially benefit from having both ‘onshore’ and ‘offshore’ elements and, where this is the case, then Guernsey is ideally placed to act as the ‘offshore’ domicile. In particular, it appears that the most obvious areas for cooperation relate to private equity and real estate funds where there is a wealth of expertise across the two jurisdictions.”
The discussions took place on Tuesday 20th September 2011 at La Mirabelle Restaurant in Luxembourg, with around 30 invited members of the Luxembourg funds industry in attendance. Invitees included fund managers, administrators, lawyers and tax advisers.
“This event was about harnessing the spirit of cooperation that is already in evidence but which we believe can be significantly extended for the mutual benefit of both jurisdictions. We were very well received and now it is important that we maintain these relationships and build on them for the future,” added Miss Le Poidevin.
Speakers were Fiona Le Poidevin, Deputy Chief Executive at Guernsey Finance; Tony Mancini, Tax Partner at KPMG in Guernsey; Stéphane Jutier, Tax Manager at KPMG in Luxembourg; Stéphane Haot, Head of Real Estate and Infrastructure at KPMG in Luxembourg; and Christopher Anderson, Partner at Carey Olsen.
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