Guernsey follow Island's lead over FATCA

Guernsey is following the Isle of Man’s lead after agreeing to adopt FATCA-style automatic exchange of tax information with the UK.

The Isle of Man became the first jurisdiction to commit to FATCA three months ago.

Chief Minister Allan Bell says the announcement is not surprising but significant and confirms the view that the information sharing arrangement is becoming the new global standard.

Treasury Minister Eddie Teare says he’s confident the Island’s decision will prove beneficial for the local business community:

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