While Switzerland remains their biggest competitor, the Crown Dependencies - with the right expertise and forethought - still have a bright future ahead of them in offshore banking
It is fair to say that the offshore banking industry is on the verge of entering a new phase of evolution in the way it operates. Tax harmonisation, and the emergence of new jurisdictional competition means that life is changing in this arena and if the issues are not currently addressed, this new evolution is going to be painfully slow and could see the demise of much of the business currently undertaken. Taking Guernsey as an example: there is currently £70bn deposited in banks on the island (source: www.guernseyfinance.com, March 2005). Perhaps other than currency fluctuations, this fi...
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