Select a region
Guernsey needs to develop a narrative and stick to it in the face of attacks from envious and Imperialistic countries according to prominent defender of international finance centres James Quarmby.
Mr Quarmby has been in high demand from the media since speaking out on the Cameron Panamanian issue on Newsnight and challenging John Humphrys on his pejorative use of the term “offshore” on BBC Radio 4’s Today programme. Social media clips of his robust television interview with Naga Munchetty got almost four million views.
He was in Guernsey addressing members of the Guernsey Association of Trustees and the Guernsey branch of the Society of Trust and Estate Practitioners at an event jointly hosted with Locate Guernsey and sponsored by law firm Mourant Ozannes.
Mr Quarmby said: “Big countries are bullying smaller countries because they can. It’s a form of Imperialism. The big countries hate that you are smaller, nimbler and more competitive. They want you to be as flabby as they are. They don’t like the competition.
“They are using lies, half-truths and innuendo. You must call them on the lies and correct them. They are on a mission, they are fired up, they think what you do is fundamentally wrong and they don’t care what facts and figures you throw at them. You need to regain the moral high ground. You have rights too – to exist, to make an honest living and to be treated fairly and consistently."
Mr Quarmby said that Guernsey’s narrative should tackle the hypocrisy from other countries that wanted the offshore islands to impose standards they didn’t uphold themselves.
An international tax lawyer with Stephenson Harwood, he said that the UK had gone further with a beneficial ownership register than any of the other 27 member states of the EU.
The register would be “utterly useless” as it would be only 98 per cent accurate. The inaccuracy would be down to the 2 per cent of criminals who would falsely self-certify.
He also challenged the accusations of secrecy, citing that, while establishing a shell company is unacceptable in Guernsey, it can be done online in the UK and USA within minutes and for £30; it was possible to open a bank account in Wyoming without declaring who the beneficial owner is.
Mr Quarmby said that the Panama papers leak had resulted in a flight to quality, well-regulated jurisdictions such as Guernsey.
Opening the event Richard Le Tocq, head of Locate Guernsey called on private client practitioners and fiduciaries to be ambassadors for Guernsey.
Mr Quarmby said: “Our route to market is very much through the intermediaries – all the same people that your business development teams are talking to. Our mission is to encourage economically-active high net worth individuals and businesses to relocate to Guernsey, to stimulate the economy.
“Locate Guernsey will of course promote to this group, but we’re very open to working with practitioners. We can be stronger and more effective together."
Uncertainty around the outcome of the Brexit referendum provided a good opportunity to promote the benefits of living and working in the island.
Jo Huxtable, chair of the Guernsey Society of Chartered and Certified Accountants, was in the audience.
She said that there were ongoing discussions between the GSCCA and the Guernsey Income Tax Office about how to make Guernsey’s existing tax regime even more competitive when it comes to attracting people and business to Guernsey.
