10. The Channel Islands – Jersey and Guernsey
Bank Score: 3 FSI Score: 11 Total Score: 14
(FSI Score breakdown: FSI Rank: 5; FSI 1,013.1)
The Channel Islands dubious status within the UK (technically, they aren’t part of the UK but rather British Crown dependencies and as such, fiscally autonomous) has allowed them to become one of the world’s largest offshore banking hub. The proximity to London and its powerful banks has further fueled the development of their network of banks, trust and hedge funds. However, in 2013, both Jersey and Guernsey have signed OECD’s Common Reporting Standard and have since signed a number of bilateral treaties on the exchange of tax information, which led to the decline in offshore banking.
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