The second largest Channel Island, lies in the bay of St Malo in the English Channel, about 30 miles from the north coast of France and 70 miles from the south coast of England. It measures around 24 square miles and has a population of approximately 60,000 people. It is in the same time zone as the UK and is easily accessible from the major European financial centres, has a skilled English speaking workforce and ranks amongst the most reputable and significant offshore financial centres in the world. Guernsey is a Crown Dependency with its own legislature and is not a member of the EU. The Bailiwick has the right to make its own tax laws and these have resulted in a regime of no capital taxes, no inheritance tax and no VAT. The island’s political stability and sound economy together with its favourable fiscal climate enables non-residents to protect their assets and structure their international affairs in a tax efficient manner.