Guernsey is self-governing with its own parliament "the States of Guernsey", its own laws and has fiscal independence from the UK. Only foreign affairs and defence are handled by the UK, although there are arrangements by which Guernsey laws are approved by the English Crown. Guernsey enjoys a special relationship with the European Union (EU) as defined by Protocol 3 to the 1973 Treaty, one of the benefits of this relationship stipulates that the Island is free from any requirement for fiscal harmony with EU member states. These factors combine to make Guernsey a favourable choice as an offshore banking and fiduciary services centre. In addition, the Island has developed an acknowledged reputation in a number of specialist areas such as captive insurance and investment vehicles and is the home of the Channel Islands Stock Exchange.

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