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Locate Guernsey says 2017 was a strong year which saw "more businesses and high net worth individuals" move to the island, meaning the States of Guernsey funded agency was able to return £667,000 to the exchequer through income tax and document duty receipts.
The States funded agency, which promotes the Island as "a place to live and work" says, with "24 relocations taking place in the 12 month period", including nine personal relocations and fifteen businesses, which helped to create 53 new jobs, it has actually contributed £1,692,000 into the island's funds in the last two years.
Locate Guernsey, which had a three-year budget of £1,200,000, comes under the Committee for Economic Development. The committee President, Deputy Charles Parkinson, said:
"For the Open Market and indeed for the Island economy, bringing wealthy individual and corporate newcomers into Guernsey is vital. The Open Market has seen lower activity levels than it would like for many years, but in late 2017 and early 2018 we have seen some encouraging signs. Locate Guernsey has an important role to play in keeping that going, as it does with the move to Guernsey of businesses, primarily export-facing, that will create new job opportunities for Islanders."
Pictured: Deputy Charles Parkinson
Andrew Carey, the Head of Locate Guernsey, said: "Obviously it's really pleasing that the financial return to the States has been so positive, but the impact on the wider Island economy is also very important. There are many parts of the Guernsey business community which are also beneficiaries of increased economic activity. These include professional services firms such as accountancy practices, wealth managers, tax advisors, estate agencies and law firms. But the benefit is wider still, with the hospitality and construction sectors for example also seeing spend from newcomer families and businesses."
Despite the agency claiming a successful year, a spokesperson of the Guernsey Property Forum which represents estate agencies and law firms with a strong stake in the Open Market, said more can still be done to help high net worth individuals wanting to relocate:
“The establishment by the States of an agency to promote moving to Guernsey, and, for example, the setting of the new lower tax cap for some Open Market residents, is a sign of serious intent but it needs to be just the start of continuing initiatives to secure High Net Worth incomers. I’m pleased to record the support that Guernsey’s business community gives to Locate Guernsey and it recognises the fact that the relocations it assists are all positive for the island’s economy. Locate Guernsey has made steady progress from a standing start and there’s an expectation of some real momentum developing from these promising beginnings.”
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