Locate Guernsey has cited an extremely busy September in the Open Market as proof the island is becoming an increasingly popular place for expats, whose profiles are now "younger and more dynamic" than ever before.
There have been 121 Open Market conveyances so far this year, with 23 recorded in September alone. This equates to £743,975 in document duty in one month, which is more than Locate Guernsey’s allocated budget for the year.
“It’s a fantastically important economic enabler,” said Relationship Manager at Locate, Richard Bellis.
“I get very disheartened when I hear people bashing others who come here and say ‘they don’t pay their fair share' but everyone who comes here absolutely contributes to Guernsey’s overall wellbeing.”
The Open Market helps facilitate people relocating to the island and is no longer populated by just older, high net-worth individuals, according to recent trends.
“We are seeing more useful relocators, we are seeing young and dynamic people coming to the island,” continued Mr Bellis.
Pictured: “There is currently huge interest in Guernsey, there was last year and there is this year. I think that’s because we’re a safe jurisdiction, we’re very well located and obviously it’s a beautiful place to live and work,” said Deputy Moakes.
This sentiment was echoed by Economic Development Committee Member Deputy Nick Moakes.
“We’re seeing a younger demographic move here and in many cases these are people who are moving businesses over here or even setting up businesses over here,” he said.
“They’re not just the initial people moving in and making some money, it’s the fact that they might be doing far more creative jobs, increasing tax revenues and that of course is great for the island.”
Not only has Locate Guernsey recorded a buoyant few months and great success in supporting people looking to come to the island, but HSBC raised Guernsey five places on its Expat Explorer Survey.
The EES has been commissioned annually for the past 14 years and records the opinions and experiences of expats living in 46 jurisdictions around the world.
Stability has been the biggest draw for people deciding to relocate. 90% of the respondents said the Channel Islands represent a stable place to live for at least the next 12 months.
Guernsey now sits at 5th in the Expat Explorer League Table, one place above Jersey and just behind the United Arab Emirates.
Pictured: Switzerland tops the HSBC table, followed closely by Australia and New Zealand.
“Our position on HSBC’s list is astonishing when you look at our competitors,” said Mr Bellis.
“There are a lot of competing reasons people want to come to Guernsey and it’s not just tax.”
Deputy Moakes agreed, saying that when he speaks to people, tax is rarely the first thing they cite when explaining their reasons for coming here.
“The way that Guernsey has handled covid is phenomenal and it has been recognised all around the world.”
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