The traditional arguments made for relocating to Guernsey – from the point of view either of a family or a business – used to revolve around unspoilt beaches, exceptional local waters, great restaurants, golf courses and the 20% top rate of tax. The fact that you can be at home or on the beach within minutes of leaving work, the absence of capital gains or inheritance taxes and an enviable work-life balance are still key drivers both for inward investment and decisions by high net-worth individuals, but today, the reasons for relocation to the Island go much further than tax and lifestyle.
The underlying message is that Guernsey isn't, and hasn't been for many years, an offshore retirement community. Entrepreneurs make up an increasing proportion of the new arrivals into the Island. The growing trend of high net-worth individuals and businesses relocating to Guernsey is a "win-win". New Islanders and new firms benefit from Guernsey's work-life balance, from its low-tax status, from the high standard of health and education services, and from the travel, digital and professional services infrastructure. The Island itself benefits not just from the inward investment, but also from innovation and economic activity driven by new people, new businesses and new ideas.
But the process of relocation is not without its complexities. There's the process of finding a home (for new residents) and premises (for new firms), navigating through the Island's property transaction process, and potentially the Planning process too. Many clients spend substantial sums on developing and renovating Guernsey properties, and our legal team can assist and advise on the negotiation and appointment of designers, architects and other professionals – not to mention offering guidance through a Planning system that can be particularly complex where older properties are concerned.
Ogier has long-established connections with professionals in the Island's property sector, and provide a range of services to both domestic and international clients relating to the purchase and ownership of Guernsey property assets, guiding them through every step of the process.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.