Guernsey uses Brexit to woo families to Channel Island

Uncertainty in the wake of the Brexit vote has bolstered a state-funded initiative to attract businesses and high net worth families to set-up or relocate to Guernsey.

Locate Guernsey, funded by the island's government, the States of Guernsey, has already helped 14 businesses and high net worth individuals move to the Channel Island in the first six months of 2016.

This was before the economic repercussions of the United Kingdom's vote to leave the European Union had been fully felt.

The moves are expected to benefit the British Crown Dependency by about £200,000 ($262,165) each year from tax take and document duty.

“Guernsey offers a stable and secure business environment, while at the same time ensuring flexibility and innovation,” said Richard Le Tocq, head of Locate Guernsey.

“Its maturity as an international business centre is reflected in its legal system, skilled workforce, and world-class professional services,” said the 25-year veteran of the island's financial services sector.

Locate Guernsey is targeting UK resident but non-domiciled individuals, fund managers, reinsurance companies, digital, and FinTech businesses, Le Tocq said.

“Commercial activity on the island ranges from global financial services to the visitor economy, alongside digital and creative industries. Guernsey has a thriving e-gaming sector and a drive to develop as a FinTech centre of excellence.”