Relocating to Guernsey

What you need to know

• Relocating to Guernsey is attractive due to its natural beauty, community spirit and high quality of life
• Guernsey has a business-friendly commercial environment
• Rothschild & Co offers a wide range of services and has been helping clients move to Guernsey for decades
• We can introduce you to our network of trusted experts on the island

Nestled in the heart of the English Channel, Guernsey is celebrated for its breathtaking natural beauty, rich cultural heritage and a close-knit community that is always ready to extend a warm welcome to newcomers.

Relocating is a big decision, however, which is why you need to be confident it's the right move for you and your family.

You will likely be considering the following questions:

• What banking and wealth management services are available?
• Is buying a new property difficult?
• How will your business and finances be affected?

In this article, we answer these and other common questions about moving to Guernsey, as well as providing information on how we can help you relocate.

But first, let's discuss some of the benefits of living in Guernsey.

Why move to Guernsey?

Guernsey has much to offer those who are thinking of making it their new home, from dramatic coastal cliffs and pristine sandy beaches to charming parishes with excellent infrastructure and a host of modern amenities.

Whether you're looking for a sense of adventure, or prefer a more tranquil lifestyle, the island caters to all tastes, making it a great place for you and your family to put down permanent roots. It has good schools, an excellent comprehensive healthcare system and is renowned as a safe place to live.

Located just 70 miles from the south coast of England, Guernsey is a self-governing Crown Dependency, meaning it has its own parliament and laws. Nevertheless, the local banking systems and services will be extremely familiar to anyone from the UK.

The island is therefore an attractive location for entrepreneurs and investors, offering business-friendly legal and regulatory frameworks. This provides a stable and predictable environment that allows companies to thrive.

Meanwhile, a flight to the UK mainland takes as little as 40 minutes, so it's convenient for those who still have frequent business in the UK. The island is also close to other major European markets, most notably France, which is a proverbial stone's throw away – Guernsey is situated just 30 miles off the Normandy coast.

Unlike it's Channel Island neighbour Jersey, Guernsey has no minimum income requirement for people hoping to relocate. There is no capital gains tax (CGT), wealth tax or inheritance tax, with income taxes levied at a flat rate of 20%.

You can find out more information on the Locate Guernsey website at locateguernsey.com.

^{St. Peter Port is the focal point of the island and home to many of Guernsey’s restaurants, hotels and businesses. Image credit: Getty Images}

Relocating to Guernsey

Every family's reasons for relocating are different. Perhaps you have young children and you're keen to raise them in a safe haven? Or maybe you're considering selling your business, either to pursue new opportunities in Guernsey or take a much-deserved early retirement.

Whatever your circumstances, we're here to help. Rothschild & Co has had a presence on Guernsey since 1967, and during that time we've supported many clients as they start a new life on the island.

Our wealth management team is based at St Julian's Court, which is at the centre of Guernsey's bustling financial district in St. Peter Port. We work out of the same office as our banking and private lending teams, which enables us to provide a range of comprehensive services to clients. Our office is less than a 20 minute drive from most places on the island.

Our services

At Rothschild & Co, we don't just want to help you move to Guernsey, we want to help you settle here. Preserving and growing your wealth for the future is a big part of that, and we can accommodate your needs in several ways.

We offer clients the following services:

• Discretionary wealth management
• Day-to-day banking
• Lending
• Cash management after selling a business

As a Guernsey resident, you'll be able to access many of the banking services that you are already familiar with in the UK. Opening a new Guernsey bank account is relatively straightforward and accounts are part of the UK sort code system.

We can provide current accounts and fixed-deposit accounts in all major currencies. We also provide comprehensive advice across a wide range of financial matters, acting as a sounding board for our clients from one office in Guernsey and can link you with our network of advisers on the island.

Our Wealth Management team are here to help you protect and growth your wealth. We offer discretionary wealth management which targets inflation-beating returns. We do this by investing in high-quality businesses that we believe will deliver over the long term

If we run a discretionary managed portfolio for you, are able to offer bespoke lending solutions.

Plus, as part of the wider Rothschild & Co group, we can help you choose the right time to sell a business, as well as find potential buyers through our teams in Global Advisory and Arrowpoint business.

Following any sale, our team will also advise you on how to manage your wealth safely, as you make the transition from earning a regular income to receiving a large cash lump sum.

Using cashflow forecasting, we can determine how best to invest your money so that you have the financial security to meet your day-to-day spending needs, both now and in the future. If you already have pensions or an investment portfolio, and you'd like to make a clean break from the UK, we'll help you transfer your assets to Guernsey.

Finding your dream home

Guernsey operates a 'two-tier' property market, with homes available through either the 'local' or 'open' markets. Local market properties are typically reserved for those who have family connections on the island, or are working in Guernsey via a specific employment permit.

As such, many people relocating to Guernsey use the open market route. Properties on the Open Market Register are available to anyone who holds a British or Irish passport, or has the right to remain in the UK.

You become resident in Guernsey by renting or purchasing one of these homes, and no further wealth tests or governmental assessments are required.

We can link you with our network of advisers on the island to help guide you through the process of applying for an Open Market Resident Certificate. We can also offer mortgage lending services. This includes situations where you have found your dream Guernsey home before selling your UK property, as we take a holistic approach to complex borrowing scenarios.

A fresh start

We understand that relocating can be both exciting and challenging. At Rothschild & Co we want to ensure your move to the island goes smoothly and your time here is enjoyable.

That's why we host get-togethers throughout the year, where you can meet with likeminded people who have also moved to Guernsey. We find that this helps new arrivals build out their social networks and means you can share experiences of the island with others in a similar position.

For us, one of the best parts of the job is being told by our clients that they've formed some of their deepest friendships through these events. So if you'd like to start a new life in Guernsey, please contact us today to find out how we can help.

You can visit us at the Relocate to Guernsey Show on 8 October 2024 at St Paul’s ETC Venues, 200 Aldersgate, London EC1A 4HD. You can also find more information on the Locate Guernsey website.