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Guernsey has witnessed a notable inward migration of companies, funds and other structures in the first half of 2017, according to the latest figures.
The Guernsey Registry, which is responsible for tracking migrations both in and out of the island, reports that there were 32 company migrations to Guernsey during the first six months of the year. With 15 companies migrating out, it represents a net inward migration of 17 companies moving their domicile to Guernsey so far this year.
The latest figures build on the positive results of 2016 when there were 83 company migrations to Guernsey and only 26 migrations out – signifying a net growth of 57 company migrations.
Alan Bougourd, Registrar at the Guernsey Registry, said the migrations seen this year ranged from investment holding companies, fiduciary and nominee companies, limited partners and loan administrators.
“The registry is noticing a flight-to-quality and receiving positive feedback on the ease of the migration process and the responsiveness of the registry to the applications received,” said Mr Bougourd.
Dominic Wheatley, Chief Executive of Guernsey Finance, said the inward migration of companies to Guernsey was to be welcomed but is also expected as it comes at a time when increased global scrutiny of standards of transparency and regulation have been pushed to the forefront of clients’ minds, particularly in the aftermath of events such as the Panama Papers.
“Guernsey is a jurisdiction people respect and are comfortable with. We have a long-established policy of active international engagement, unlike some other international finance centres, while our core strengths as a finance centre are founded on a reputation for quality and compliance, effective regulation, global standards of transparency and AML, economic stability, real substance in our industry and the ability to respond quickly to changing market demands,” said Mr Wheatley.
“Above all, Guernsey is an easy place to do business and is highly responsive to business needs. It is therefore no surprise that if a ‘flight-to-quality’ is taking place then Guernsey is seeing the rewards.”
The most recent example of Guernsey’s well-regarded position in international circles came in June when it was one of only four smaller jurisdictions invited to take part in the drafting and signing of the OECD Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting. Signed alongside 66 other countries at a meeting of political leaders in Paris, the agreement reaffirmed Guernsey’s commitment to international tax cooperation.
