What makes up the island’s economy?
Guernsey’s economy has evolved significantly over the past 50 years and continues to do so, thanks to the forward-thinking and entrepreneurial spirit of its people. From the ship-building, and the granite and tomato export industries of times gone by, Guernsey’s finance industry, which has been booming for several decades, is currently the main source of income and employment for the island. Guernsey has worked hard to earn its reputation as a tax-transparent, well-regulated jurisdiction with talent and specialist expertise abound.
Financial services carried out on the island include banking, fiduciary, fund management and insurance. Guernsey is well-respected as a centre for the management of trusts. The expansion of several island firms into Asia is further proof of the island’s continuous economic development and desire to expand and offer services in the emerging markets.
The island is also home to Specsavers, a locally-founded optical retail company which now has operations in six countries. Guernsey also offers a growing number of well-respected data centres, and e-commerce is another sector which the island is seeking to grow along with cleantech projects. Guernsey was the first to register the world’s first regulated green fund and are the testing ground for many new innovations. Please click here for further information on Guernsey’s varied business sectors.
Guernsey may no longer be as popular as it once was as a destination for family holidays, but the quality of the island’s hotels and restaurants and the beauty of its cliff path walks and beaches have made it increasingly popular with those looking for short-breaks. The island recently developed the world’s first legal register of image rights and has introduced Intellectual Property legislation.
It is interesting to note that Guernsey pounds, although the same currency value as the British pound, look different. No pound coin can be found here, just a Guernsey £1 note. British notes and coins can be used on the island, but it is worth noting that Guernsey notes are not accepted in the UK.