What makes up the island’s economy?
Guernsey is NOT a tax haven.
The island was in fact one of the first jurisdictions to be placed on the OECD’s “white list” of jurisdictions complying with global standards for tax cooperation and exchange of information. Guernsey has a formidable reputation for being well-regulated and is highly respected across the world.
The tax situation for Guernsey residents is as follows:
All Guernsey residents are required to file a tax return annually and assessments are calculated by the Tax Office. The Guernsey income tax year is the same as the calendar year, 1st January and ending on 31st December.
Guernsey also offers high-net-worth individuals the opportunity to benefit from a tax cap (currently £130,000 on non-Guernsey source income and £260,000 on worldwide income), with a £50,000 worldwide cap potentially available for the first four years of residence on buying an Open Market property worth £1.4 million or more.
For further information and bespoke advice about your tax matters, we can refer you to a member of our panel of Tax Advisers for confidential advice relating to your specific circumstances.