Immigration is a hot topic in UK and EU politics at the moment. While much of the debate is concerned with immigration into the UK and EU, emigration out of the UK is also occurring and increasing numbers of people are coming to the Channel Islands.
Figures show that applications to live in Jersey from UK-based high-net-worth individuals (HNWIs) have substantially increased in the last year and a half. While comparable figures are not available for Guernsey (British citizens are not required to apply to move to Guernsey in the same way as they are when moving to Jersey), anecdotal evidence certainly suggests that the same trend is occurring here. This contention is supported by our own experiences, and those reported to us by clients and intermediaries.
While we are not aware of any hard data which explains the increasing popularity of the Channel Islands, clients, professional sources and the media have suggested a prominent cause: fear of a Jeremy Corbyn-led government.
The next general election in the UK is set for 2022, although there have been suggestions that there may be a vote before this in light of Brexit. There is no evidence to suggest that Jeremy Corbyn will not still be leading the Labour Party at the date of that election, meaning that there is every chance that the UK could see a Corbyn-led government in place in the not-too-distant future. Some HNWIs have cited this as a scary prospect, as Jeremy Corbyn has previously discussed introducing measures that would significantly impact HNWIs, including wealth taxes.
The fear of a Corbyn-led government in the UK has therefore been a motivating factor for some of the UK-based HNWIs who have recently migrated to the Channel Islands. In fact, we were recently told by an offshore trustee company that Jeremy Corbyn is their biggest referrer at the moment. We suspect that they were only half joking.
We have an experienced immigration and housing team that can assist you in all aspects of moving to the Channel Islands. Feel free to contact us for an initial chat.
Article written by Collas Crill secondee Rebecca Longshaw.