Guernsey is the second largest of the Channel Islands and has a population of 67,000 ( 2020 estimate). It comes under the possession of the British Crown however, is legislatively independent from the United Kingdom. Guernsey is a thriving financial centre, with a strong professional network across the world. As a key driver of the island’s economy, the finance sector contributes 44% to the GDP and employs nearly 70% of the total labour force. Guernsey has a well-regulated and transparent financial services sector, broadly comprising of banking, trusts and funds, asset management, insurance and family office. Apart from finance, other creative fields such as e-gaming, architecture, advertising and marketing, are also creating their own success stories in the Island. Guernsey is fully committed to Fintech – the integration of finance and technology- for driving the island’s economy forward Guernsey’s stunning coastline, natural reserves, iconic monuments and rich cultural heritage have been a major tourist attraction for many years. The island boasts a unique combination of traditional values and modern cosmopolitan outlook, drawing tourists and business people from across the globe. The capital St Peter Port is known for its cobbled streets, regency architecture, museums and picturesque port, making it the “prettiest harbour towns” in the Europe. The capital also functions as the main port of the island.
WHY CHOOSE GUERNSEY
Apart from the island’s breathtaking natural beauty and vibrant cosmopolitan environment, Guernsey has a thriving economy, with a strong financial and retail sector. The population enjoys high standards of healthcare, school and further education and wide-ranging arts and sporting activities and recreational facilities. The island has a long history of technological innovation and is fully committed to the ongoing growth of Fintech companies, encouraging close collaboration between its internationally renowned finance sector, local government and the regulating authorities; thus it provides exciting opportunities and a progressive environment for businesses to flourish. A low tax regime, strong professional links across the globe, strict data protection regulations and good connectivity make Guernsey an internationally reputed finance and business centre.
The island is known for its pro-business culture and ‘can-do’ approach. Setting up a business is straightforward and easy in principle, however, for regulated business activities, there are appropriate rules, regulations, fees and licences in place.
Because of the island’s small size, strict controls have been put in place regarding relocation. Therefore, it is important to find out whether you would be entitled to work and live in Guernsey, before moving here. British citizens, other nationals of the Member States of the European Economic Area and Switzerland and other nationals having a permanent settlement do not require an entry clearance from the Guernsey Border Agency. However, nationals other than the above-mentioned categories will require a visa obtained prior to his/her arrival through the British Consular representative in the person’s country of residence.
There are a number of measures introduced to the island to control immigration, including the Population Management Law.
The Population Management legislation allows the authorities to grant permits to people brought to the island to fill positions, which the Authority considers to be essential to the well-being of the community. These Employment Permits enable people to occupy the less expensive types of dwelling in Guernsey - commonly known as 'local market'. There are no controls on buying a house however, strict regulations are put in place to control who lives in Local market housing.
There are approximately 1,700 of the 22,000 dwellings in Guernsey that are freely available for purchase and occupation by anyone. These 'open market' homes are generally larger houses at a relatively high cost.
When an employer issues a job offer and approves ‘an essential employment-related Employment Permits’ for that particular job, he has to submit the ‘details of the salary package’ along with other documents to the Population Management. The Population Management accordingly allocates the type of Certificate or Permit to the employee.
Therefore, a person who wants to take up employment, self-employment or one who wishes to change jobs in Guernsey, must first obtain a valid Employment Permit document issued by the Population Management confirming that he/she is lawfully housed.
Occasionally, the Population Management may decide to offer an 8 year ‘essential employment-related’ permit. Such permit is offered to individuals with professional qualifications and skills that are in acute shortage in the island and are essential to the needs of the wider community.
Holders (and their spouses and children) of permanent (8-year) licences tied to their employment may become a qualified permanent resident after an additional uninterrupted 6 years of residence and employment on the island (total of 14 years).
Senior Compliance and Risk Associate, Private Wealth- Guernsey
Our client is a global financial services provider who have experienced substantial growth in 2021. On their behalf we are looking for a senior compliance and risk associate to join the team in Guernsey Applicants should be experienced in delivering high quality compliance and risk management fro...Apply now