Guernsey Press

C&E seeking new wealthy residents

COMMERCE and Employment is to spend £1.2m. on a new initiative aimed at getting wealthy people to relocate to the island.

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Locate Guernsey, funded by the Economic Development Fund over a three-year period, will promote the island as a relocation destination of choice for 'high net worth individuals' and their business interests. Its aim is to work with local industry in the hope of creating new income streams for many island businesses.

Commerce and Employment projected that the initiative would pay for itself inside two years and would 'quickly become an income generator for government, with even greater returns for many parts of the wider economy'.

'This is a really exciting development and the support from the Policy Council and Treasury and Resources shows that the States of Guernsey is fully committed to this initiative,' Commerce and Employment minister Kevin Stewart said.

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