Twice as many firms migrating here than leaving

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MORE than 30 companies relocated to Guernsey in the first half of the year.

And although some left the island too, the inward migration is more than double, at 32, compared to 15 migrating out.

The companies new to the island included investment holding companies, fiduciary and nominee companies, limited partners and loan administrators.

The latest figures build on the positive results of 2016 when there were 83 company migrations to Guernsey and only 26 migrations out – a net growth of 57 – and the States described the trend as evidence of a 'flight to quality'.

'The registry is noticing a flight to quality and receiving positive feedback on the ease of the migration process and the responsiveness of the registry to the applications received,' said States registrar Alan Bougourd.

Dominic Wheatley, chief executive of Guernsey Finance, said the inward migration of companies was to be welcomed, but was also expected at a time of global scrutiny and issues such as the Panama Papers.

'Guernsey is a jurisdiction people respect and are comfortable with. We have a long-established policy of active international engagement, unlike some other international finance centres, while our core strengths as a finance centre are founded on a reputation for quality and compliance, effective regulation, global standards of transparency and AML, economic stability, real substance in our industry and the ability to respond quickly to changing market demands,' he said.

'Above all, Guernsey is an easy place to do business and is highly responsive to business needs. It is therefore no surprise that if a "flight to quality" is taking place, then Guernsey is seeing the rewards.'

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