Guernsey has witnessed a notable inward migration of companies, funds and other structures in the first half of 2017, according to the latest figures.
The Guernsey Registry, which tracks migrations in and out of the island, reports that there were 32 company migrations to Guernsey during the first six months of the year. With 15 companies migrating out, it represents a net inward migration of 17 companies moving their domicile to Guernsey so far this year.
The latest figures build on 83 company migrations to Guernsey in 2016 and 26 out, signifying a net growth of 57 company migrations.
Alan Bougourd, Registrar at the Guernsey Registry, said the migrations this year included investment holding companies, fiduciary and nominee companies, limited partners and loan administrators.
“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,” he said.
Dominic Wheatley, Chief Executive of Guernsey Finance, said the inward migration of companies to Guernsey was to be welcomed but is also expected as it comes at a time when increased global scrutiny of standards of transparency and regulation have been pushed to the forefront of clients’ minds, particularly in the aftermath of events such as the Panama Papers.