Multimillionaire investor brands leaving UK for Guernsey a 'disaster' for his business

Guernsey resident Guy Hands, thought to be worth more than £200 million, says moving to the low-tax island was a 'disaster'. Credit: Andrew Robinson

One of Guernsey's richest residents has called moving to the Channel Islands a "disaster" for his business and has warned others against following in his footsteps.

Multimillionaire investor Guy Hands, 64, moved to the island with his wife Julia in 2009 in protest against high taxes on wealth in the UK.

Guernsey has a flat income tax rate of 20% and no capital gains or dividend taxes.

Guy Hands has written an article saying he "deeply regrets" his decision to leave the UK for Guernsey. Credit: Daily Telegraph

After more than a decade in Guernsey, Mr Hands has written in the Daily Telegraph saying he "deeply regrets" his decision to move to the island, calling it a "disaster".

He wrote: "As someone who left the UK very publicly 14 years ago, I would urge anyone following my lead to think again. It's a decision that I deeply regret.

"Moving to Guernsey greatly impacted my ability to build and maintain strong relationships with contacts, on which my success in business relied.

"I lost the flow of the market and ultimately I was never able to raise a blind fund again."

Clarifying his comments in the national media, Mr Hands told ITV News: "I made Guernsey my home many years ago. Like many people I originally moved to Guernsey for tax reasons however I now live here because I love living here and I intend to stay here for the rest of my life.

"Guernsey was a wonderful and welcoming place to live right from the beginning and I was made to feel very welcome. The people, the community spirit, the beautiful landscape, the history and its sense of peace all contribute to a place I’m proud to call my home.

"I do however regret losing connection with my business when I moved here but I equally regret having not moved here earlier.

"If I had I would have done my business differently and had the wonderful experience of bringing children up in a caring and safe environment which I believe is the greatest thing Guernsey offers and not its tax rate."

Responding to the Mr Hands' article, Locate Guernsey - the agency which helps wealthy residents relocate to the bailiwick - said: "Guernsey continues to have an excellent reputation among high net-worth individuals who would qualify to live in the island’s Open Market and this is supported by the year-on-year increase we have been seeing in approaches.

"In 2022, we saw 46 high net-worth relocations which included 13 businesses and their owners as well as 33 individuals; results so far for 2023 show that numbers will be similar.

"We recently held a successful inaugural 'Relocate to Guernsey Show' in London where professionals who were themselves previous relocators were happy to share their experience of relocation as well as their positive impressions of living in Guernsey both on stage and privately with attendees."

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