Funding Secured To Launch Locate Guernsey
by Jason Gorringe, Lowtax.net, London
22 May, 2015
Guernsey's Commerce and Employment Department has secured funding to establish "Locate Guernsey," which will promote the island as a relocation destination of choice for High Net Worth Individuals and their business interests into the Open Market (property market) and local economy.
GBP1.2m (USD1.87m) from the Economic Development Fund has been committed over a three-year period and the expectation is that this proactive initiative, working with local industry, will result in the creation of new income streams for many island businesses. It is anticipated that the initiative will pay for itself within two years and will quickly become an income generator for Government, with even greater returns for many parts of the wider economy.
Deputy Kevin Stewart, the Commerce and Employment Department Minister, said: "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. The creation of Locate Guernsey, alongside that of the Guernsey Digital Greenhouse, shows that the States is determined to be proactive in terms of business generation. We have had great support for the concept from stakeholders in industry and are very much looking forward to working together with them, which we regard as key to the success of the venture. The Guernsey Property Forum (GPF) is a group of estate and relocation agents and law firms which represents the property sector and has been consulted by Commerce and Employment in developing the initiative."
Jason Morgan from the GPF said: "This is very positive news. The benefits of business and personal relocation to the Island extend well beyond our sector, although we are often the first point of contact for those looking to relocate here and this is an initiative we have been pushing for since last year. Financial services, construction, hospitality and other sectors will all benefit from Locate Guernsey as well. We have established good engagement with Commerce and Employment and this, we hope, will be the foundation for the GPF and other key stakeholders to lend their continuing support to this important project for the future."
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