Guernsey Housing To Remain Open To Non-Residents

by Jason Gorringe, Tax-News.com, London

11 January 2011

Guernsey Chief Minister Lyndon Trott has sought to quash rumours that the government intends to phase out the island’s open market for real estate, which would prevent non-residents from purchasing property.

The comments reportedly come after a newspaper suggested that, as a result of a review of the island’s population, the system could face the axe.

Currently in Guernsey, 9% of the island’s residential properties fall under the system, allowing them to be purchased by individuals not resident in Guernsey, albeit at significantly higher cost than other island equivalents. Prices are driven down however by the requirement for those requesting to live and work in Guernsey to obtain a housing license.

The system has been in place since the 1960s but elements of it are due to be re-examined in a consultation paper on Guernsey population policy, due for release at the end of the month. Speaking to local press, Trott said the open market has been beneficial to the island, adding that the review will seek to bolster the scheme, not destroy it.

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