Cost Of Living & Lifestyle In Guernsey
Guernsey is an island situated in the English Channel off the coast of Normandy and it is one of the British Channel Islands. The general population sits just over 63,000 and it is a very popular place to purchase fantastic property and live a great life.
Guernsey properties fall into either ‘Local’ or ‘Open’ market categories. Local Market housing is for locally qualified residents or for those persons whose employer has applied for an Employment Permit on their behalf. You will only be allowed to live in a Local Market property if you fit within a defined group of people, which includes those who were born and grew up in Guernsey.
Open Market properties are generally much more expensive than Local Market as their name suggests, they’re open to UK and EU citizens. If you are looking to relocate to the island, you will probably be looking for an Open Market property on Part A of the Housing Register.
What Is The Cost Of Living In Guernsey?
It is estimated that the standard cost of living for a single adult in Guernsey without paying rent is around 550 GBP. But, remember that is without rent. It is estimated that Guernsey is the most expensive place in the UK and Channel islands to rent. Prices for rental properties can sit anywhere from 800 GBP upwards. Making Guernsey an expensive place to live.
Guernsey is self-governing and self-funding. The island’s legislature determines its own laws and raises its own taxes. Guernsey doesn’t have Capital Gains Tax, Inheritance Tax or other wealth tax.
The personal income tax rate for Guernsey residents is 20% after deduction of personal allowances.
Guernsey has a basic rate of corporation tax of 0% on profits arising applicable to most companies which are Guernsey tax residents. A 10% rate of corporation tax is applicable to income arising from certain regulated activities including banking and insurance.
Guernsey residents also pay national insurance, this allows them to receive a range of benefits including sickness, invalidity, unemployment and more.
If you need more information on taxation, check out our tax talk blog.
So, Why Live In Guernsey?
Although the cost of living is very high in Guernsey, it still attracts a whole host of people interested in purchasing or renting property on it’s island. It is no real surprise given how much the small island has to offer when it comes to quality of life. In recent years Guernsey’s economy has evolved from ship-building to a booming finance and tourism hotspot, growing in popularity.
Work Life Balance
Guernsey has one of the best work-life balances in the sovereign state of the UK. Featuring amazing pubs, restaurants, beaches, nature walks and a fantastic range of sports clubs. One of the best parts about working in Guernsey is the commute. Most residents are able to reach work within half an hour, stress-free.
Guernsey also has some fantastic historic attractions. Many of the parishes have their individual and unique attractions from churches, 18th century forts, theatres and more.
The island has fantastic woodland and coastal walking routes to explore. The island has some perfect coastlines that give you the chance to try your hand at some of the many water sports including surfing and kayaking.
If you’re looking for more things to do in Guernsey check out our Guernsey guide here >
If you would like to purchase or rent a property in Guernsey, propertyskipper is the number one place to search for a home on the island.
In conclusion it is fair to say that the cost of living in Guernsey is pretty high but in correlation with the quality of life, it is worth the price you pay!