UK-based HNWs ‘increasingly considering’ relocation to Channel Islands

High net worth (HNW) families in the UK are increasingly considering the Channel Islands as a ‘near-shore, offshore’ option as they reevaluate where they live, work, and structure their affairs, according to Rathbones.

The wealth manager’s offices in Jersey and Guernsey said this reassessment was being driven by the abolition of the non-dom regime in the UK.

Recent data from HMRC showed the number of non-dom and deemed domiciled taxpayers fell to 81,900 in 2024/25.

The combined tax and national insurance contributions (NIC) receipts from non-domiciled and deemed domiciled taxpayers increased by 9 per cent year-on-year to £13.6bn in 2024/25, which Rathbones said underlined the significance of internationally mobile HNWs.

The wealth manager added that the prospect of higher taxes and greater complexity was driving some HNWs to reconsider where they plan, manage, and preserve their wealth.

“The latest non-dom statistics are a useful moment to take stock of how international wealth is moving, but they are not the full story,” said Rathbones senior investment director in Jersey, Marc Nightingale.

“The end of the UK’s non-dom regime has sharpened conversations about mobility, but tax is only one part of the decision.

“Families are thinking more broadly about resilience, optionality and where they can build a secure base for themselves and the next generation.

“For some, that may be the Channel Islands; for others, it may be another international hub. The common theme is the need to bring tax, investment, succession, governance and lifestyle considerations together.”

Rathbones senior investment director in Jersey, Rob Broughton, added: “Jersey is a good example of how priorities are changing.

“Clients expect a well-regulated international finance centre, but what often matters just as much is connectivity, schools, safety, lifestyle and access to high-quality professional services.

“We are seeing entrepreneurs, business owners and investment professionals who want to remain internationally active while building a better long-term base for their families.

“The decision is rarely about one factor; it is about how wealth, work, family and future plans fit together.”

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