Since the general election this year, Canaccord Wealth has seen a significant increase in interest from wealthy individuals considering moving their assets to lower tax regimes.
Canaccord reports a 56% increase in people specifically searching for its services in Guernsey, the Isle of Man, and Jersey.
The number of page visits from web searches specifically for Canaccord’s services in the UK’s Crown Dependencies has grown steadily month-on-month following Labour’s landslide victory, from 332 in May 2024 to 518 in September 2024 – an increase of 56%.
Matt Philips, Director, Wealth Planning for Canaccord in the UK said: “The messaging from the UK government has been clear over the past few weeks and this has caused concern for our clients. We have welcomed the chance to have conversations and provide reassurance, but we are seeing high net-worth individuals starting to explore other locations for their wealth.
“It’s our role to help our clients navigate the complexities of the macroeconomic environment and achieve their long-term financial goals. However, the data backs up what we are hearing face-to-face. The number of enquiries we are receiving – so called ‘intent searches’ online – demonstrates people are worried and are exploring their options.”
Andy Finch (pictured), CEO of Canaccord Wealth’s International business, covering the UK Crown Dependencies, said: “It’s clear from the data that people are concerned. We are also hearing this in the conversations we are having with professional partners and referrers who say there has been a spike in activity among those on the UK mainland considering becoming a tax resident in the Crown Dependencies.”
“At Canaccord Wealth, we serve clients across the UK and Crown Dependencies, so we have the capability to support, whatever happens in Wednesday’s budget. Our team of experts based in Guernsey, the Isle of Man and Jersey have the local knowledge and wealth management expertise to react to whatever specific ambitions our clients have.”
