Channel Islands In Focus As Wealthy Families Reassess UK Ties

Wealthy UK-based families are increasingly considering the Channel Islands as a “near-shore, offshore” option as they reassess where they live, work and structure their affairs following the abolition of non-dom status, according to Rathbones’ offices in Jersey and Guernsey.

New statistics from HMRC this week, the final publication under the old regime, showed a fall in the number of non-domiciled and deemed domiciled taxpayers, down to 81,900 in 2024/26, with combined tax and National Insurance liabilities of £13.6 billion, a 9% year-on-year increase, underlining the economic significance of this internationally mobile group.

The prospect of higher taxation and greater complexity is prompting some high net worth individuals to look again at where they plan, manage and preserve their wealth. Research by Rathbones earlier this year showed that nearly 6,000 entrepreneurs left the UK between 2024 and 2026.

Rathbones Investment Management International, part of Rathbones Group, said the data release should be seen in the context of a broader shift in global wealth planning.

Tax remains important, but families are also weighing political stability, legal certainty, safety, education, healthcare, connectivity and quality of life.

Marc Nightingale, Senior Investment Director in Jersey, said:

“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. 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.”

While a number of destinations have become known for welcoming the internationally mobile, Jersey actively seeks to attract entrepreneurs, business owners and investors who can make a long-term contribution to the island. Through its High Value Residency programme, applications are assessed not only on financial criteria but also on the prospective economic and social contribution individuals can make to the community.

Rob Broughton, Senior Investment Director in Jersey, said:

“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.”