Channel Islands: Year In Review

First published by Business Brief, December 2019.

2019 has been an interesting year for the Channel Islands, to say the least. Global macro-economic uncertainty, regional political disruptions, economic substance rules, beneficial ownership registers, regulatory fines and that's not the half of it!

At the time of writing the United Kingdom has not left the European Union twice (or is it three times, one loses count). Our neighbour to the North has had two prime ministers and is in the throes of a general election, the first to be held in December since 1923. The United Kingdom is the Channel Islands' largest trading partner. The political and economic uncertainty through the year has definitely had its effect on activity in the Channel Islands. Our experience has suggested that peak uncertainty was in the early part of the year, with only the most adventurous investors prepared to buy UK assets but enjoying the benefits of sterling under pressure. With the Autumn,