Paul Gorman, CEO of Bank Aston - which recently obtained its banking licence from the Guernsey Financial Services Commission - says reports this week that UK Chancellor Rachel Reeves is considering a U-turn on inheritance tax (IHT) affecting non-doms is a benefit to Guernsey as a place to place wealth.

Gorman says non-doms are increasingly looking for such alternatives, noting: "Many of these individuals, as well as associated investment funds, have been upping sticks from the UK and London as a financial centre – talk of a millionaire exodus is well-documented."

"Many people were already well-prepared and were ready to act, but didn’t make the jump too quickly just in case there was some economic literacy in the government. But the opportunity for political grandstanding trumped the easily-foreseeable economic reality. The inevitable happened and the exodus from the UK doesn’t seem to have slowed down.

"These individuals and funds leaving the UK have to take their money somewhere, and more and more are sensibly turning to offshore locations like Guernsey.

"Guernsey, where Bank Aston has this month received its banking licence, is seeing an increase in business following this repatriation of wealth.

"This government’s aggressive approach to the wealthy, with tax rises and a less-than-welcoming attitude, is benefitting Guernsey. And that’s good news because the wealthy are disproportionately positive economic activity creators and innovators – bringing jobs, tax revenue and ideas.

"There are of course other offshore locations, but the US is unattractive to some, while the likes of Monaco and the British Virgin Islands have been placed on the Financial Action Task Force grey list, reducing appetite in some cases.

"Guernsey is adjacent, safe, has strong money laundering controls and has property laws that emulate – but do not exactly copy – those in the UK. It is also efficient to use because it takes part in GBP clearing schemes (Faster Payments, CHAPS, BACS, etc.) and EUR schemes (SEPA, T2 etc.)."

Following approval for a license from the Guernsey Financial Services Commission, Bank Aston is currently building out its services, products and offers in preparation for full authorisation in 2026, becoming Guernsey’s first locally approved bank in almost 30 years. It expects to begin taking deposits from Q2 2026.