For sale: tax haven
One of the eight Channel Islands, part of Europe's popular tax haven territory, has been put up for sale with a price tag of £15m (€18.8m). However, its tax benefits may be short-lived as the outlook for EU member havens looks increasingly gloomy.
Herm Island is being sold by owners Adrian and Pennie Heyworth, who have run the island for the last 28 years.
The asking price for the 40-year lease includes a manor house, a 13th century chapel, 80 acres of farmland complete with a dairy herd and what is thought to be the world’s smallest jail.
Guernsey-based Martel Maides is the estate agent running the sale. "The island offers a beautiful place to live with a remarkable lifestyle, supported by a thriving tourist based business," reads a descripton on the company's website.
"As well as a fine home at the top of the island, and the farmland, hotel, restaurant and tavern that we all know so well, the purchaser will also get a jail, an obelisk and a landing craft."
However, the lighter-touch tax benefits that the buyers will enjoy are in doubt. The EU finance minister is releasing an interim report on September 30 that could generate fresh rules to restrict more generous tax regimes.
As part of the UK, the Channel Islands will also be affected by tax rules tightening in that country over the coming months.
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