Personal accounts: Guernsey

Updated 6 October 2026

An honest assessment before work starts, the quote is fixed in writing.

Non-residents can open a personal account in Guernsey too: the island's banks work with clients worldwide but check where the money comes from and why you need the account. Personal deposits in Guernsey banks are protected by the deposit compensation scheme: up to £50,000 per depositor in each bank, about $66,200 at the rate of 5 October 2026, rounded up. The scheme covers mainly personal customers wherever they live, plus sole traders and certain local charities, and aims to pay compensation within 3 months, according to the scheme board.

How the deposit compensation scheme works

If you have several accounts with one bank, compensation across all of them is capped at £50,000. Total scheme payouts are capped at £100 million in any 5-year period and £100 million per bank; Guernsey banks fund the scheme through annual and special charges. The scheme has operated since 26 November 2008 and is run by an independent statutory board, separate from the financial regulator and the States of Guernsey, according to the scheme board. Larger balances are spread across banks.

What the bank will ask

• a passport and proof of address;
• tax residence details;
• source of funds and wealth: salary, business sale, inheritance, investments;
• the purpose of the account and expected incoming and outgoing payments.

How opening works

1. Profile review and choosing a bank for your amount and goals.
2. The document file and proof of the source of funds.
3. The bank's review and, if needed, a video call.
4. Account opening and online banking setup.

Taxes for a private client

Guernsey has no capital gains tax, inheritance tax or VAT. Island residents pay income tax at a flat 20%, and wealthy residents can use an annual tax cap. A new resident who buys a home in the part of the market open to newcomers and pays at least £50,000 in duty on the purchase can cap tax on worldwide income at £60,000, about $79,400 at the 5 October 2026 rate, rounded up, for the year of arrival and the following three years. The purchase must take place within 12 months before or after the move.

For a non-resident, an account in Guernsey does not by itself create tax residence on the island, but the bank passes account details to your country of tax residence under automatic exchange rules. So before opening, we check how income on the account will be taxed at home.

Currencies and the amount on the account

Guernsey uses the pound sterling and the local Guernsey pound, which is at par with it. Island banks open accounts in pounds, US dollars, euros and other currencies, which suits people with income from different countries. Some banks set a minimum balance or a minimum amount of assets under management, so we discuss the sum you are ready to keep on the account before choosing a bank. If you are moving to the island, a local account will be needed for rent, utilities and taxes, and it is easier to open with proof of a Guernsey address.

What we do

Murblz specialists assess the chances before applying, choose a Guernsey bank, prepare the document file and handle the correspondence with the bank until it decides. The quote is fixed in writing; the decision to open the account is always the bank's.

Who gets refused

A bank will refuse if the source of funds cannot be documented, if the client or their money is linked to sanctions restrictions, or if the purpose of the account does not match the expected payments. We check whether a case involving Russian citizens can proceed before any documents are prepared.

What we do

• Personal account - opening assistance

See also

Company formation · Business account · Investment property

FAQ