Jon Moulton, the private equity pioneer, has spent only a few nights in Guernsey since buying a lovely house in a valley leading down to the sea. He also has homes in London and France, and spends much of his time at his vineyard in Kent. So he can hardly be called a Guernsey tax exile.

But the founder and managing partner of Alchemy appreciates Guernsey as a base for private equity. He has even been on the panel at Guernsey Finance-sponsored events where he has described the island as a terrific place in which to do business.