The tiny island of Guernsey lies off the coast of Northern France in the English Channel. It’s part of a group of islands known as the Channel Islands, which are dependent on the British Crown. Guernsey may be best known for being home to the French poet Victor Hugo, who spent 15 years in exile there. A lesser known fact is that Guernsey and the other Channel Islands were the first offshore tax havens.  

Bob Sherwood is a reporter for the Financial Times. He recently wrote a special series on Guernsey’s economy and how it’s weathered the current financial crisis remarkably well.