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Sark Economy

The economy of Sark is based mainly on tourism. Tourism brings in income to Sark economy through landing fees which are incorporated in the fares charged for ferry tickets.These fees go toward the economy of Sark.Shopping by visitors in local shops, accommodation at hotels and dining at restaurants are another great source of income for Sark economy and are part of tourism.

Farming is an integral part of Sark economy. Most of the agricultural produce is sold to hotels and restaurants.The main countries with which trading in Sark economy occur, include the UK, Guernsey and Jersey.To enhance the tourism product of Sark economy, the historical background of Sark is being conserved as much as possible, the government has refurbished historical buildings for use as tourist sites, while footpaths which lead to various parts of Sark are one of the attractive features of Sark economy, thanks to tourism.Sheep racing, cricket games and other forms of entertainment are activities which generate income in the economy of Sark.

Sark economy can be considered a low tax jurisdiction, as no VAT, sales and corporation taxes exist.This tax system of Sark economy is ideal for the way in which residents of Sark work, in that many residents work for each other on a part time basis and are paid for their work accordingly.

Sark is used as an offshore haven by residents and corporations of neighboring Channel Islands and EU countries.Account holders are not required to provide information on their income.In 2008, the economy of Sark was affected as a result of the Barclay Brothers’ withdrawal of their investments in Sark.However, the Brothers reinitiated business deals in Sark economy and are owners of numerous hotels and restaurants on Sark.Over GBP30 million have been put into Sark economy by the Barclay Brothers from since 2007.