Jersey is the largest of the Channel Islands. Situated between Britain and France, it provides a convenient location and a relaxed lifestyle. It has a stable economy, an attractive tax system, and is an idyllic place to raise a family. Its residents enjoy a high standard of living and there are excellent flight connections.
An Introduction to Jersey Residence
The Channel Islands, including Jersey
and Guernsey, are situated about 14 miles from the coast of France and 120
miles from Southampton, England.
The island of Jersey is not only known for its scenic beauty, but it also enjoys a high standard of living and offers a variety of options for leisure, cuisine, and cultural activities. It is a paradise for golfing enthusiasts and people interested in water sports. Residents also benefit from a high level of modern communication and associated facilities.
All financial institutions are
regulated and supervised in Jersey by the government's Finance and Economics
Committee. Supervision is implemented by the Jersey Financial Services
Commission, which exerts close control over all financial institutions and
trust companies.
High-value residence regime
From a tax perspective, Jersey is
popular for its low rate of income tax and lack of estate duties. The
application procedures for residence in Jersey are extremely efficient and the
entire application process can usually be completed in as little as one month
unless additional information is required.
The purchase and occupation of all
residential real estate in Jersey is controlled by the Jersey government,
through its housing committee. Essentially, only persons possessing Jersey
housing qualifications are granted consent to purchase property.
It is possible, however, for
high-net-worth individuals to obtain the 2(1)E license, which derives its name
from Jersey’s current housing law.
To achieve high-value residence status
and be eligible to purchase property in Jersey, the prospective applicant must
make a major contribution to the island’s tax revenues. At the present rates of
tax, the annual tax contribution would be in the region of GBP 145,000,
calculated on a sliding scale based on 20% of the first GBP 725,000 of
worldwide income and 1% on all income thereafter. Applicants are required to
provide financial and other information in support of their application to take
up residence in Jersey, evidencing sufficient capital wealth in order to
produce in excess of GBP 145,000 in tax revenues for the island.
Once high-value residence status has
been granted, the applicant may apply for consent to purchase a property and
will be granted the same status as other residents on the island. Residents can
be employed, employ others, set up their own businesses on the island, and are
expected to purchase or lease a single residential property worth more than GBP
1.25 million for an apartment and GBP 2.5 million for a house.
The regulations for citizenship are the same as in the UK, and the British Government is responsible for administering the laws covering British citizenship through the British Nationality Act 1981, which also applies to Jersey.
An International Finance Center
Jersey's successful role as an
international financial center for more than 40 years is largely due to its
ability to maintain a stable and high-quality business environment, which is an
important factor for international investors.
The Jersey Financial Services
Commission, an independent body, is responsible for the administration of laws
relating to the industry. It is also responsible for the development of the
financial services industry on the island. Most of Jersey's working population
is professionally trained and work in the finance and support industries. The
availability of internationally recognized accountancy and legal experts
ensures smooth and professional handling of business.
An increasing number of clients worldwide choose Jersey as a preferred location mainly because it has retained a reputation for its integrity while evolving to cater to the growing needs of global finance.
A business- and investor-friendly jurisdiction
Jersey is an internationally
recognized financial center with a reputation for excellence in quality and
expertise. The island's location enhances its position as a finance center with
easy accessibility to the UK and mainland Europe, while its judicial
independence and self-governance make it attractive to businesses and investors.
The communication facilities in Jersey are of a high standard, with efficient
international telecommunication, information technology, and postal and courier
services. e-Business initiatives are also expanding and providing the finance
industry with additional support.
Jersey
is also a popular host to many different types of associations and corporate
events from Europe, and many in the pharmaceutical, communication,
manufacturing, and finance sectors make it their destination of choice.
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