JERSEY


On the move


The numbers of young families choosing to


decamp to the Channel Island have overtaken


retirees in the past few years. Arabella Youens finds out how and why they’re making the move


were approved by Locate Jersey, the govern- ment body responsible for attracting invest- ment; those figures were up 48% compared with 2013. And it’s not just office headquar- ters that are relocating. Last year, 20 ‘High Value Residents’ (in Jersey vernacular) were granted, double the yearly average over the past five years. Between them, they purchased more than £90 million worth of property. ‘These figures paint a picture of success


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for Jersey and reflect just how attractive the island is proving to be, both as a welcom- ing, sophisticated, friendly jurisdiction for successful businesses to relocate to and as a desirable place to live for the individuals that run them,’ explains Kevin Lemasney, director of high-value residency.


Where do they come from? ‘It’s a truism that people will head south when they decide to move—often in search of a better lifestyle and better climate,’ says Mr Lemasney. ‘Geographically speaking, we’re perfectly positioned for anyone leav- ing the UK.’ According to the latest figures, 50% of new Jersey residents are British and moving from Britain, 30% are British pass- port holders and moving from elsewhere (inc- luding places such as Dubai and Singapore) and 20% are non-British, coming from South Africa, France and the rest of the world.


Why Jersey? The benevolent tax climate that Jersey offers isn’t the only carrot, confirms Mr Lemasney. ‘These people are rich enough that they could choose to live wherever they’d like, but


22 Country Life, Jersey, Summer 2015


T HELIER addresses adorn the letter- heads of thousands of British busi- nesses and that number grows by the day. In 2014, 43 business licences


whether it’s because of childhood memories, safety, the quality of education, familiarity of the environment or proximity to the UK, they’re choosing Jersey. Yes, tax advice influences the decision, but lifestyle is infi- nitely more important: you’re not going to be miserable just for the sake of paying less tax.’


Who is moving? Successful businessmen and women with young families currently make up two-thirds of the incoming residents and the remain- der is taken up by retirees moving for wealth preservation. ‘With initiatives such as supplying every house on the island with fibre-optic broadband by the end of 2016, we’re making sure we’re catering for those businesses who need that accessibility.’


Making the move Contrary to some perceptions, Jersey is a very open jurisdiction with a relatively simple relocation process—new policies intro- duced recently put a much greater focus on ensuring that all high-value residents con- tribute actively to Jersey’s economy. The first step is to contact Locate Jersey,


a free facilitation service, to start the ball rolling. The next is to put together an appli- cation dossier of seven pieces of inform- ation, starting with a statement of intent, which spells out how the incoming resident plans to contribute to the island, and finish- ing with a business forecast. ‘Residency is no longer granted just based


on wealth that you’re bringing to Jersey and more about how sustainable that wealth is; what we really want is people who will bring business to the island, who will invest here and employ,’ explains Mr Lemasney. Once the dossier has been passed by Locate


Jersey, it’s submitted to the controller of taxes and, finally, the population officer, who will then issue a residency card. At that point, you’re able to rent or buy a property.


How long does it take? ‘At its speediest, it has taken just six weeks from initial inquiry to moving in; at the opposite end of the spectrum, it has taken 36 months, but the average is six months,’ says Mr Lemasney. ‘But we don’t cut ties there. Once residency has been granted, we start the “on-boarding” process to welcome them to the island and help them to set up a social life here. To date this year, of the 13 new families, they will have received five or six invitations to events, such as enter- taining at the races, parties on yachts and other gatherings. It all just makes it easier for them to settle in and find their feet.’


Need to know


Tax for High Value Residents: 20% on first £625,000 of worldwide earned income, plus additional 1% on all other income


Property High Value Residents are expected to spend more than £1.75 million on property


Driving You’ll need to exchange your UK licence for a Jersey one


Cars No road tax or MOT, but you’ll have to register and change numberplates


Dogs If coming from the UK, they’ll need a pet passport


School fees Can be as little as a third of those in the UK


Contact Locate Jersey (01534 440604; www.locatejersey.com)


www.countrylife.co.uk


Danny Evans/Visit Jersey


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