One of the greatest pleasures that I and many other Jersey residents have, is talking about our Island by describing what a fantastic place it is to live and work and how it is truly open for businesses.
For many years, the Island’s beautiful natural environment and its competitive business environment have together been attracting business leaders and their families.
The Island continues to be open for people who want to work in a thriving, well-respected international centre of excellence while enjoying a lifestyle, where productive working days transition quickly into fun and healthy activities.
So How do I Describe Jersey?
The basic facts are that the Island is self-governing, with a stable government, independent fiscal and legal systems and it enjoys a reputation as a world-leading international finance centre.
Although not part of the EU or the UK, Jersey has strong connections to both, is English speaking and shares the same time zone as the United Kingdom.
Business leaders are attracted by the financial expertise, access to capital markets and business support by the first-class service providers that Jersey has to offer, whilst some of the world’s leading banks, financial institutions and law firms are based in the Island. It means that it is a great location from which to manage and grow worldwide assets.
For their families, the safety and privacy that Jersey offers is of the upmost importance. There are many other key factors in the decision-making process too, such as the Island’s high-quality healthcare and education systems, its rich rural heritage, its first-class range of restaurants and great flight links to the UK.
Those are the key points that I find people want to know. What really makes people want to move to Jersey is having a taste of what their lifestyle will be. When people visit the Island, they appreciate the quality of the office space that they would use but fall in love with the beaches, beautiful properties and breath-taking countryside that would be just minutes from the office.
For many, finding a location which benefits business might be the principal driving force but choosing a place to become the family home is the deciding factor.
Jersey is a friendly, safe, cosmopolitan community, where traditional values sit at the very heart of a contemporary lifestyle. A beautiful island setting with stunning beaches, coastline and countryside, Jersey offers a lifestyle to suit all tastes. In Jersey, a work-life balance really is achievable.
Part of the beauty of living in Jersey is that you can enjoy island life and still be just a 40-minute flight away from London. There are more than 20 daily flights into key UK cities, as well as flights into Europe, so major financial centres are only a short flight away, putting you at the heart of worldwide travel networks. There are also regular ferry sailings to the UK and France.
In addition, Jersey has a stable, resilient and highly developed communications network. It was the first jurisdiction in the world to make 100% pure 1GB fibre (FTTP) available to every broadband user and has previously been ranked fastest in Europe in the World Broadband Speed League, establishing an environment where businesses and people flourish.
Locate Jersey is a Government of Jersey organisation which promotes the Island as a place to do business and coordinates the relocation of inward investment businesses and high networth individuals (HNWIs) and their families to Jersey.
Providing comprehensive, confidential and free advice, officers work closely with industry bodies, regulators, the private sector and colleagues across the Government of Jersey, to help businesses and HNWIs through the application process and moving to the Island.
Jersey has a diverse economy and welcomes successful companies and individuals from any sector (some exceptions do apply) who can bring economic benefit to the Island, contribute to our community and who want to make Jersey their home.
Inward investment into Jersey is vital for a diverse, innovative and competitive economy and the Island targets business sectors which align to Government of Jersey plans, the needs of the local community and the Island as a whole. This has led to growth in many sectors, with businesses establishing physical footprints and communities within the Island.
Under Jersey law, to run a business and employ staff in the Island you must have a business licence. To qualify for that licence, you usually need to have lived in Jersey for more than five years and have ‘Entitled for Work’ status to start a business. However, there may be an exception to this if you can show that your business is of significant economic or social value to Jersey, or if the business is specialised and meets a strategic market need.
Any business looking to relocate to Jersey must fulfil certain criteria, although this does not guarantee the success of an application. Other considerations are also taken into account as part of your application, for example relevant legislation/ regulation and potential reputational concerns for the Island.
The High Value Residency (HVR) Scheme
Applications to the High Value Residency (HVR) scheme by individuals who can bring economic benefit, contribute to the community and who want to make Jersey their home, also need to satisfy a number of criteria. Each application is considered based on the economic and social value that they would bring to Jersey, with only a limited number of consents granted each year.
The HVR route is specifically for those who can demonstrate assets of £10 million or more and a comfortable and sustainable annual worldwide income exceeding £1 ,250,000 on which they would pay 20% income tax (£250,000), anything over the initial £1 ,250,000 is taxed at 1%.
Officers are always on hand to help and assist businesses and individuals during the application process, offering advice on what is required for the application and connecting you to the right people. We always strongly recommend that you take professional tax advice at the earliest opportunity.