Jersey has long had a reputation for attracting successful companies and the entrepreneurs that run them but why do they come? If you were to ask them, the people who move to Jersey would probably say it was down to the quality of life it offered, with its combination of a business friendly working environment, a family friendly natural environment and great transport links to the UK and Europe. They might also mention its world-leading digital infrastructure and its beautiful shores which make it an attractive jurisdiction to work and bring up a family.
This blend is proving attractive to a new generation of younger entrepreneurs who are looking for a place that meets both their lifestyle and business expectations, with an environment that combines a forward thinking approach to innovation and excellent regulation. Not only does Jersey have beautiful scenery, tranquil country lanes and warm, sandy beaches but also a blossoming hub of business innovation, particularly in its financial services and digital sectors, making it a location for those who want to work in a thriving, international centre of excellence but who also seek a balanced lifestyle.
Anyone choosing to relocate has much to consider. Key factors that attract them to Jersey include the Island’s standing as a well regulated and world-leading international finance centre, the safety and privacy the Island offers, its corporate and personal tax environment and its easy access to the UK and beyond – London is a 40-minute flight away, 11 times a day. They also value the financial expertise, access to capital markets and business support available which can help to protect their worldwide assets and enable business growth.
For those with families, Jersey’s appeal also lies in its high quality healthcare facilities and education system, its rich rural heritage and its ability to satisfy food lovers with a wide range of excellent restaurants, bistros and cafés, all serving exceptional homegrown produce from land and sea.
Living in Jersey gives you the ability to be home, on the beach, or in breathtaking countryside within minutes of leaving the office and the range of properties available to make your home is as diverse as the Island itself – from luxury waterfront apartments and historic cod houses to contemporary sea view beach properties and picturesque granite farmhouses.
WHAT IS INVOLVED?
Unlike some jurisdictions, high net worth individuals (HNWIs) wishing to apply for residency in Jersey and businesses wishing to relocate part or all of their operations to the Island, need to meet certain criteria, to be considered.
A team in the Government of Jersey is able to provide advice and guidance on the application process, working with other government colleagues and the private sector to ensure a joined up approach and a smooth transition to living on the Island.
A key consideration for Government during this process is that an individual applying to move to the Island should bring benefits to Jersey, whether through business or socially, underlining the importance of the Island’s community and the commitment to the preservation of Jersey’s culture and integrity.
For that reason, any HNWI applying for residency must have a net worth of over £10 million, a comfortable and sustainable annual worldwide income in excess of £725,000 per annum (on which they would pay 20% tax £145,000, all other income excepting property is taxed at 1%) and be planning to make Jersey their principal place of residence.
Businesses will need to submit an application form with a supporting three-year business plan for their new Jersey business, covering areas such as business background; why they wish to relocate the business; key benefits to Jersey; audited accounts; proposed staffing for the Jersey business (including information on any Business Principal(s) and key staff that would require a licence); along with financial projections (years one, two and three) for the new business.
Where businesses and people flourish Jersey is well regarded worldwide and its commitment to the highest standards of regulation, as reinforced by global bodies such as the IMF, OECD and EU, provides a surety for those wanting to continue their work from the Island.
Jersey is part of the British Isles but is also referred to as a ‘Peculiar of the Crown’, signifying that Jersey owes its allegiance to the British Sovereign and not Parliament. Because of this historic royal relationship, Jersey is self-governing with independent fiscal, political and legal systems while still maintaining strong ties to both the UK and Europe.
Thanks to forward thinking by the Government of Jersey in developing a digital-first agenda, it is considered a real centre for business development. The Island became the first jurisdiction in the world to make 100% pure 1GB fibre available to every broadband user, creating an environment where businesses and people flourish. The implementation of this stable, resilient and highly developed communications network meant that, in 2020, Jersey ranked second in the world for broadband speed, making it the fastest in Europe. This makes a difference for business owners as it enables them to experience the same, if not a better, standard of provision as they would in any large city.
Jersey also benefits from an increasingly diverse economy, prompting growth in many different areas. Over recent years, to complement its well established financial services sector, Jersey has seen a range of innovative businesses and successful entrepreneurs move to the Island from areas including R&D, medical and biosciences, fintech, digital marketing, architecture, renewable energy and natural resources.
Those businesses relocating are using the services of existing local businesses and sharing their expertise and experience, as well as pursuing their own business interests and employing local people.
IN JERSEY, A WORK-LIFE BALANCE REALLY IS ACHIEVABLE
At its core, Jersey is a great place to live and work and that enduring appeal, along with the cosmopolitan lifestyle, is incredibly attractive for individuals and families needing the best of both worlds. Time and again the feedback from those who have moved to the Island is that it is the lifestyle that has really made their minds up – particularly when they are bringing their families with them.
A family orientated community with a rich heritage, outstanding natural beauty and a multitude of leisure and sports opportunities, provides a perfect counterpoint to Jersey’s thriving business environment. With an excellent stock of high quality homes and good transport connections to Europe and UK too, it really is a blend that is hard to beat.