Jersey woos the world’s wealthy
During the course of 2014, the small island of Jersey welcomed no fewer than twenty high-net worth individuals as new residents. The largest of the Channel Islands is becoming quite a destination of choice for the world’s wealthy.
And that is great news for the British crown dependency, not only because those new residents bought about £90 million worth of property, but also because of the boon those citizens provide to Jersey’s status as a key international financial centre.
The wealth advisory industry on the island is pleased with the efforts of Jersey’s quango, Locate Jersey, which is making great strides in selling the state’s attributes to an increasingly mobile global elite.
Grant Hamilton, a direct at Rathbone Investment Management, says: “There seems to be more successful individuals, families and businesses basing themselves here. Jersey offers a strong and stable economy, favourable tax rates, a good quality of life, excellent links to the UK and Europe, and a strong infrastructure of professional services.”
High-net worth individuals may find it easier than ever to relocate, as traversing the globe in search of a better quality of life becomes the norm, but choosing where to set down roots is not a decision that is taken lightly. Against a global backdrop of fiscal belt-tightening by governments, which often has top-end income tax receipts in its sights, deciding a new home address is now about a lot more than simply reducing a family’s tax payments.
Hamilton says: “The global crackdown is on tax evasion and money laundering, rather than on high net worth individuals. Jersey has been…To read the full article, please subscribe to our e-magazine.