 Jersey - a desirable location
Shopping is a pleasure in
Jersey. Many electronic, clothing and cosmetic products are about
20% cheaper here than in other countries in Europe due to Jersey's
taxation policy - there is no Value Added Taxes in Jersey.. 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. Purchase of real estate The purchase and occupation of all residential real estate in Jersey is controlled by the Jersey Government, through its Housing Committee. Basically only persons possessing Jersey Housing qualifications are granted consent to purchase property. A limited number of persons classed as "essential employees", are also given permission, whose period of residence may be limited to five or seven years, The Housing Committee normally grants such consent when it is satisfied that the applicant will make a major contribution to the Jersey's tax revenues if he were permitted to reside in Jersey. Such applications are considered against certain criteria.
Applicants who may have achieved significant success in sports, entertainment, political or other fields, judged on their merits, might be granted consent on social grounds related to the non-economic benefit that may be derived from such activities. Other Requirements There are further requirements,
as follows:
Taxation Technically, Jersey is a low tax area, not a tax haven, and derives its income principally from income tax, excise and duties. No taxes are levied upon capital, capital gains, inheritances, gifts, sales or turnover; nor are there any estate duties. Though income tax is levied on the world-wide income of a resident, there exist opportunities whereby a new resident may limit his future exposure to income tax by the creation of non-Jersey trusts with the approval of the Jersey Government. Thereby, part of the applicant's income maybe protected from Jersey tax charge, leaving sufficient income to meet the required Jersey tax liability in respect of which the applicant will be required to give an undertaking to satisfy. The island of Jersey benefits from a unique constitutional relationship with the United Kingdom and a negotiated special arrangement with the European Union, by which Jersey has retained its right to internal self-government and fiscal autonomy. Particularly, Jersey reserves the exclusive right to legislate on matters of purely domestic concern, which includes its own taxation, and it is not required now or in the future to adopt the fiscal policies of either the United Kingdom or the European Union. Jersey has a long history of political and economic stability and follows a conservative political system. The sources for its prosperity are Jersey's finance centre activities, the receipt of investment income from abroad by immigrants attracted to the Island by its tax advantages, tourism and, to a lesser degree, agriculture and light industry. The sources of revenue, which meet the income requirements of the Island, are sufficient to generate regular budget surpluses without the need to raise the standard rate of income tax, which has remained at 20% since 1940. More information Before
contracting the purchase of a prospective property, it is recommended
that a prospective resident should first obtain approval in principle
from the Jersey authorities to his taking up residence. We are experienced
and able to assist in this matter. To find out more about your possibilities
to acquire resident status and to acquire substantial real estate
in Jersey, contact
Henley & Partners today.
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