High Value Residents To Pay £250k Tax

Tuesday, 16 May 2023 12:12

High value residents moving to Jersey will be paying at least £250,000 in tax per year under new proposals.

The Treasury Minister has lodged legislation which would increase the tax liability of people wanting to to come an live here under the High Value Residency Scheme.

Currently those High Net Worth (HNW) individuals must earn at least £850,000 a year.

And, under changes agreed last year that took effect in January 2023, their minimum tax bill is £170,000.

Chief Minister Deputy Kristina Moore says that Jersey welcomes people whose wealth benefits the island.

"We believe we have a package of measures that will maintain a stable and supportive environment for relocation and investment, whilst requiring a modest increase to their contribution to the public purse.

These changes reflect the value of Jersey’s offer to them: a safe, stable, and welcoming community, natural beauty, excellent health, and education systems, in a well-connected location."

The changes will apply only to incoming so-called 2 (1) (e) residents, who are people granted entitled status to live here because their wealth would benefit the island, with those already on here still paying a minimum of £170k in tax.

They will also have to buy a property worth at least £3.5m, up from £1.75m and there will be a new 'formal expectation' that they will have a net worth of at least £10m, not including the value of their home.

The changes will be debated by the States in July.

More from Jersey News

Plans to modernise Jersey's 'extremely outdated' cremation rules

Jersey's rules on cremation are being modernised for the first time since the 1960s.
Driver 'seriously injured' in Grouville crash

A driver has been admitted to hospital with serious injuries after a crash in Jersey.
Jury finds Shay John Bester guilty of offences including rape

Shay John Bester has been found guilty, after going on trial for offences including six counts of rape against three young, vulnerable females.
African community groups express 'disappointment' with Deputy Ozouf sentencing

Friends of Africa Jersey and the Kenyans in Jersey Committee have come together to express their disappointment following Deputy Philip Ozouf's sentencing, and are calling for increased protection for workers who speak out about exploitation.
Island Energy to return to Royal Court over Mont Pinel gas explosion

Island Energy is set to return to the Royal Court to enter pleas after being charged by the Health and Safety Inspectorate over a gas explosion at Mont Pinel.
Jersey to introduce legal limit for PFAS in drinking water

A legal limit for PFAS in Jersey's drinking water will be introduced for the first time.
Jersey Electricity drops St Martin solar farm idea

Jersey Electricity has dropped plans for a solar farm on land in St Martin belonging to the King.
PPC won't move to block Deputy's return to States Assembly

The committee that oversees States Members' conduct says it won't being a proposition to further suspend Deputy Philip Ozouf following his conviction for immigration offences.