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Jersey Ranks as World’s Most Attractive IFC Property Hotspot
12th February 2021Research by high-net-worth mortgage broker Enness Global has revealed the current cost of purchasing a property in the world’s International Finance Centres (IFCs).
A location can be considered an IFC for a wide range of reasons, including financial secrecy and a favourable business environment.
While destinations such as Hungary (£61,368), Ireland (£163,220) and Cyprus (£192,977) offer a relatively affordable route into an IFC property market, the average house price across the 12 destinations analysed stands at £617,523.
Monaco is by far the most prestigious destination where house prices are concerned, with property values currently averaging more than £4m. Luxembourg is also home to some of the highest IFC house prices, although at £619,200 it could be considered a relative bargain compared with Monaco.
Closer to home, Jersey also commands some of the highest property values in the global IFC housing market, with the average price of property on the island currently standing at an impressive £533,000.
In terms of Jersey’s pedigree as an IFC destination, Enness research also shows that it ranks as one of the best in the world, second only to the Isle of Man. Enness compiled data on the score attributed to each destination based on both the financial secrecy it offers and its strength as a corporate tax haven.
With a combined score of 164, Jersey trails the Isle of Man by just one point and ranks as the second most attractive IFC destination in the world based on the personal and professional benefits it offers. However, with house prices averaging double those of the Isle of Man, a stronger property market arguably puts Jersey at the top of the global IFC hierarchy.
Jack Goguelin, Director for Jersey at Enness Global, explains why Jersey has become one of the most sought-after property markets in the world.
“With a large number of people having been forced to work from home over the last 12 months, it’s apparent that the work-life balance is more important today than it was when those two things were separated physically.
“Jersey offers easy access to beaches, parks and other open spaces, while its proximity to London, just a short flight away, means that attending to business or social interests in the UK is relatively stress-free when compared with travel from the continent.
“Jersey operates an attractive taxation regime for both businesses and individuals. The majority of companies that are managed and controlled in Jersey pay no corporate tax, while income tax for individuals is around half of what is payable by residents in the UK. Couple this with the fact that there is neither CGT nor IHT, and it’s no surprise that there has been an influx of high-net-worth and ultra-high-net-worth individuals choosing to relocate to Jersey.”
