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You must be born locally to buy property in Jersey, and the housing system prioritizes people born on the island. However, if you were born outside Jersey but have lived there for more than a decade, you may also have entitled status, or you may qualify for the High Value Residence Scheme, which enables you to buy, and sell property on the island.
The Jersey government has been eager to draw high-net-worth individuals to the island. To support this, the High Value Residence Scheme enables wealthy individuals and investors to come to the island. The island's benefits and island life make the programme so popular.
Jersey, a government body, welcomes applications from successful companies and individuals who can contribute to the community and boost the economy by making Jersey their home.
The High Value Residency Scheme requires applicants to meet various standards, and only a limited number of approvals are granted yearly. Each application is evaluated based on the economic and social value the individual would bring to Jersey.
Individuals may apply for the High Value Residence Scheme if their assets are worth £10 million or more and their annual worldwide income is at least £725,000. On an annual basis, 20% income tax is applied to any income in excess of £725,000 (145,000 pounds). Furthermore, tax is charged at 1% on any income beyond £725,000, except for income from Jersey real estate, which is taxed at 20%.
Certain qualifications must be met to be eligible for a high-value residency in Jersey. If you have been granted eligibility status, you will be able to buy property in Jersey. It is predicted that purchasers of high-value residency in Jersey will buy properties valued at more than £2.5m (if a house) or more than £1.25m (if an apartment). Any land or corporate holding a property purchased through a high-value resident will be liable for Land Transaction Tax or Stamp Duty.
Local authorities must assess each high-value residency application individually, as meeting eligibility requirements doesn't guarantee Jersey residency under the scheme. The government of Jersey has been extremely active in attracting high-net-worth individuals to the island. While High Value Residence Scheme remains a highly privileged status, it is not given to everyone. The programme's exclusivity is maintained by preserving its quality. The island's quality of life and amenities (especially education, leisure, and hospitality) are extremely high. Jersey's popularity and exclusivity will continue well into the future due to its ability to advertise as both a business hub and a place to live.
Enness can assist with property financing if you can qualify for high-value residency in Jersey. The Enness team has access to over 500 worldwide mortgage lenders, close professional relationships, and a local workforce that can help you locate the most favourable local financing solutions. If you would like to understand more about property finance packages in Jersey, get in touch.