High Value Resident nationalities and property purchases (FOI)
High Value Resident nationalities and property purchases (FOI)Produced by the Freedom of Information office
Authored by Government of Jersey and published on 17 November 2020.
Prepared internally, no external costs.
How many wealthy 1.1k applicants have been granted residence in 2019 and 2020 up to the 1 November 2020?
How many of the above have purchased residential property?
How many are given permission to rent residential property?
What are the Nationalities of the above?
Is it correct that Wealthy 1.1k residents after 10 years continuous residence qualify and receive their Housing qualifications and then any financial agreements agreed when permission was granted then fall away?
How many enquiries or applicants are there currently as of the 1 November 2020?
In 2019 there were 19 approvals. From 1 January to 1 November 2020 there have been 11 approvals.
Of the 30 approvals in 2019 and 2020, 12 have purchased a residential property to occupy as their sole or principal place of residence in Jersey. Not all those with approval have relocated to Jersey as yet.
Under current legislation and policy, all 2(1) (e) residents can elect to lease, rather than to purchase a residential property to occupy as their sole or principal place of residence in Jersey. Of the 30 approvals in 2019 and 2020, eight individuals are currently leasing the residential property that they occupy.
In 2019, 17 British and two other nationalities and to 31 October 2020 eight British and three other nationalities.
When a 2(1) (e) resident has been continuously ordinarily resident in Jersey for 10 years, and formally establishes their Entitled status, they can elect to give written notice to the Minister that they wish to thereafter cease to be considered as a 2(1) (e) resident. In this instance, they will be taxed as a `normal’ taxpayer and can participate in the local property market as they wish. However, there is no legal obligation for the individual to revoke their 2(1) (e) status on completing 10 years continuous ordinary residence in Jersey, and if they wish to continue to benefit from preferential tax arrangements, these arrangements may continue, although conditions related to their ability to own and occupy `Qualified’ residential property will also still apply.
From 1 January 2020 to 1 November 2020 there have been 115 first time enquires, 17 applications and 11 approvals.