Jersey vs Gibraltar: The high net-worth island residencies you'll want to consider for 2023
Do you find yourself in the category of high net-worth? Well, in today’s video we’ll explore 2 countries offering residency by investment...
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Jersey
Overview
Jersey is the largest of the Channel Islands. Situated between Britain and France, it provides a convenient location and a relaxed lifestyle. It has a stable economy, an attractive tax system, and is an idyllic place to raise a family. Its residents
enjoy a high standard of living and there are excellent flight connections.
A modern airport and an advantageous location enable Jersey to benefit from frequent and regular air services to London, Paris, Zurich, and other airports in the United Kingdom, France, the other Channel Islands, and Ireland, with regular sea travel to England and France.
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.
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Annual tax contribution
Varying
Well-regulated and mature finance and trust industry
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Investment options:
High-value residence regime
• The purchase and occupation of all residential real estate in Jersey are controlled by the Jersey government, through its housing committee. Essentially, only persons possessing Jersey housing qualifications are granted consent to purchase the property. It is possible, however, for high-net-worth individuals to obtain the 2(1)E license, which derives its name from Jersey’s current housing law. To achieve high-value residence status and be eligible to purchase property in Jersey, the prospective applicant must make a major contribution to the island’s tax revenues. At the present rates of tax, the annual tax contribution would be in the region of GBP 145,000, calculated on a sliding scale based on 20% of the first. GBP 725,000 of worldwide income and 1% on all income thereafter. Applicants are required to provide financial and other information in support of their application to take up residence in Jersey, evidencing sufficient capital wealth in order to produce in excess of GBP 125,000 in tax revenues for the island. Once high-value residence status has been granted, the applicant may apply for consent to purchase a property and will be granted the same status as other residents on the island. Residents can be employed and are able to employ and set up their own business on the island and will be expected to purchase or lease a single residential property worth more than GBP 1.75 million.
An International Finance Center
• Jersey's successful role as an international financial center for more than 40 years is largely due to its ability to maintain a stable and high-quality business environment, which is an important factor for international investors. The Jersey Financial Services Commission, an independent body, is responsible for the administration of laws relating to the industry. It is also responsible for the development of the financial services industry on the island. Most of Jersey's working population is professionally trained and works in the finance and support industries. The availability of internationally recognized accountancy and legal experts ensures smooth and professional handling of business. An increasing number of clients worldwide choose Jersey as a preferred location mainly because it has retained a reputation for its integrity while evolving to cater to the growing needs of global finance
A business- and investor-friendly jurisdiction
• Jersey is an internationally recognized financial center with a reputation for excellence in quality and expertise. The island's location enhances its position as a finance center with easy accessibility to the UK and mainland Europe, while its judicial independence and self-governance make it attractive to businesses and investors. The communication facilities in Jersey are of a high standard, with efficient international telecommunication, information technology, and postal and courier services. e-Business initiatives are also expanding and providing the finance industry with additional support. Jersey is also a popular host to many different types of association and corporate events from Europe, and many in the pharmaceutical, communication, manufacturing, and finance sectors make it their destination of choice.
Steps to follow
Step 1 - Preliminary Check:
Our specialized team will review the documentation submitted to verify that the immigration requirements are met. In addition, we will verify the transparency of investment funds. As a result, we will have a background check report and signed contract.
Step 2 - Choose of Investment:
You must select the investment option that most convinces and suits you, so that later we can start the process. If you decide to obtain residency through real estate investment, we will help you choose your property based on your needs and desires.
Step 3 - Preparation of documents and sending to the corresponding agency:
We take care of everything: we obtain the criminal record certificates, we fill out and complete the government forms, we certify the documents before a notary, we do the translation and apostille everything (this service has a separate cost), and then we send it to the residence. We present your documents independently and with strict compliance with the requirements, as well as monitoring the progress of the application. As a result, we will confirm the receipt of the documents by the government.
Step 4 - Due Diligence check:
Once the residency agency receives all the documents, the applicant's background check begins. In the event that additional documents are required during verification, we will handle those requests.
Step 5 - Case Investigation:
We look forward to a positive resolution and receive the new documents together with you. If necessary, we can also help you with other operational, commercial and even domestic matters (including the arrangements of additional documents).
Step 6 - Receiving residency:
When the investment and all fees are paid, you receive the certificate of residence. Then, these documents are sent to you, so that after the wait, you can start enjoying them.
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FAQ
Does this residency allow me to obtain citizenship?
After five years of residing in Jersey, you and your family can apply for citizenship.
What documents are required?
• A completed application form with a photograph. • A copy of your passport. • Documents that prove your income is legal. For example a employment contract. • Certificates of no criminal records. • Health insurance policy. • Payment documents confirming the payment of state duties and fees. • Documents confirming the fulfillment of the investment conditions stipulated in the application.
Is Jersey Safe?
Yes, Jersey has one of the lowest crime rates in the British Isles, with the majority of crimes being non-violent.
How much is the processing time?
The processing time is for only 2-4 weeks.
Is dual citizenship accepted in Jersey?
Yes, you can access dual citizenship in Jersey.
With what currency must the residency programs be paid?
This residency program should be paid in euros.
How strong is the Jersey visa?
You would have visa free to 187 destinations, including Schengen countries.
Can I bring my family in this experience?
Yes, this residency is family friendly.
Can the residence be purchased with an investment in Real Estate?
Yes, there is a very stable real estate market that offers significant opportunities to investors as well as resident property dealers.
In what cases can my application be rejected?
Most of the applications are authorized, however there are some reasons why you may have difficulty with this residency. Such us: • Having criminal records. • Lack of documentation. • Do not meet the minimum time in the country.
The main applicant must go to Jersey?
The whole process can be arranged without being present in the country.
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