Jersey is now better placed to attract high net worth residents
following changes to the Island's income tax laws.
The States have agreed to amend the Income Tax (Jersey) Law and
Regulations in order to encourage high net worth individuals to
invest in the Island.
The revised tax regime has been introduced for individuals who
are granted housing consent under Regulation 1(1)(k) of the Housing
(General Provisions) (Jersey) Regulations 1970. The changes form
part of a package of measures intended to increase the benefits to
Jersey of the 1(1)(k) regime.
The Minister for Treasury and Resources, Senator Philip Ozouf,
said the decision to amend the law sent an important message that
the Island welcomed new high net worth residents. He said "The
changes are designed to encourage more wealthy individuals to move
to Jersey, particularly those who wish to bring a business to the
Island. This will have the effect of creating employment and
enhancing economic activity in many sectors."
Under the new tax regime, 1(1)(k) residents will be taxed at 20%
on the first £625,000 of their income and 1% on all income
thereafter. The new position also removes the distinction between
income that has been earned within Jersey and income that has been
earned outside Jersey.
Senator Ozouf said that the changes would bring ongoing benefits
to the Island. He said "This change sends a clear signal that the
States is committed to promoting investment in Jersey, to
encouraging growth in employment and to diversifying the
economy."
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