Business relocation applications up by almost half in 2014

Monday 22 December 2014

The number of businesses relocating to Jersey rose by almost 50% this year, while 20 new wealthy immigrants were allowed into the Island - an increase of 43% on 2013.

The business and residential applications were revealed in the annual figures from Locate Jersey, the States of Jersey’s body responsible for inward investment

The figures show that 43 business licenses were approved this year, an increase of 48% on last year, creating 368 job opportunities – 83% for Islanders. Since 2008, 1,128 people have been employed by inward investment businesses.

The statistics also show that 163 enquiries were received by Locate Jersey from businesses considering relocating to Jersey, with particular areas of interest including in the natural resources, digital, fin-tech, and alternative fund management sectors.

The total value of property bought by wealthy immigrants during the year stood at about £90 million, compared to a five-year average of around £25 million per year, generating property stamp duty for the public purse of £4 million.

Economic Development Minister Lyndon Farnham said the figures painted a picture of success and reflected a focus on creating an environment attractive for businesses to relocate to.

“Jersey is committed to excellence and innovation across all sectors of the economy and, as well as this being core to our business relocation efforts, it is also central to our high value residency strand, where there is now a real emphasis on attracting economically active high net worth Individuals. This has been a hugely successful year and if we can maintain this momentum, we fully expect these flows to be sustainable and continue into the future,” he said.