"Super-rich are heading to Jersey"

Monday 13 April 2015

Jersey is seeing a fresh influx of super-rich residents looking to set up home here, according to one of the Island’s top estate agents.

And things could get even better if Labour change the tax rules for UK “non-doms” because it might push some of them out of the country and potentially, to Jersey, says Broadlands Managing Director Roger Trower.

He says that the work by the States’ Locate Jersey team which promotes the Island as a venue for business investment and for super-rich immigrants, is paying off.

By the last count in 2009, super-rich immigrants – classed as 1(i)k’s under the old Housing Law – contributed £13.5 million in tax, besides a substantial benefit to the economy in terms of buying goods and services and providing employment that was estimated at up to £70 million.

And according to Mr Trower, the numbers are getting bigger.

He said: “They are definitely getting results – there were 20 last year and there is already a good number approved this year. This year we have already sold the most expensive house that Jersey has ever seen to someone who is a retired UK businessman who doesn’t want to be too far away from Britain.”

And Mr Trower was dismissive about the headlines regarding Labour’s pledge to crack down on non-doms, who pay a fixed fee to avoid having to pay tax on their overseas earnings.

He said: “It’s a vote-grabbing thing. The majority of the work in the City of London is driven by non-doms and the City of London is probably the biggest unregulated offshore centre in the world.

“There would probably be a number of people who would look to move, and who would not want to move too far away.

“If Labour get in, historically, we will always see activity from people with plenty of money looking to escape. So yes, we will be busier and I think that they would be utterly, utterly foolish to go after some non-doms.”