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Figures reveal sustained HNWI interest in Jersey

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Locate Jersey, the team responsible for inward investment and high value residency within the Economic Development, Tourism, Sport and Culture Department, has released figures for 2015 which show sustained interest in the number of businesses and high net worth individuals considering relocation to Jersey.

Statistics for 2015 show that, with assistance from Locate Jersey, 34 business licenses were approved last year, creating 250 job opportunities, 81 per cent of those for entitled or entitled for work individuals.  Since 2008, more than 1,300 people have been employed by inward investment businesses which have relocated to Jersey.
 
Some 132 new enquiries were received by Locate Jersey from businesses considering relocating to Jersey, with particular areas of interest including the alternative fund management, natural resources, digital, fin-tech, and corporate service sectors.
 
In addition, 136 high value residency enquiries were received, with 20 licences being granted in 2015, the same number as in 2014, which will result in a minimum additional income tax yield of GBP2.5 million. The total value of property bought by new High Value Residents in Jersey during 2015 was circa GBP86.5 million, also consistent with the figure for 2014, generating property stamp duty for the public purse of around GBP4.7 million.
 
The figures reflect another successful year for Locate Jersey, who undertook a comprehensive programme of activity across a range of sectors and in overseas markets in 2015, including presentations and key events with stakeholders and the launch of a new website which has seen nearly 8,000 unique new visitors from 150 different countries.
 
The Minister for Economic Development, Tourism, Sport and Culture, Senator Lyndon Farnham, says: "Building on an incredibly successful 2014, these figures paint an encouraging picture for Jersey and demonstrate that there is continued interest in moving to the Island. Our focus has been on ensuring Jersey offers an attractive environment both for globally-focussed businesses and those who run them. It is clear that our efforts are paying dividends in securing high quality inward investment business that is helping to diversify and grow our economy, increase tax yield and create job opportunities for local people.”
 
Wayne Gallichan, Director of Locate Jersey, says: “2015 was another very successful year, with sustained interest in Jersey as a place to relocate to from a range of senior executives and entrepreneurs in some really exciting sectors. They continue to be impressed by the business environment Jersey has to offer and, based on the number of enquiries already received this year, the indications are that this momentum will continue.
 
“We will continue to target businesses and high net worth individuals who can actively contribute to Jersey’s economy and who are increasingly engaging in the local community and business affairs.”

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