27 Feb Jersey Residence by Investment Program [2023 Guide]
Jersey enjoys a fantastic combination of high living standards and favourable tax system, with one of the highest gross national incomes per capita in the world. It has been a prime location for high-net-worth investors for many years, and its residency investment program continues to attract discerning entrepreneurs from across the globe.
This up-to-date 2023 guide to Jersey’s residence by investment program describes the application process and the benefits, covering these areas:
- Jersey residency by investment – What is it?
- Benefits of becoming a resident in Jersey
- Jersey Residency by investment options
- Jersey residency by investment eligibility requirements
- How to apply for Jersey Residency – Step-by-step
- Jersey residency by investment – Documents required
- What is the minimum investment required for Jersey citizenship?
- Can you buy residency of Jersey?
- Can I bring my family with me to Jersey if I obtain residency through investment?
- How long does the process of obtaining residency through investment in Jersey typically take?
- What is the cost involved in obtaining Jersey residency through investment, and what is included in the fees?
Jersey residency by investment – What is it?
Jersey’s residency by investment scheme, sometimes referred to as the Jersey Golden Visa, is a programme aimed at high-net-worth individuals with sufficient wealth to make a contribution to Jersey’s thriving economy. The scheme involves a real estate investment of GBP 1.25 million, and the application process is usually swift.
Benefits of becoming a resident of Jersey
Jersey is one of the Channel Islands, lying 14 miles off the coast of France and 120 miles from Southampton, England. It is a beautiful island with a fascinating history and sunny coastlines, and it is renowned as an international financial centre. The primary benefits of residency here include the following:
- Favourable tax system, with low income tax and zero estate duties – residents pay 20% on the first £725,000 of worldwide income and just 1% on any additional income. There are no inheritance, wealth, corporate or capital gains taxes.
- A stable and high-quality business environment, which has enabled the island to maintain its wealthy status for more than 40 years.
- Judicial independence and self-governance, making Jersey highly attractive for businesses and investors.
- International reputation for integrity, quality, and expertise.
- The possibility of a luxury lifestyle.
- First-class leisure, cuisine, and cultural and sporting activities, including golf and water sports.
- An international airport with regular air services to London, Paris, Zurich and other airports in the UK and EU, as well as ferry services to England and France.
- A centre for corporate events in Europe, including pharmaceutical, communication, manufacturing and finance conferences and conventions.
- An excellent education system based on the UK’s national curriculum.
- First-class healthcare.
Jersey Residency by investment options
Residency in Jersey is available to individuals able to make a minimum real estate investment of at least GBP 1.25 million if purchasing or leasing an apartment, and at least GBP 2.5 million if buying or leasing a house. You will also need to pay annual taxes of approximately GBP 145,000.
Jersey residency by investment eligibility requirements
Applicants must be high-net-worth individuals aged 18 or over.
The Jersey government’s housing committee controls real estate purchase and occupation. Only Jersey residents with the relevant Jersey housing qualifications are allowed to purchase property. High-net-worth individuals can become property owners by obtaining a 2(1)E license, making a minimum GBP 1.25 million investment, and significantly contributing to the island’s tax revenues.
The property purchase minimum requirements involve purchasing or leasing a single residential apartment worth more than GBP 1.25 million or purchasing or leasing a house worth at least GBP 2.5 million.
The annual tax contribution required is calculated on a sliding scale based on 20% of your first GBP 725,000 of worldwide income and 1% on all other income. All applicants provide financial and other relevant information, demonstrating their capital wealth and ability to produce the required tax sum (approximately GBP 145,000 at the time of writing).
Receipt of the 2(1)E license signifies that your residence status has been granted, and you can then apply for permission to purchase or lease the property of your choice and thus gain the same residence status as other Jersey property owners.
As a resident, you will be able to work, employ others and set up a business on the island.
How to apply for Jersey Residency – Step-by-step
Application for residency by investment in Jersey involves extensive background checks. Applicants must submit detailed information in the form of CVs, police and medical records, financial statements and four character references.
There are three basic steps involved in the permanent residency process.
Step 1 – Application for residency in Jersey
The application requires various documents, including a personally written letter of application and full business and financial profiles with supporting documentation (see below for a fuller list of the required documents). If the application is approved, you will be issued with a Jersey resident card, valid for three years.
Step 2 – Purchasing property and relocating
Your investor visa will usually be approved two to four weeks after you have received your residency card. At this point, you will need to relocate to jersey and purchase property. You will be asked to attend an interview with government officials to demonstrate the availability of legitimate funds and the means to support yourself in Jersey.
After the three years of your residency visa are completed, you can renew the permit for two more years as long as you have maintained the real estate (without renting it out) and have paid the required tax annually.
Step 3: Receiving Permanent Residence
To apply for permanent residency in Jersey, you need to live there as a tax resident for three years (i.e., paying a minimum of GBP 145,000 tax each year). This will involve being physically present on the island for the majority of your time (or more than you spend elsewhere). You will also need to demonstrate your fluency in the English language and show your knowledge of UK and Jersey life, history and culture.
Once you have obtained your permanent residence visa (also known as Indefinite Leave to Remain), you will not need to spend as much time in Jersey.
Jersey is not part of the UK, but it is a dependency of the British crown and part of the British Isles Common Travel Area (CTA) agreement. Hence, Jersey residents enjoy unrestricted travel within the CTA. After holding a residency visa for five years, you can apply for Permanent Residency, and may be eligible for British Citizenship and a UK passport after a total of six years (making the residency by investment scheme an excellent alternative to the UK’s Tier 1 citizenship programme).
Jersey residency by investment – Documents required
When applying for Jersey residency by investment, you will need to produce the following documents as a minimum:
- Personal letter of application
- Business profile
- Financial profile
- Two personal references
- Two business references
- Verified copy of valid passport(s)
- Disclosure certificate from Disclosure & Barring Services
- Marriage certificate if purchasing property in joint names
- Disclosure of worldwide income
What is the minimum investment required for Jersey citizenship?
Residency in Jersey is available to individuals able to make a minimum real estate investment of at least GBP 1.25 million and pay annual taxes of approximately GBP 145,000.
Can you buy residency in Jersey?
The property purchase minimum requirements involve purchasing or leasing a single residential apartment worth more than GBP 1.25 million or purchasing or leasing a house worth at least GBP 2.5 million.
Can I bring my family with me to Jersey if I obtain residency through investment?
Spouses and dependents can be included in your residency application.
How long does the process of obtaining residency through investment in Jersey typically take?
The application process for Jersey residence is usually completed in one month, although it will be slightly longer if additional information is required.
What is the cost involved in obtaining Jersey residency through investment, and what is included in the fees?
Residency in Jersey is available to individuals able to make a minimum real estate investment of at least GBP 1.25 million and pay annual taxes of approximately GBP 145,000. The application is typically processed within two weeks and costs GBP 5,000 for each person included in the application (i.e., GBP 20,000 for a family of four). There will be additional agency fees.
