Jersey, also called the Bailiwick of Jersey, is a self-governing Crown dependency and an island country located on the coast of northwest France. It is a parliamentary democracy, and despite being a Crown Dependency, it maintains its own legal, judicial, and financial frameworks. While the country is known for many things, it is commonly known for its expansive financial services industry. The same industry has been a cause of concern for international regulatory authorities; nevertheless, it is a thriving industry that contributes 40 percent of Jersey’s GVA.
Due to its expected popularity among investors, it receives many applications for its investor-friendly schemes. One of its schemes is its residency program, in which investors can acquire permanent residence via investment. To know more about the program, stick with me and read the pointers below.
A brief overview of the program
A typical residency by investment program entails an extension of residency benefit to the applicant who invests a certain designated sum in the country of interest. In Jersey’s scheme called High-Value Residency Regime, the nature of investment differs from usual. In the said program, the applicant is required to ensure the inflow of at least EUR 725,000 annually so that he can contribute a minimum of EUR 145,000 in annual tax payments. Moreover, the applicants are required to invest in a real estate property in the island country to the tune of EUR 1.75 million.
A slew of eligibility considerations must be kept in mind by interested investors. These include the following:
- The applicant must come with a clean background with no criminal antecedents.
- They must be able to show adequate financial health to invest in the real estate property as required under the scheme.
- Similarly, the applicant must be able to pay annual taxes as required.
- The age of eligibility is 18 years.
- If you bring along family members, you must have the funds to sustain yourself and your family while in Jersey.
There is a set of documents you must prepare to apply for the program. These include:
- The letter of application
- Documented business profile with all the necessary proofs.
- Financial documents indicating sufficient resources at your disposal
- Two personal references
- A copy of your passport
- Document showing your global income to be disclosed to the Jersey government
- Certificate of kinship, whichever is applicable
- A Disclosure certificate from the pertinent Disclosure & Barring Service Authority
- Two business references
The said program is a gateway to citizenship. While it is a fast-track process, it sure takes time. Once your application is accepted, and you become a resident, you are required to spend a minimum of 6 years in Jersey. You don’t have to maintain a physical presence all the time. Still, you must spend substantial time in the country to become eligible for citizenship. You must note that this process will lead you to citizenship in the United Kingdom. However, note that you must maintain your permanent residence status for at least one year before applying for citizenship. The good thing is that dual citizenship is recognized, so you need not relinquish any other citizenship.
Why Come to Jersey
These are the benefits associated with the program:
- It has a relaxed tax regime so that taxes won’t hurt your pockets.
- Jersey’s passport provides visa-free access to 170 plus countries.
- Jersey’s passport means you have opened the road to British citizenship.
- Jersey is known for its public services and is especially well known for its educational services. If you bring along your family, they can benefit from these services.
- Jersey maintains a very high lifestyle standard, meaning you and your family will grow in a highly qualitative atmosphere.
- It is quite common knowledge that Jersey is exceptionally business-friendly, so you can reap the best from investment opportunities here.
Have you read?
Why Employers Forcing a Return to Office is Leading to More Worker Power and Unionization by Dr. Gleb Tsipursky.
Want to succeed as a digital entrepreneur? The key is working smarter, not harder by Hemi Hossain.
Pirates, Treasure, & Your Retirement by David C. Bentall.
How to Become Successful in Business By Leaning Into A Community by Alden Mills.
CEOS: Give the Gift of a Peer Group by Leo Bottary.