Industry leaders discuss island high value scheme
Summary
More than 260 business, finance, and law leaders met to discuss Jersey’s High Value Residency program, which grants special tax status to wealthy, skilled individuals who move to the island. Some defend the program for its economic benefits and charity donations, while others criticize it for low tax contributions and increasing living costs.Key Facts
- Jersey’s High Value Residency program allows wealthy, skilled people to live on the island with a special tax rate.
- High value residents pay 20% tax on the first £1.25 million of worldwide income, and 1% on income above this amount.
- About 260 families currently live in Jersey through this program.
- Supporters say these residents contribute a lot to the local economy and to charitable causes.
- Critics argue that the tax these residents pay is very low and does not benefit local young people.
- Some experts warn that increasing taxes on these wealthy residents could drive them away to other places with lower taxes.
- There are concerns about the program causing higher house prices and living costs on the island.
- The meeting included private bankers, lawyers, tax advisors, and other professionals who work with high net worth individuals.
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