Three years ago 1(1)K applicants would normally have had to guarantee at least £250,000 a year to the taxman, but that has been significantly reduced to a lower ‘six-figure’ sum.The number of wealthy people seeking residency has fallen off significantly in recent years, partly because of competition from places such as Spain and Portugal, who have been offering tax ‘sweeteners’ to attract them.In the 1980s and 90s Housing were limiting the number of 1(1)K approvals to six or seven a year.
Now they are lucky to get three applications over 12 months.Housing president Deputy Terry Le Main said that Jersey had been forced to react.
‘There are several 1(1)K properties on the market and we want to encourage more of these people into the Island,’ he said.
‘Every other country does the same, including the UK – it’s just that the Labour government doesn’t brag about it.
But have a look around Chelsea for proof that it’s happening.’