The idyllic island
Smith & Williamson specialises in looking after clients with complicated, multi-jurisdiction requirements
JERSEY, an island only 14 miles from France and the beneficiary of the warmest weather in the British Isles, has many award-winning, beautiful beaches, breathtaking scenery and fine-dining options, blending family life in the country with the dynamism of one of the world’s leading financial centres. The island manages to maintain a relaxed, small community harmony with a hugely cosmopolitan feel and an active and highly professional business community. With more than 20 commercial flights a day and facilities for private international flights, it is also easy to maintain UK and international connections.
For those facing a capital event, such as the potential sale of a business or other highvalue asset, moving permanently to a location with a favourable tax regime is proving increasingly popular and many International Finance Centres (IFCS) such as Jersey are actively competing to attract talented, wealthy individuals.
Jersey is proving a particularly attractive choice for many people thanks to its wonderful quality of life, proximity to the UK, economic stability, low crime rates and favourable tax regime. Income-tax rates in Jersey are lower than those in the UK, with a maximum tax rate of 20%, and there are favourable ‘capped’ worldwide income-tax arrangements for very wealthy migrants, subject to approval on a case-by-case basis. Jersey has no equivalent to capital gains tax, no local gift, wealth or inheritance taxes.
‘Life is not all about making money and saving tax, of course—for so many people, it’s about personal and family security, getting the most out of life and, for the successful entrepreneur, staying commercially active and challenged,’ says Andrew Shaw of Smith & Williamson in Jersey. Of course, a small island such as Jersey needs to maintain strict controls around population and migration, protecting the local housing market.
‘Renting and buying property is restricted in Jersey and so, in order to have access to housing, an individual must have qualifications that are generally obtained either through the ‘high value residence’ program or can be available for highly skilled employees,’ explains Andrew. ‘This is designed by government to attract businesses and individuals with wealth or specialist skills to the island.’
Smith & Williamson’s dedicated team in Jersey offers the specialist services needed to migrate and is able to assist with Jersey tax advice, UK tax advice, tax-return filing, estate planning, structuring and applications for Jersey high-value residency.
The firm is also well placed to provide ongoing support for tax, accounting and investments once the move is complete. The firm has been advising private clients and their businesses since 1881 and manages and advises more than £18.5 billion of client assets as at March 31, 2017.
Smith & Williamson is also the very proud sponsor of the Jersey Round Island Challenge, attracting local and international enthusiasts who circumnavigate the 48-mile coastline by land or sea (www.jerseyround islandchallenge.com).
‘The Jersey and London offices are well placed to provide clients with a bespoke service’
Jersey: where community harmony, cosmopolitan style and professional businesses combine
The island offers a wonderful quality of life