View more on these topics

A sunshine island where only rich folks are at home

Fancy buying a property on Jersey? Unless you have at least £5m, forget it – they even turned down Bergerac

John-Nettles.gif

Buying a house in Jersey is like trying to get into a posh golf club. When trying to make enquiries about getting in, the conversation goes something like this:

“I’m awfully sorry sir, all our membership categories are full up and we have a waiting list.

“Oh is that your cheque book I see sir? And you say you have how much in the bank? Possibly I was a little hasty sir – would you care for a drink?” I kid you not, to buy in Jersey you need to have been resident and working there for at least 10 years. Only then can you apply to purchase property.

If you turn up at the marina with a suitcase stuffed full of used tenners the rules change

That is, unless you turn up at the airport – or more likely the marina – with a suitcase stuffed with used tenners, because then the rules change.
The deal for wealthy people to acquire property here is that they have to agree to contribute £100,000 a year in taxes.

As far as the Channel Islands government is concerned, this is regarded as having paid all the tax on their worldwide income and they are free to move in.

But before you pack your bags I should probably tell you that to qualify for this treatment you also need to show that you have a minimum of £5m in the bank.

Property is at least as expensive in Jersey as it is in Surrey. I browsed a few estate agents’ windows and saw a quaint cottage that couldn’t have been more than 800 square feet and would have suited Rioja and me nicely.

But the asking price was over £500,000. The fact is that unless you have a million to spend you won’t get much.

Recommended

JONATHAN CORNELL, HEAD OF COMMUNICATIONS, FIRST ACTION FINANCE

Marketwatch

Last week saw some encouraging moves including ING trialling the broker channel, a top investor entering our sector and Virgin Money considering using intermediaries – all good stuff

JASON BERRY, HEAD OF DISTRIBUTION AND STRATEGY, SAFE&SECURE INSURANCE SERVICES

60 Seconds with…Jason Berry

What does Safe&Secure do? Safe&Secure is a master broker for general insurance. Our unique selling point is that we use our Derby call centre to sell and process buildings and contents cases on behalf of brokers. Importantly, as we only have Financial Services Authority permissions for GI we do not cross-sell to brokers’ clients. How […]

Abbey unveils fee-free deals to build loyalty among clients moving home

Abbey for Intermediaries has launched a range of fee-free fixed and tracker rates for borrowers looking to remortgage with the lender when moving home. The Loyal Mover scheme allows clients with less than six months remaining on their product to transfer to any deal from its new range with no early repayment charges, as long […]

thimbnail

Almost nine in 10 employers admit failings with post-DRA compliance

The default retirement age (DRA) was abolished more than three years ago, yet new research from Jelf Employee Benefits suggests that the vast majority of employers still have some way to go to fully understand, comply and communicate the landmark legislation change that prevents older employees being forcibly retired on the grounds of age alone.

Newsletter

News and expert analysis straight to your inbox

Sign up