Millionaires of Great Britain Are Interested in the Island of Jersey

Britain’s exit from the European Union forces the richest people in the country, as well as millionaires who keep their capital in the United Kingdom, to look for an alternative. The possible economic instability caused by Brexit scares the owners of large capital, so they are looking for a “safe haven” in which nothing will threaten their assets.

One of the most popular jurisdictions among the British rich used to be the island of Jersey. According to the local press, the jurisdiction authorities have received 119 applications for 21E status over the past year. This status allows a person to obtain the right to reside on the island, as well as receive a special tax status.

The Minister of Economic Development of the Crowned Territory, Lyndon Farnham, noted that the attractiveness of the Jersey island is caused not only by tax benefits but also by the good reputation of the territory, comfort for life and low crime rates. Status 21E gives the holder the right to rent or buy residential real estate, as well as receive a special tax treatment, subject to payment of £ 145,000 to the treasury of the Jersey island. Taxpayers pay 20% of income before reaching a total tax of 725,000 pounds. If they exceed this level, the rate is reduced to 1% of any amount.

Law firm Law&Trust offers services to clients who keep their assets in the UK. We will help you find the best option for capital transfer. If you are also interested in Jersey jurisdiction, Law & Trust will help you obtain 21E status, open accounts on the island, and purchase real estate.