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Jersey is experiencing greater levels of interest from wealthy individuals looking to relocate to the island, with its appeal as an "enviable and independent jurisdiction" more attractive in the wake of the UK's new Labour government, estate agents have told Express.
They said they had received increased enquiries from potential high-value residents looking to buy properties "at the high end".
Livingroom founder and CEO Simon Torode said: "Jersey has many compelling reasons which attract businesses and individuals to the island and coupled with the prospect of new Labour government policies, many have escalated their relocation plans to seek relative safety and stability within an enviable and independent jurisdiction."
He explained that – looking to the fourth quarter of this year – Livingroom predicted "further sales to new HVR residents", given the amount of "current, active enquiries and continued stability across the board" which he said was helped by "reduced mortgage rates and financial accessibility".
Pictured: Simon Torode said Jersey "has many compelling reasons which attract businesses and individuals". (Livingroom)
Harry Trower, a Director at Broadlands, said there had been a "marked" rise in HVR enquiries.
He also noted that the Financial Action Task Force had added Monaco to its "grey list", potentially increasing Jersey's appeal through its "stability" as a low-tax area.
"On the high end we've seen a definite increase and are speaking to Locate Jersey a lot," he said.
Pictured: Estate agent Harry Trower said there had been a "marked" rise in interest from wealthy individuals looking to relocate to Jersey.
Mr Trower said he had noted "zero-crossover" in terms of HVRs' impact on the rest of the local housing market, and said they had brought value to the local economy.
"What they bring to the island is so much more than just buying a big house and paying stamp duty," he continued.
"They are looking to do things and are bringing businesses over here."
Steven Hunt, a Director at Hunt Estates, said the agency was having "greater levels of contact with high-net-worth individuals who are looking at Jersey".
He cited conversations around increased capital gains tax and inheritance tax in the mainland as some of the influencing factors.
"We found coming into the new year, a sudden increase in enquiries," he continued.
"That was in anticipation of a Labour government getting in, which has since happened.
"We know that the number of enquiries Locate Jersey is getting are considerably up.
"We are confident more and more will be relocating."
It comes as the value of high-value residents to the island, and, in particular, to the charitable sector has come under the spotlight.
Express recently revealed that the Jersey Community Foundation was setting up a fund to help those who have settled in the island under the residency scheme to channel more of their wealth to local causes.
Jersey Community Foundation CEO Anna Terry said that the fund had already received donations of £50,000, with a further £50,000 pledged, despite not having officially launched yet.
Locate Jersey is also currently working with PWC and the JCF on an annual 'Value of the Third Sector' survey, asking HVRs about their charitable donations.
According to government figures, just over 300 high-value residency applications have been approved in Jersey, with the first approvals dating back to the mid-1970s.
Officials also said that several high-profile charities "either have HVRs or their spouses on their boards or as ambassadors" and that "two large foundations in the island" are funded from companies set up by HVRs prior to 2020.
Will new high-value residents fund channel more wealth into local causes?
Jersey's high-value residency scheme...in numbers
Calls for more data on economic worth of high-value residents
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