Super-rich arrivals now number 94

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Last year 34 applications for high-value residency were approved, with 20 individuals then deciding to move to the Island.

In 2016 there were 17 approvals and 14 arrivals.

So far this year there have been nine applications approved but 22 arrivals, with a number of those approved before the start of the year also taking up the opportunity.

Locate Jersey, which aims to attract business and high-net-worth clients to the Island, works on the basis of attracting 15 high-value residents each year.

Economic Development Minister Lyndon Farnham said: ‘Our high-net-worth programme is performing strongly, we are maintaining similar numbers year on year. We are focusing on quality rather than quantity.

‘High-net-worth individuals make up a tiny proportion of our immigration figures every year, but they make an exponential social and financial contribution considering it is only a handful of people.’

Those applying for high-value residency must meet various criteria, including that their moving to the Island will benefit Jersey in some way – usually business or socially – and that they have annual worldwide earnings comfortably in excess of £725,000 a year.

Other aspects that can be taken into consideration when applications are assessed include voluntary work, involvement in training or sporting initiatives that are particularly aimed at young people, potential media coverage relating to business or social life – positive or negative – and whether they have a criminal record or any other undesirable factors in their background.

Senator Farnham said that the vast majority of applications came from UK residents, although there is interest from elsewhere.

He said that at all times those assessing the applications were thinking about Jersey’s best interests.

‘We are going to be continuing to focus on quality – whether we get five a year or 15 a year, it has got to be beneficial to the Island,’ he said. ‘The majority are coming from the UK, but we do get some interest from other parts of the EU and from outside of the EU.’

The minister added that very few applications are turned down because of the way the process works.

‘By the time they come to making a formal application most of the due diligence has been done. It would be unusual for somebody to get to that stage and be turned down.’

The final decision on applications rests with the Assistant Chief Minister.

However, Deputy Jess Perchard recently lodged a proposition calling for the criteria for high-value residency to be made less vague and subjective. She has also proposed that a broader panel of politicians be involved in the decision-making process.

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