2016 figures released by Locate Jersey show continued interest in the Island from businesses and high net worth individuals looking to relocate.
Locate Jersey helped 25 businesses to gain a business licence last year, with the potential for 200 jobs to be created as a result of those companies establishing in the Island. 81% of those potential jobs would be for entitled or entitled for work individuals. Since 2008, more than 1,500 people have been employed by inward investment businesses in the island.
Additionally, a sample of businesses, assisted to establish by Locate Jersey, who employed staff in the island between 2012 and 2015 showed that an average minimum estimate of £6m is generated annually for the Treasury through those employees’ ITIS payments.
ENquiry Levels remained stable
Enquiry levels remained stable in 2016 despite external global pressures, with 132 new enquiries received by Locate Jersey from businesses considering relocating to Jersey. Particular areas of interest include financial services, such as funds and family offices, digital, fintech, natural resources and corporate services.
In the high value residency area, 119 high value residency enquiries were received, with 17 permissions being granted in 2016. 2016 also saw 14 relocations which will result in a minimum additional income tax yield of £1.75 million in 2017. The total value of property bought by new High Value Residents in Jersey exceeded £100m for the first time in 2016, generating property stamp duty for the public purse of more than £5m.
continued successful outcomes
The figures show continued successful outcomes from sustained activity in 2016 for Locate Jersey, with advertising and marketing generating an increase in social media interaction and followers, and driving almost 11,500 new visitors to the website. The team has undertaken more than 70 meetings with new business introducers, given 10 presentations to business and industry professionals and have held or attended over 40 key events with stakeholders both on and off the island.
The Minister for Economic Development, Tourism, Sport and Culture, Senator Lyndon Farnham said;
I'm delighted to see that the 2016 figures show a continued interest in Jersey as a destination for inward investment. Despite increasing external pressures and global competition, the excellent work of the Locate Jersey team in generating enquiries, on-boarding and facilitating the move of both individuals and businesses continues to pay dividends in securing high quality inward investment business and high value residents. This investment into Jersey is helping to diversify and grow our economy, increase tax yield and create job opportunities for local people.
2017 has started strongly with new and existing enquiries and a number of approvals already achieved. This year will see a period of change for the team, however I have every confidence that they will continue to build on the excellent work that Wayne Gallichan has carried out in his role as Head of Locate Jersey.