Jersey has a thriving business environment. With a highly-developed communications network, a pro-business attitude, and low personal and business taxes, discover how relocating to the beautiful Island of Jersey can pave the way to success for you, your business, and your family.
Building Connections, Establishing Networks
Our commercial environment is home to some of the world’s leading institutions from world-renowned banks and law firms to multinational mining and research companies. First-class industry contacts and service providers are all within easy reach.
With a highly developed communications network including Island-wide gigabit and the world’s fastest broadband (World Broadband Speed League 2021), excellent access to world-renowned professional advisors and a progressive attitude to the establishment of corporate offices, establish a business in Jersey and you are instantly at the heart of a thriving business centre.
Adapting & Changing
Jersey’s spirit of enterprise has driven the Island’s economy since the first ships were built, the first ‘Jerseys’ were knitted and the first fishermen crossed the Atlantic.
From the production of apple cider to the transatlantic cod trade and more recently, agriculture, tourism, financial and professional services, over the centuries we have moved, adapted and changed to meet the challenges that all island communities face.
Islanders are fiercely proud of our traditional industries such as fishing, agriculture and tourism, which add to our increasingly diverse and export-driven economy. And Jersey is rightly proud of our position as a leading International Finance Centre, which generates almost 40% of our GVA.
As a result, our commercial environment is home to some of the world’s leading banks, financial institutions and law firms. First-class industry contacts and service providers are all within easy reach.
Move to Jersey and discover an environment where businesses and people flourish.
To find out more about Jersey’s history see our page Our History.
Tax in Jersey
Jersey is a low tax jurisdiction with some of the lowest tax rates in Europe. With low personal tax rates, no CGT or IHT, and 0% business tax (10% for certain regulated financial services businesses) discover how relocating to the beautiful Island of Jersey can pave the way to success for you, your team and your family.
- 0%-10% Business Tax Regime
- 5% Goods & Service Tax (GST)
- No Inheritance Tax (IHT)
- 20% maximum personal tax (+ a Long-Term Care contribution)
- No Capital Gains Tax (CGT)
- Specific tax regime for HNWIs
This is a brief overview of taxes in Jersey. For more information on business and personal taxes, social security and other contributions please see Tax & Contributions in Jersey.
The Jersey Economy
Jersey has a diverse and rich economy, which can be broadly divided into 7 key sectors, briefly outlined below.
Establish a business in Jersey and you are instantly at the heart of a thriving business centre.
For sector specific information on why you should choose Jersey please see Sectors, where you will find more information on Financial Services, Tech, Natural Resources & Renewables, and R&D and Biosciences.
For real life stories of those who made the move please see Relocation Stories.
Jersey is one of the world’s most successful offshore International Finance Centres (IFCs).
The sector is diverse and Jersey is renowned for its expertise in areas including; trust and fiduciary, banking, wealth, fund and asset management and family offices. Jersey is also considered a centre of excellence for; compliance, company administration, legal, accountancy and investment advisory services. Whatever service you are looking for, the Island’s expert Financial Services sector can provide it.
The industry employs over 13,000 people (approximately one quarter of the workforce), and contributes 40% of Jersey’s economic output. Move to Jersey and you will have access to world-renowned, highly educated and professionally qualified advisors.
Jersey is an independent jurisdiction, separate from the UK and distinct from other Channel Islands. The Island has a long-established legal and judiciary system and is committed to meeting and implementing the highest international standards. As result there is a substantial legal sector in the Island made up of multi-jurisdictional firms, smaller practices and sole practitioners. As a world-leading International Finance Centre, many firms have a focus on financial services legislation as well as litigation, private clients and other legal services.
Move to Jersey and watch your business to grow within a highly regarded, dynamic jurisdiction.
To find out more about Jersey’s commitment to meeting international standards of regulation, please see Regulation & Legislation in Jersey.
Jersey has a thriving and vibrant digital-tech community with over 3,000 people employed in the sector, from large tech businesses to entrepreneurs. The Island has an increasing global reputation as a fast-growing digital eco system, thanks in part to the Island’s world-class infrastructure and Government’s continued support for the industry. Jersey’s digital sector Gross Value Added (GVA) is £180 million and employment within the sector has also been rapidly growing with an average of 100 new jobs created each year for the last 10 years. Telecom productivity is now comparable to the Finance industry, making it a key piece of the digital economy. Productivity per full time equivalent employee (FTW) is approximately £100,000.
With our tax neutral environment, the connectivity of a city with an island lifestyle, Jersey offers the best of both worlds for you and your business.
Tourism & Hospitality
Jersey attracts in excess of 400,000 staying tourists each year, attracted by the Island’s beautiful coast and countryside, history and heritage. The Island is renowned for its high-quality food and a first-class range of restaurants, with over 400 restaurants and bars, and varied accommodation options from luxury hotels to camping!
The tourism and hospitality industry has always been seen an important sector of the Island’s economy, employing between 5,000 and 6,000 people each year.
Agriculture & Fishing
Agriculture accounts for over 50% of Jersey’s land cover and our produce is one of the Island’s biggest exports (after professional services). The Island is famed for its Jersey Royal potatoes and beautiful Jersey cows, producing some of the finest quality dairy products in the world, and as an island, our seafood is extraordinary from lobster, crab and scallops to sea-farmed mussels and oysters. The Island even has locally made spirits and new industries are popping up with locally-grown hemp products and even Jersey tea! Jersey benefits from some of the highest quality produce right on our doorstep.
There are over 300 businesses operating in the agriculture and fisheries sector, employing over 1800 people.
Move to Jersey and have the freshest produce from land and sea on your plate within minutes!
Jersey prides itself on its open approach to architecture and expertly built, innovative infrastructure, governed by a resolute Island Plan which also ensures that the Island’s green and open spaces are protected. A thriving market has led to a burgeoning construction and architecture industry, employing over 5,500 (9%) people. On-island training and professional development is also available which provides continuing opportunities in the sector for local individuals.
For a small Island, Jersey has a healthy and vibrant retail sector with diverse product offerings. Across the Island you can find niche shopping areas and local boutiques, and, in the heart of St Helier, everything from high street brands to couture fashion. There are also beautiful, traditional markets selling fresh local produce from fruit to seafood. This vibrant sector adds to the Island’s community spirit and employs over 7,500 people (approx. 12% of the working population). Jersey has a unique retail guarantee of locally produced goods through the ‘Genuine Jersey’ mark.
Target Sectors & Industries
Jersey has a diverse economy and welcomes successful companies and individuals from any sector (some exceptions do apply) who can bring economic benefit, and contribute to our community, and who want to make Jersey their home.
The Island has identified target business sectors which align to Government plans, the needs of the local community, and the Island as a whole. This includes but is not limited to; the Natural Resources & Renewable Energy sector, the R&D, Medical & Biosciences sector, the Financial Services sector, and the Tech sector. As a result, the Island is witnessing growth within these target sectors, with businesses establishing physical footprints and communities within the Island.
You can find out more information on these sector’s and their presence on the Island in their dedicated pages linked above.
Jersey is truly open for business.
Gross Value Added (GVA) & Gross Domestic Product (GDP)*
Peace of mind is priceless. Jersey has a strong, resilient economy which has seen consecutive annual growth in its GVA for the past 5 years.
2018 saw 1.4% growth in the Island’s whole GVA, mostly driven by the financial service sector which observed a 2% increase (£39 million) over the year and contributes 39% (2/5) of the Island’s total GVA. The Island’s productivity measured in real term as GVA per FTE (full time employee) has remained stable and unchanged on a continual annual basis. GVA per employee is also higher than many of our competitor jurisdictions with an average across all sectors of £72,000 per FTE.
Jersey also observes annual increases in GDP, most recently in 2018 by 1.8%. Per head of the population GDP in 2018 was £43,470, almost a quarter higher than the UK average GDP.
The Island’s most recent credit rating by Standard & Poors (Jan 2020) rated the Island as AA- with a ‘stable’ outlook.
A stable government and vibrant economy, Jersey provides an ideal environment for your business to flourish.
*Figures accurate as of 2018.
Average Earnings Index*
Since 1990 Jersey has seen annual increases in the average earnings of Islander’s, and in the last year average weekly earnings have increased by 2.6%. This can mean that salaries on the Island tend to be higher than that in other jurisdictions, such as the UK. The average mean weekly earning for those in full time employment (FTE employees) was recorded at £770 per week in 2019 with those in financial services earning, on average, considerably more than other sectors at an average of £1050 per week.**
*NB: Average Earnings Index excludes bonuses, employers’ insurance contributions, holiday pay, and benefits in kind (e.g. free accommodation).
** Figures accurate as at June 2019.
To find out about GVA and GDP please see the section above called GDP & GVA.
Jersey has an experienced, highly educated and professionally qualified workforce.
Employment in Jersey remains at a high level, with the number of those employed increasing annually. This is a testament to the Island’s economic stability, and growth as an international business centre.
In 2019 there were 62,440 jobs in the economy, the highest number documented to date and is approximately 59% of the entire population. Growth has been seen across a number of the Island’s sectors, with the largest growth in employment seen in the Island’s main sectors of Financial and Legal Services.
- 82% of working age people are economically active
- 59% of the population is employed
- Annual increases in employment & entrepreneurs
Some of the increases in employment can be attributed to more islanders setting up their own businesses as self-employed individuals, indicating the strength of the economy and the strength Island’s entrepreneurial spirit which forms a strong part of our culture.
Establish your business in Jersey and you will have excellent access to world-renowned professional service providers and will discover an environment where businesses and people flourish.
If you would like to know more about staffing in Jersey please see Recruiting Staff.
“We had looked at other options, but we kept on coming back to the reality that in Jersey there were really no barriers. It felt like there was an affinity between what we do as a business and what Jersey was doing as a jurisdiction – plus it’s familiar in terms of language, has a sophisticated and cosmopolitan economy and offers really easy access to the UK.”
Daniel Rowles (CEO/Commercial Director, Target Internet)
Strategically positioned between the UK and Europe, Jersey opens up a world of connections.
- Enviable quality of life & work-life balance
- Highly regarded & well-regulated international jurisdiction
- Safe, secure community lifestyle
- Low personal & business taxes