There’s a debate in the Crown Dependency of Jersey over curbing the high rate of multi-millionaires moving to the island.
Some local officials have spoken of ‘putting the brakes’ on the number of persons regarded as high-net-worth individuals seeking to take up residence in order to assess the impact they are having.
So far for this year alone, applications have been approved from 15 persons in that bracket to relocate to Jersey, equalling the number approved for all of 2020.
One of the main concerns is the impact on housing and real estate.
A question has been raised over whether the local government should impose restrictions on multi-millionaire expatriates buying up local properties.
States Assembly representative, Russell Labey said: “I think we need to look at this, and I think we need to know the impact that this is having on the Island.”
He also cited the effect on rural farming communities, saying: “There is so much land now not available to farming because the owners of it don’t want farming on there.”
Between 2016 and 2020, it is reported that an average of 23 residency applications were granted to high-net-worth persons moving to the island, with that number expected to be surpassed this year.