Jersey is one of the main islands forming the Channel Islands group and is located off the coast of the UK and France and is under the administrative control of the United Kingdom as a British Crown Dependency. The island is a financial hub and has a well-developed banking system that attracts customers from across the globe. Jersey also has a very high standard of living and a very safe and secure environment.
Although a Crown Dependency, Jersey has a high degree of autonomy particularly in Financial and Internal Affairs. The Island also has a special relationship with the European Union with limited availability of the Four Freedoms including the Freedom of Goods. The Island also has special taxation rules which result in lower taxes than the European Union and its identity as a shopping destination.
Jersey has a worldwide taxation system and income tax is levied at the rate of 20% of worldwide income. The tax is calculated as 20% of income up to GBP 625,000 and 1% on any additional income which makes it very attractive particularly for High Net-worth Individuals.
Jersey has started a program called the “High-Value Residential Regime” to enable High Net Worth individuals to purchase a residential property and set up their residence on the island. All purchase of Residential property is controlled by the state and in case an individual can show benefits to the island exceeding GBP 125,000 per year, he may be granted a residence permit under the “High-Value Residential Regime.”
The individual can then seek permission to purchase a residential property on the Island which is normally expected to be over the value of GBP 1 million.
No designation has been made by the Texas Board of Legal Specialization for a Certificate of Special Competence in this area.