- Locate Jersey believes the Island needs to show it is ‘open for business’
- In the third of a four-part series on Jerseys high-value residents we focus on the work of Locate Jersey
- Interviews below with those responsible for bringing the super-rich to the Island
- How to apply to be a high net worth resident in Jersey? See the process involved below
JERSEY needs to show that it is open for business in order to attract new companies, job creators and wealthy individuals, according to the team charged with enticing the rich and powerful to the Island.
Wayne Gallichan, the director of inward investment and international development at Locate Jersey, said that some still believed that the message of the mid-1990s – that Jersey was closed – still exists.
He, along with Kevin Lemasney, who looks after the Island’s High-Value Residency programme, works with colleagues to attract successful businesses and super-wealthy individuals and families.
Today, in the third of a special four-part series on wealth, the pair explain how Locate Jersey operates and the process behind moving to Jersey as a high-value resident.
Locate Jersey shows that the Island is ‘open for business’ by holding special events to promote Jersey in the UK and elsewhere.
Mr Gallichan said: ‘One thing we’ve got to do is get the message out that Jersey is open for business.
‘Some people think that the message that went out in the mid-1990s – that Jersey is closed – is still there.
‘The remit of Locate Jersey is to promote Jersey overseas as a place to do business and attract suitable inward investment in terms of businesses and high net worth individuals.
‘We all know why people want to live here, but there has to be benefits for the Island. We don’t like wasting anybody’s time.
‘With businesses we ask for a business proposal which includes a staffing plan and an international profile – there has to be benefits for Jersey as well as the individual and company.
‘We then make a recommendation to the Population Office.
‘One of the other things we ask is does the business have a Corporate Social Responsibility policy in place.
‘Applicants are very open about it and are keen to contribute to the community. That can come in the form of sponsorship for sports clubs, charities or events.’
Mr Lemasney, who offers support to high-value applicants through the application process and beyond said that families settled well in the Island after choosing to live in Jersey.
‘It’s in nobody’s interest that we take an application that will be refused,’ he added.
‘If somebody maybe didn’t have the level of income to qualify here they may qualify in the sense of bringing their business to Jersey.
‘Once approval is given the applicant has 12 months to take up residency.
‘Those that go on to apply normally get in.
‘We have had two families in the last two years who have returned to the UK for family reasons.’
THE Island’s approach to attracting rich individuals and their families has varied over the years, depending on the policy set by the States.
At present, Locate Jersey – a team that sits within the Economic Development Department – is responsible for attracting inward investment in the form of new businesses and high net worth clients looking to settle in a new location.
Locate Jersey director Wayne Gallichan is responsible for inward investment and international trade development, and his colleague Kevin Lemasney handles the department’s high-value residency programme.
It is the department’s job to find, attract and support successful businesses and wealthy individuals to the Island.
Mr Gallichan said: ‘We need tax for the economy, but also from a business perspective it’s about raising the international profile of the Island to show that Jersey is a good place to set up company headquarters.
‘Getting those business skills and the knowledge and experience that people have and bringing them into the economy is equally important, but it’s quite hard to measure.
‘One of the things that high net worth individuals do is mentoring, so they can also help businesses to develop.’
As well as responding to those who are already considering moving to Jersey, the department actively markets the Island as a destination for businesses and wealthy individuals.
‘Part of that push involves arranging events in Jersey to link high-value residents with local organisations and projects.
The team also promotes the Island in London.
In the past, senior politicians have given presentations and answered questions about Jersey in the UK to give prospective high-value residency applicants information about Island life.
‘I think the fact that people are imitating us and copying our Locate Jersey events means that we’ve been leading the way,’ Mr Gallichan said.
‘It’s a compliment, and it means we must be doing something right.
‘One thing you don’t want is a business or high net worth individual coming to Jersey and feeling isolated while living here.
‘Most want to get involved in the community and want to contribute, and we help them to do that.’
Mr Lemasney said: ‘From the time applicants approach us, it could be anything from two months to two years before their forms are submitted.
‘They’ve got to show this sustainable income – that’s now the important thing, not their overall wealth.
‘You can’t now buy your way into Jersey. You must be earning money, and on that money you are taxed.’
Applicants are encouraged to meet Mr Lemasney to discuss the application process.
- A follow-up meeting with Locate Jersey is advised for a later date.
- Applicants submit their application dossier, which includes the relevant forms, a personal letter, business profile, financial profile, two personal references, two business references, a verified copy of a valid passport, a background check and a marriage certificate for those seeking to purchase property in joint names.
- The dossier is reviewed by the Comptroller of Taxes, who provides feedback to Locate Jersey.
- The papers are then reviewed by the Population Office and a decision is passed back to Locate Jersey.
- If successful, the applicant then receives a letter of approval from Locate Jersey, outlining the individuals freedom to rent or buy qualified property and to live there.
WITH sweeping coastal shots of families enjoying Jersey’s scenery, the images on the application pack for prospective high-value residents make an enticing advert.
But convincing individuals and families to move to a small Island in the Channel needs more than pretty pictures. This is where Kevin Lemasney comes in.
It is his job to help applicants through their move to Jersey and ensure that they settle well in the community once they arrive.
But is it all fine dining with the rich and powerful in the hope they will bring their wealth to the Island?
According to Mr Lemasney, his role requires much more than that.
‘We are out there trying to attract businesses and families to Jersey,’ he explained.
‘We don’t consider our work to be done when a permit is issued – in many cases, that is where the work really begins.
‘We try to work with clients to manage expectations. We tell families that there are no stupid questions.
‘We say to them, whatever you think of, text or email us and if we don’t know the answer we will find somebody who does.
‘We are there to act as independent advisors, but we do, in all cases, promote the private sector for their expertise.
‘For example, I’m not an estate agent so I don’t take people to see houses. Nor do I give tax advice or business structure advice. All that is handled by the private sector.
‘We’ve got a great breadth and depth of expertise in the Island.
‘The really interesting part is that the high net worth individuals who are coming to Jersey today are different from those who were coming to Jersey five years ago.
‘They are more economically active. Their average ages have also come down from 65-plus to between 45 and 50.
‘The main criteria we look at in terms of businesses is jobs creation for local people.’
Mr Lemasney has been in the Island for nearly 14 years and appreciates what it means to relocate to Jersey.
After growing up in Cork, he started his career as a chef, working in high-end hotels and restaurants in France and London before teaching in the hospitality industry in Switzerland.
He says he is delighted to be working to attract wealthy newcomers to the Island.
‘Describing his own first impressions of Jersey, Mr Lemasney said: ‘We came over at the end of August 2001. The Island is beautiful. Jersey’s north coast is similar to west Cork, so there was an air of familiarity.
‘All the French names of the streets led us to believe the Island was a lot more French than we later found when we arrived to stay.
‘I appreciate the outdoor lifestyle – you can get out of the house to walk the dogs, play sports. There’s just so much in the way of activities.
‘If you’re a family coming here with children it is a fabulous place. Jersey is safe and friendly, with a great outdoor lifestyle and fantastic restaurants.
‘I love all areas of the Island. I think what is nice is that for such a small Island you can go for a rugged north-coast walk. I think that’s one thing to appreciate when you live here – or do you appreciate it more if you come here from elsewhere?
‘I also like to ride around the Island on a motorbike. You can peel off onto a lane in St Martin and find a little hamlet of three or four houses or a beautiful granite cottage – you find all sorts of things.
‘There’s so much to see all round the Island.
‘And speaking as a parent whose children have both been through Jersey’s schooling, we’ve got something to compare them against, and they compare very favourably.
‘Our children had opportunities here that they wouldn’t have had in Switzerland.
‘From the point of view of education and sport, they have had chances here that they wouldn’t have had there.’
