Super-rich immigrants face higher tax burden

Proposals have been lodged to increase the minimum tax requirement for High Value Residents from £125,000 a year to £145,000 in line with inflation – but the changes would not affect any of the residents, formerly known as 1(1)Ks, currently in the Island.

A Tax Policy Unit report, released yesterday, found that some of the Island’s super-rich immigrants who came to Jersey before 2011 are now no longer able to meet the £125,000 minimum tax requirement due to reasons including ‘poor investments, retirement, redundancy and divorce’.

Every wealthy immigrant who has moved to Jersey since 2011 has met the minimum tax payment.

Now, a new legally enforceable ‘minimum annual tax charge’ of £145,000 a year for HVRs arriving in Jersey from 2018 onwards is being proposed.

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