IMPOSING a cap on the number of high-net-worth individuals allowed to move to Jersey every year would be “artificial” and could result in “good quality applicants” being rejected, an Assistant Chief Minister has said.
Deputy Ian Gorst told politicians this week that there was no maximum number of HVRs who can be approved under the scheme.
Deputy Gorst revealed that there were 23 approved applications in 2024 with 11 arrivals, down from 31 approvals in 2023 with 15 arrivals.
He added that he did not have data on the number of super-rich immigrants who had left the Island during that period.
The Assistant Chief Minister was responding to an oral question from Deputy Jonathan Renouf, and said: “When the housing regulations were introduced in 1974 an aspiration to secure 15 approvals per year was established. This remains the case today.”
He said: “All countries are producing such schemes to attract talent entrepreneurial spirit as well as wealth, because they recognise the contribution to the community in which these individuals can bring.”
Deputy Gorst listed how many applications and arrivals there had been to the scheme over the last five years following a question from Deputy Alex Curtis.
He continued: “Imposing a cap would be artificial and potentially mean that good quality applicants could be rejected instead.
“The parameters of the scheme are set to achieve the most benefit for Jersey while securing a reasonable number of applicants. This means that every application can be assessed on its own merits”.
Deputy Gorst told the Assembly that some of the wealthy individuals had even joined the honorary police after moving to Jersey.
“We want to see more and more of that,” he said. “Individuals that move to Jersey, that build their life in Jersey, that create value here and create jobs and develop entrepreneurship.”
“[The scheme] has served Jersey well,” he added.
The statistics
2020 – 22 approvals and 14 arrivals
2021 – 20 approvals and 25 arrivals
2022 – 17 approvals and nine arrivals
2023 – 31 approvals and 15 arrivals
2024 – 23 approvals with 11 arrivals
