THE importance of charities engaging with high-value residents “and the funds they bring” has been highlighted by the charitable sector’s representative body – after the government’s residency scheme for relocating wealthy families to the Island saw a record number of applications approved.
Association of Jersey Charities chief executive Marcus Liddiard made the comments after it emerged that 36 high-value residency applications have been accepted in Jersey this year.
This is a notable rise on the 18 approved last year, and is also higher than the figures for 2023 (29), 2022 (9), 2021 (23) and 2020 (20).
Those applying to the programme must have an annual worldwide income of £1.25 million, personal wealth of more than £10 million in assets and generate an annual minimum tax contribution of £250,000.
On arrival to the Island, they must either buy a house over £3.5 million or an apartment worth more than £1.75 million.
According to the government’s website, a number of “qualifying factors” can also be taken into account – including past charitable work and contributions.
Mr Liddiard said: “Local charities being able to access high-value residents and the funds they bring is important.”
He also noted that there were “a number of ways” that high-value residents could contribute to the charitable sector.
“They can help indirectly by giving money to the Jersey Community Foundation to be distributed, for example,” Mr Liddiard continued.
“They can work with the Association of Jersey Charities on sector development, on services and support, improved efficiency and collaboration.
“And they can work directly with local charities.”
He added: “Both the Association of Jersey charities and the Jersey Community Foundation can help high-value residents find the charities and causes that are most important for them.
“We can help explain the unique needs in Jersey to ensure the funds, experience, influence, skills and network goes where it’s needed most.”
Mr Liddiard’s comments follow the recent publication of an article by The Times, entitled, ‘Why Britain’s billionaires are fleeing to Jersey’.
The article attributed the increase in high-value residents moving to Jersey to rising taxes for the rich in Britain – with the 2024 abolition of non-dom status followed by a new “mansion tax” on homes worth over £2 million in the latest budget.
This was echoed by Oliver Rodbourne, head of Channel Islands in Knight Frank’s country department, who said that individuals who had previously been “on the fence” about moving were now looking at doing so.
He told the JEP last week: “There’s no reason why over the next few years while this [UK] government is still in place – unless they change their tack – why we’re not going to continue to see this movement.”
