The island of Jersey, one of the European tax havens, offers to its residents a 0% corporate tax and low personal income tax rates. In addition to a favorable tax regime, Jersey Island invites investors with a number of other financial benefits, including low social security payments, no stamp duty on equity transactions, and a straightforward method of making tax and social security contributions. Due to its attractive investment environment, Jersey has become a popular destination for high-net-worth individuals aiming at minimizing their tax liability. Currently, the Island warehouses almost €2 trillion of investors’ wealth.
Close to Europe
Jersey is located only 22 km from the west coast of France and 161 km south of Great Britain. Although Jersey is directly accountable to the Queen of the United Kingdom, the Island is neither a part of the UK, nor the Member of the EU. Jersey has its own parliament and treasury.
How much do you need to live in Jersey?
Since Jersey has attracted many high-net-worth individuals, the picturesque Island has a high life standard which corresponds to the countries in Western Europe. The tourists visiting Jersey often report fascinating numbers of shiny private jets and new yachts. The tiny Jersey is often called “the richest offshore tax shelter of them all”. As for 2015, the average net salary of a Jerseyan reaches €3.500.
Food costs
Generally, prices for food in Jersey are slightly higher than the food costs in Western Europe and in the UK. A meal for 2 people in a mid-range restaurant costs approximately €85. For a bottle of domestic beer, one would pay €5. A basic daily shopping cart, consisting of a bottle of milk, a loaf of fresh bread, a dozen of eggs, a piece of local cheese, a pack of rice, and 500 gr of chicken, would cost about €20 – not much more than in your local European supermarket.
Transportation costs
The local public transport companies charge about €2,5 for a ride. Those who travel more regularly and do not want to splurge on a car can purchase a monthly transportation pass for around €70. Taxi services, however, are more expensive. Taxi start fee fluctuates around €3,70 and a passenger is charged almost €6 for a 1 km ride. Due to reasonable prices of gasoline in Jersey (€1per liter), it is considerable owning a car. A ferry from Jersey to France or UK costs about €50 per person in a car each way.
Healthcare costs
Although Jersey residents can use the Emergency Department of the hospital for free, all other healthcare services are payable. Thus, visits to aGP doctor, a dentist, as well as non-emergency treatment at the hospital and other health treatment related costs should be paid by an individual or a health insurance. Moreover, Jersey and the UK have signed a Reciprocal Health Agreement, which allows patientsqualifying for free healthcare in the UK to receive in Jersey free emergency treatment and a number of free healthcare services. An average cost for visiting a GP doctor in Jersey is €50.
Entertainment costs
Entertainment is affordable in Jersey. A cinema ticket costs about €12. For exercise lovers, fitness clubs offer subscriptions for about€50 per month.
Real estate costs
While renting an apartment with 1 bedroom in a city center would cost about €1.500, a rent for a bigger accommodation can reach €3.000. An average price for a square meter of an apartment to buy fluctuates around €9.000 –€10.000. Thus, for a small family house, one can be charged at least €600.000. For utilities, Jerseyans are averagely charged €300 per month. The monthly Internet access costs at least€35 per month.
To conclude, due to the Jersey’s high living standard, qualitative healthcare and education, attractive tax regime, and unique geographical location next to France and the UK, the Islandisthe jewel of the Channel Islands and one of the prominent European tax havens.
Sources
- https://www.gov.je/Health/Travelling/Pages/MovingReturning.aspx
- http://www.nj.com/inside-jersey/index.ssf/2015/03/the_high_cost_of_jersey_why_we_go.html
- http://www.numbeo.com/cost-of-living/country_result.jsp?country=Jersey
- http://fortune.com/2012/10/10/jersey-the-richest-offshore-tax-shelter-of-them-all/
