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A state of isolation |
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Money talks
The second exception to the housing regulations speaks volumes for the
island’s recent history. In reference to Regulation 1 (1) (k) (The Wealthy Immigrant provisions), taken from the Jersey government’s website in 2003, a newcomer to the island would be expected to pay heavily for residential privileges:
“Purely on a financial criteria the likely tax contribution expected of an applicant would be in the region of £200,000 per annum, and the price of the property purchased to be in excess of £1m.”
Jersey's currency |
This, again, constitutes an extremely tight control on the economic background of immigrants, and the island gained a reputation as a haven for the rich and famous when celebrities from the world of sport and entertainment chose to live there. However, this trend also contradicts the original post-war ethos behind such control of the housing market. Jersey resident Tina Worboys explains:
“Many locals are being forced out of the island. For the younger generation it can be very difficult to get on the property ladder. Many young people, and in some cases families, are emigrating. Australia and New Zealand are
popular choices. Those who have a house to sell will see their funds go much further elsewhere than they would in Jersey.”
The housing market seems to have come full circle since the post-war years. In consequence, the demographic trend that is worrying many western governments, that of an increasingly elderly, non-tax-paying population, is particularly pronounced in Jersey. This may eventually serve to counteract the government’s desire to entice high-earning, high-tax-paying individuals to Jersey, as an elderly population not only pay less tax but put more pressure on the public purse through an increased requirement for social services such as health care.
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