The change is aimed at those who can buy homes worth over �1m

At present, residents in the 1(1)(k) or so-called "wealthy immigrants" category have had to pay �250,000 in tax to gain the qualifications.

Housing president Deputy Terry Le Main says this could be lowered to �150,000.

He said he hopes it will attract more wealthy residents to Jersey.

The message will get through that we would accept a certain rate of income tax Deputy Terry Le Main

Regulation 1(1)(k) applies to applications to buy property made to the island's Housing Committee.

They are granted where the committee is satisfied that consent "can be justified on social or economic grounds".

The general criteria against which individual applications on economic grounds are considered include likely contribution to tax revenues.

But other criteria which can allow applications to be approved include the applicant's business or social background, or other non-economic benefits which the island may receive if consent is granted.

Deputy Le Main said reducing tax levels should encourage more people to the island who could afford to buy houses currently on the market worth more than �1m.

He said: "The issue is that the accountants and the bankers and the financial institutions are already dealing with these clients all over the world.

"The message will get through that we're more lenient and we would accept a certain rate of income tax, and I welcome it."

Meanwhile, the amount of Jersey's government expects to receive from income tax next year has been questioned by a firm of stockbrokers.

Collins Stewart has produced an independent assessment of the economy and warns lower profits from the finance industry and a reduction in tax from the island's workforce could adjust figures next year.