 It is hoped to attract more wealthy people to the island |
More wealthy people will be encouraged to live in Jersey so the island can benefit from their higher tax payments. The Economic Development Committee (EDC) says the number of new island householders with the right wealth credentials has dipped considerably.
It reports there are now just 155 that meet the requirements, which include the 1(1)(K) housing qualification.
Finance leaders say the island will be promoted by "word of mouth" rather than an active marketing campaign.
EDC President, Deputy Gerald Voisin, says fewer wealthy people have been coming to Jersey recently.
'Major contribution'
"The fairly steady number that used to arrive in the 80s and 90s has slowed to just one or two," he said.
"I think that's an indication of the changes to the UK tax laws and the fact that people have a choice of visiting and staying in a number of other jurisdictions."
Regulation 1(1)(K) is one of a number of qualifications that may be considered by EDC when considering residential applications.
The States website explains consent is normally granted under this regulation "where the committee is satisfied that the applicant will make a major contribution to the Island's tax revenues if he were to reside in Jersey".
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