Jersey sees 'positive contribution from wealthy'

High net-worth individuals are making a "positive contribution" to Jersey and there is "no evidence" they are having a negative impact, the chief minister has said.

Deputy Lyndon Farnham's comments come after a proposition was lodged by Deputy Jonathan Renouf calling on the government to stick to the policy of only approving 15 residency applications a year from high net-worth individuals.

Deputy Jonathan Renouf said the government had averaged 22 approvals a year over the last decade, with 37 approvals in 2025.

Farnham said the net number of high net-worth individuals moving to the island only averaged eight a year since 2016 as people left the island as well.

Farnham was questioned by Renouf in the States assembly on why the "policy aspiration of 15 housing consents per year remains in place given that consents have averaged 22 per year over the last decade".

Farnham said: "When the scheme was established in the 1970s, the policy aspiration of around 15 housing consents was intended to ensure stability and controlled growth.

"While arrivals have averaged a slightly higher figure in recent years of 18 per year, the scheme remains modest in scale and carefully managed.

"Net growth is considerably lower than arrivals as some residents leave each year, with numbers increasing on average by only eight people per annum since the year 2016."

Speaking to the BBC after the debate, Farnham said that high net-worth individuals were making a positive contribution.

He said: "There are 233 members of the high net-worth community making a considerable economic and fiscal contribution to the island, as well as the charitable and voluntary work they do.

"There is no evidence to suggest they are causing any negative impact. In fact, they are making a very positive contribution to island life.

"I'm not sure why Deputy Renouf has become so interested on this matter so close to the election."

Jersey's next general elections is due to be held on Sunday 7 June.

However, Renouf said the official target of 15 residencies a year created a balanced approach to high net-worth individuals.

He said: "There are benefits. But there are risks with a large number of high-value residents, with distortions in the economy, political influence; and social cohesion is affected."

"So, the way to balance it is to allow a small number in each year to make sure we don't go overweight in high-value residents."

Renouf also responded to the chief minister's argument that the net number was low because high net-worth individuals were leaving the island.

He said: "It's government policy that high net-worth individuals shouldn't leave.

We are trying to get them to come, to commit to the island, so it seems very odd to me to build your justification for allowing lots in on a policy failure, which is that you can't keep them."

Renouf's proposition is due to be discussed later this month at the earliest.

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