Locate Jersey releases figures for 2016

Posted: 15/02/2017

Locate Jersey’s figures for 2016 show continued interest in Jersey from businesses and high-net-worth individuals.

According to the figures, Locate Jersey helped 25 businesses to gain a business licence last year, with the potential for 200 new jobs as a result of those companies establishing in the island.

Since 2008, more than 1,500 people have been employed by inward investment businesses in the island. 

Income

A sample of businesses helped to establish by Locate Jersey and employed staff in the island between 2012 and 2015, showed that an average minimum estimate of £6 million is generated annually for the Treasury through those employees’ ITIS payments.

Enquiry levels remained stable in 2016 despite global pressures, with 132 new enquiries from businesses considering relocating to Jersey. Particular areas of interest include financial services such as funds and family offices, digital, fintech, natural resources and corporate services.

A total of 119 high-value residency enquiries were received in 2016, with 17 permissions granted. There were also 14 relocations that will result in a minimum additional income tax yield of £1.75 million in 2017.

The total value of property bought by new high-value residents in Jersey exceeded £100 million for the first time in 2016, generating property stamp duty for the public purse of more than £5 million.

Networking

The figures show continued successful outcomes from sustained activity in 2016 for Locate Jersey, with advertising and marketing generating an increase in social media interaction and followers, driving almost 11,500 new visitors to the website. 

The team has held more than 70 meetings with new business introducers, given 10 presentations to business and industry professionals and held or attended more than 40 events with stakeholders, on and off the island.

The Minister for Economic Development, Tourism, Sport and Culture, Senator Lyndon Farnham, said: “2017 has started strongly with new and existing enquiries and a number of approvals already achieved. This year will see a period of change for the team, but I have every confidence they will continue to build on the excellent work Wayne Gallichan has carried out as Head of Locate Jersey.”


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