Benefits of high value residency scheme questioned

The government is being urged to ask "tough questions" about the value of a scheme that aims to attract wealthy people to Jersey.

The high value residency programme grants residential status to highly skilled and economically active high net worth individuals, with those residents paying a 20% tax rate on the first £1.25m of worldwide income and 1% on any income above £1.25m.

However, Reform Jersey co-leader deputy Monty Tadier questioned whether wealthy individuals could contribute more under the scheme and called for data to be released showing the benefits of the programme.

The BBC has contacted the government for comment.

Leaders from business, finance and law held a meeting earlier this month to discuss what role the high value residents play in the island's economy.

It heard about 260 families who currently live in Jersey relocated through the scheme.

Deputy Tadier said there may well be a net benefit to the scheme but he added it needed to be measured "more objectively".

He said: "I think the question needs to be a bit more hard-nosed about what do they bring in the island and is there a net benefit for the island?

"Are there negative consequences as well as positive ones?

"I think those are the kind of tough questions that government shies away from."

The Reform Jersey co-leader said his party "wouldn't necessarily abolish" the scheme but he wanted to make sure it was "sustainable".

"We need to start talking about maybe those at the top who could contribute more, especially at a time when the island is looking for new income streams," he said.

In February Chief Minister Lyndon Farnham said those approved for residency under the scheme were making a positive contribution and there was "no evidence" they were having a negative impact.

Follow BBC Jersey on X,Facebook and Instagram. Send your story ideas to channel.islands@bbc.co.uk.