Jersey's government assembly has agreed to raise to the minimum tax paid by new high-value residents (HVR) by almost 50%, the Jersey Evening Post reported on 6 June.
The plan was adopted almost unanimously, with 44 politicians voting for and only one voting against, backing a proposal from Treasury Minister Ian Gorst to hike the tax threshold from £170,000 to £250,000 annually.
Gorst said that this change would see Jersey's tax take ‘increase considerably', potentially by £1.2m a year.
The changes would "maintain a position that's competitive overall while raising more revenue, and that is, of course, good tax policy" adding that "it will maintain confidence in Jersey as a jurisdiction that is open for business and investment".
Gorst proposed raising the minimum property price for new HVRs from £1.75m to £3.5m. It will also be expected that applicants have a net worth of "at least £10m", excluding their place of residence.
Other politicians did raise concerns that it was a small step and even a token gesture.
Existing HVR islanders will not be affected and they will continue to pay £170,000 tax on the first £850,000 they earn, and then 1% on any worldwide income above it.
