Jersey and Guernsey have an optional flat fee on income tax if I recall correctly. They had strict lock downs recently including travel restrictions, so one might get stuck there.
This was very useful. I especially liked that you explained the due diligence requirements, local director and entry figures for wealth management services. Thank you Michael!
I think most people like living in a tropical or subtropical climate island instead of Jersey do but I prefer a cooler climate. Don’t know if I would consider jersey I’m still gathering the information at my age.
Quick question. I was chatting to someone in the Isle of Man which is a similar set up to Jersey and Guernsey and the company expected to become a Director of that established entity, which is fine. However, when I asked if they need to be a non-Executive Director, a Director with Salary or Director with Dividends, they went silent. You see, here in the UK - especially for the past 8 years, I paid myself minimum wage because the rest of the money my company earns will go back in to the company. So, once I secure a major contract, that (other) Director could end up cashing in without having lifted a finger. So, while I understand the necessity to have someone there who knows the ropes, I disagree with them getting a larger portion of whatever income I receive or paying them more than I pay myself, especially when my large projects only happen once in a blue moon.
Sounds interesting to me ...... Question: Once you get a residency-by-investment in Jersey, is there a minimum stay one has to live in Jersey per year?
No minimum limits on how much time needs to be spent in Jersey. However, for a British person the UK limits how much time can be spent in the UK to 14 days (IIRC), exceed that and you would be liable for taxation in the UK.
Years go, I applied for a job there, where your boss, was basically, the Crown (The Islands are owned by the Crown). So, I met the technical qualifications, but they had a minimum net-worth, before they would give you the job, and let you move there. Basically, you have to be rich to work at that job. Weird. I think they were looking for a million dollar net worth, before they would give you the job.
Great video thanks. When you say that the fiduciary is a director on a non residents company does that mean that that director must be the signatory on the company account? Surely this would mean that all business activities must be given approval by these fiduciaries, which is quite intrusive.
Great video Michael, I hear they are a great jurisdiction for estate planning also, that the Jersey Foundation took the best elements from civil and common law jurisdictions, and is ideal for us citizens, perhaps it would make for another great video, or comparing it with others like Bermuda, St Kitts etc for long term generational wealth planning
Loving the channel - good advice and ideas. I'd love to learn more about how to do import (to the US) as a small business. Source products that are sold to business in the US - not drop ship Amazon but business to business. Can something like that be done at a very small scale or do you need a large customer base?
A lot of inacuracies.....as a Jersey resident I can assure you that the island is NOT a Tax Haven. I pay more personal tax (income tax) here than I would pay in the UK and the range of financial benefits (top ups for low incomes) are a lot less too. True there is no corporate tax, capital gains or inheritance taxes but the cost of living, especially housing, is much higher than the UK or neighbouring countries. Wages are not especially good, except in the finance sector. Jersey is NOT, and has never been, part of the UK or the European Economic Union. It is self governing in all aspects.
It absolutely is a tax haven exactly as we said zero corporate tax that's what makes it a tax haven. As for your personal tax the top rates in UK are much higher than Jersey and you've got the benefit of no capital gains. You personally might not save as much that's an individual determination but it's just not accurate to say UK taxes are higher they are not. Self governing doesn't mean it's not under UK, which it is for a variety things. It's not UK, it's a crown dependency of the UK.
@@OffshoreCitizen Thanks. Really considering it cause they have a start up visa for new companies and innovator visas for new companies who deposit 50K (may have some hiring required?). Taxed on worldwide income but using CAD. First 22,672CAD you make is 0%, next 10,341CAD after that is taxed at 10% anything over this is taxed at 20% with first year residents having a 4,000 GBP tax refund. Corporate tax 0% & Capital gains tax is 0% so could just leave money in company account? Can be a tax resident if 90 days of the last 4 years spent on island. No central bank. Safe. Tax deal but I guess could be lonely, only can escape to 2 countries, still in the West (failing empires), able to be bullied by the nightmarish EU & OECD, cost of living? Would be interesting to hear your take
Its for company profits taxes 15% to the country WHERE the revenues are made, and the company needs to be over 750 M $ revenues (unsure if it is globally or in the taxed counjtry)
It is not easy moving to jersey. Jersey like the other channel islands protect themselves with migration regulations. Otherwise these islands would quickly be densely populated, especially from main-UK.
@@OffshoreCitizen yes I have been to both Jersey and Sark for vacation. I met one who got a permit to live and work on Jersey (banking). But at the end the permit wasn't extendable anymore and she was transferred to Switzerland. There are currently quite a few from Portugal on Jersey but apparently they arrived at a time (many years ago) when they got permanent permits. The motivation of these restrictions are that jersey otherwise would be totally swamped with uk (and other) people.
Anyone moving to Jersey for tax purposes would be very wealthy and if their application for residency is successful then they would be given instant permanent residency and the right to buy a house with a minimum value of £1.75 million (which doesn't buy much these days).
Great video Mike - helps to see these summary jurisdiction videos. Perhaps you could make one on non-resident Singapore companies too? Would be good to understand similar issues - ease of setup & running, bank account setup, 0% tax i believe, and usefulness in international tax planning.
So, after college, I've been thinking a lot about getting a life at Jersey (hopefully covid won't be such a thing) and honestly it would be just to get a job as a physiotherapist, since the wages are quite high and I've a person that said that, as a couple, you can save around 1 full wage, since buying houses is really expensive but rentting is just super cheap for some reason (talking about £30/week)... and now I'm quite afraid about Brexit, since I'm from Portugal... I really wanted to just be able to do what I do in peace and saving some nice money but with the world changing economically, will it still be worthy?
Renting is NOT cheap, around £1500 a month for a one bedroom apartment ($2000). Average price for a modest family 3 bedroom house is £750,000 or a million bucks !
@@OffshoreCitizen great .. I am a big fan of your channel and when the time comes I will definitely avail your service .. I like your no fluff ,straight to the content style
Nice and interesting video! Question please? Could I open a bank account in jersey but live in England? or open a investment in England to generate passive income?
Is the 125k lb tax mandatory or only if one has earned income? Since Jersey has no capital gains taxes could someone just buy a $1.75mn house to get a residency permit?
No you can't get residency just by buying a £1.75m house. You'd have to show evidence of substantial wealth gained via legal activity. When residency is granted you're only permitted to buy a house that costs £1.75m or more. This is to stop high-value residents from buying cheaper houses.
Have you been to Jersey? Are the locals welcoming to ex pats not just the tourists? I mean of course ex-pats that are legal and contributing to the economy somehow.
I'll be honest, with the price of housing over here being what it is and the ridiculous prices for even the most basic of accommodation, there are some who will see ex-pats coming over as just another person taking houses away from local young people who are forced to move abroad as they cannot afford to live here. Having said that, as long as you don't go out of your way to be obnoxious then they majority of people won't care.
Hello Mike. I am just confused. I wanted to know since I will be working in Jersey soon as a NURSE in your government Hospital there. How many years do I need to work in Jersey in order for me to be eligible to apply for a PERMANENT RESIDENT like what they call ILR in UK?( indefinite leave to remain) hoping to hear from you soon.
You mention nothing about the open and closed market. You simply don’t understand as much as you make out business fair enough but actually moving to jersey is a lot more complicated
Great channel, i just found it. I watched in a previous video you mentioned foreign earned income exclusion (for US citizens making maybe 100-300k a year). Is there a way to make that work If your income comes from trading (crypto, for example) and you live in a place like Thailand? Cheers. Looking forward to more awesome content!
5:06 So if I can open a company there (let's say a software company that works online) I can use Jersey's tax structure while staying in another country/my home country ? Did I get that right ? Thanks for the video by the way.
@@OffshoreCitizen now I don't really care about that . But I always hear about Jersey being a tax heaven and I have no idea what people are talking about. For companies? Don't care. For me it isn't a tax heaven at all and it's a very expensive place to live.
@@OffshoreCitizen No. I have not. I do have internet. There is a dispute going on between France & England about fishing rights etc. France has threatened to cut off power to Jersey.
@@IDKersDad Jersey and where I live, Guernsey, are very "settled". Low crime rates and great place to live. The Jersey fishing thing was a temporary issue. Power was never going to be cut off, it was just rhetoric.
@@OffshoreCitizen already did my flight was 2 days ago. Cheers. But it's always a big difference between a RU-vid video and reality. Tax heaven my ass. You want to say tax heaven for the rich? Who cares ? I don't think billionaires are watching your video
