(388) Spending by the Department and Locate Jersey in relation to high value Resident applications

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1240/5/1(388)

WRITTEN QUESTION TO THE

MINISTER FOR ECONOMIC DEVELOPMENT, TOURISM, SPORT AND CULTURE BY DEPUTY S.Y. MÉZEC OF ST. HELIER

ANSWER TO BE TABLED ON TUESDAY 4TH JULY 2017

Question

Could the Minister provide a breakdown of how much has been spent by his Department and Locate Jersey in each of the last 5 years on entertaining prospective High Value Resident applicants and how much has been spent entertaining High Value Residents whose applications have been successful?

Answer

Prospective  Approved  No. of approvals per year

2012  £3478   £1425   12 2013  £449  £633  14 2014  £1602   £1577   20 2015  £970  £1887   20 2016  £1274   £1193   17

HNWI's are also regularly invited to participate in Locate Jersey's programme of events throughout the year. On boarding and aftercare are recognised by Inward Investment agencies across the world as an integral and important part of the work carried out to ensure businesses and HNWIs investing into an economy  continue  to  invest  and  grow  and  where  appropriate,  bring  their  business  to  the  island. Consequently, Locate Jersey continue to support and engage businesses and HNWI's after they have relocated to Jersey to ensure that their investment continues on a long terms basis. This can help the local economy, have a multiplier effect on local businesses and ensure continued local job creation. Additionally, happy, settled and successful HNWIs act as great ambassadors for the island as a whole.

In the last 3 years, High Value Residents that have relocated to Jersey have contributed approximately £12.5m in income tax and over £13m in stamp duty to the public purse, a significant return on the States of Jersey's investment.

I would encourage Members to meet with our Director of High Value Residency to better understand this important and highly successful activity.