Jersey has been a desirable location to live for many wealthy individuals over the years. A low personal tax rate and pleasant mild climate make it an English speaking tax haven that competes with Monaco and Switzerland as a residence for those seeking to keep more of what they have earned. Personal tax rates are 20% and there are no inheritance, wealth or gift taxes. Businesses are only taxed on income arising from owing property in Jersey. Worldwide earnings are taxed at 0% except for some financial services businesses that pay a 10% tax rate.

With its popularity so high, the authorities have sought to restrict the number and type of people that it allows to settle on the island. After the Second World War the entry requirements were quite stringent in order to control migration. These were tightened again in the 1960's but have been eased in recent years making it possible for more people to consider buying there.

Due to its popularity, the number of high value houses suitable for those seeking residence is limited. If you were expecting a bargain then think again. Property prices have tracked those of London for many years and have ridden out recessions and property slumps better than most.

Existing residents of the island need also to satisfy the Sates of Jersey Housing Committee of their suitability to sell, buy or lease. This involves providing a copy of your birth certificate, a suitable reference confirming continuous residence for at least 10 years or, if this is the first purchase by a married couple where one is not an islander, a copy of the marriage certificate.

Potential new residents must qualify on one of a number of grounds which will be vetted by the Housing Minister. Many new residents seek to qualify for a 1(1)k permit which is given when the applicant can demonstrate that they:

• Will make sufficient sustainable tax contributions to the island
• Have a suitable business or social background
• Will have a suitable business activity based in the island
• Will bring some other non-economic benefit to the island

The requirement for tax revenues has latterly been revised to mean a sustainable contribution of at least £100,000 per annum; which equates to a taxable income per annum of over £500,000.

Some applicants may be deemed desirable as employed persons; basically these are deemed as required for the well running of the commercial infrastructure of the island. These would qualify for a permit. The holder of this permit can also rent or buy property.

There are currently over 30 estate agents operating in Jersey and most of these have websites for potential purchasers to review property prior to arrival on the island. There are no travel restrictions and plentiful flights from around the UK to Jersey, including several low cost operators.

Gaudin & Co claim to be the largest and leading estate agent in Jersey. They started trading in 1934 and have a staff of 21. As with most estate agents, their head office is in the capital, St. Helier. They handle property priced from £115,000 (for a one bedroom sheltered housing property through to £2.5m, six bed roomed houses.

Thompson Estates claim to be Jersey's leading estate agent and, again, handle a wide range of property sales, lettings and share transfers ranging from below £100,000 to many millions of pounds.

Mulberry Estate Agents say that they are the most experienced of all property agents operating on the island. Other notable agents include Indigo Estates, Choice Properties, Troys Estate Agency, Lyons Estates and Prestige Properties.

New entrants holding either form of permit cannot buy any property. They will have to restrict their purchase or rental to a subset of the total with a portion of homes being reserved for locals. This tends to mean that the property available is expensive and amongst the finest on the island.

Whichever agent you choose to work with, the range of property available will span the full range that is available from one bedroom apartments through to magnificent multi bedroom established houses with gardens and views out to sea. There is also an active rental market for apartments and houses on the island. All agents handle sales, rental and lettings.

Property sales are conducted in much the same way as on the mainland. There are some unusual quirks that have evolved over time to cater for the different freehold laws but the general approach and process is the same as in mainland UK. A lawyer will check out the necessary history and title of the property through the Public Registry Index and Document Enrolment system. Site visits will also be undertaken to ensure that the boundaries of the property match the deeds. Your solicitor will also make enquiries with the local authority and utility companies to check for any issues although not that the supply is working! Since the market is smaller and the information more readily to hand, the elapsed time between offer and sale can be quite short so it is possible to complete contracts in under 3 months. Stamp duty is payable on all purchases. No stamp duty is payable on the first £50kand then it increases in steps such that 3% is payable on any balance over £700,001.

So, if you want to move to Jersey you need to be wealthy, have an essential occupation or marry one of the locals! Whichever route you take, affording a home may stretch your budget and the quiet ambiance of the island may not meet your lifestyle demands. There are plenty of beaches and other activities to pass away the time, but it is more sedate than London with less choice. Remember that you cannot pop back to the UK anytime you wish. To maintain your tax status you must not visit the UK more than a certain number of days in the year.

Jersey offers an outstanding lifestyle for those that are able to move there. Schooling is good as are the health services. Sport, especially water sports, form a key part of the lifestyle and entertainment on the island.