Isle of Man and Jersey rank among the most welcoming havens for high-net-worth individuals

Self-governing islands judged welcoming havens

Thursday, February 11, 2021

Isle of Man and Jersey rank among the world’s most welcoming havens for high-net-worth individuals looking for a combination of financial secrecy and low corporate taxes, advises a mortgage broker specializing in such clientele. Enness Global places the two self-governing islands at the top of 12 preferred locales for property investment, also factoring in the availability of luxury housing and proximity to major global centres.

Based on the latter two criteria, Enness Global analysts suggest Jersey, situated in the English Channel near the coast of France, offers the best total package even though Isle of Man, found in the Irish Sea midway between Northern Ireland and Scotland, scores slightly higher for financial considerations. Average house prices in Jersey — at £533,000 (CAD $922,750) — are more than double the Isle of Man’s £266,000 (CAD $465,500) average.

“The majority of companies that are managed and controlled in Jersey pay no corporate tax, whilst income tax for individuals is around half of what is payable by residents in the United Kingdom,” notes Jack Goguelin, a director with Enness Global. “Jersey offers easy access to beaches, parks and other open spaces, whilst its close proximity to London, only a short flight away, means that attending to business or social interests in the UK are relatively stress free when compared to travel from the continent.”

Nations ensconced in the continent round out the top five, with Switzerland, the Netherlands and Monaco ranked third, fourth and fifth respectively, while two more islands — Malta and Cypress — are slotted at sixth and seventh. The highest average housing prices are found in Monaco, at £4.07 million (CAD $7.11 million) — more than 66 times higher than the best bargains found in 10th-ranked Hungary, with an average housing price of £61,370 (CAD $107,400).

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