More than 260 industry leaders from business, finance and law have held a meeting to discuss the role high value residents play in Jersey’s economy.<\/p>\n
Jersey’s high value residency programme, external<\/a> grants residential status to highly skilled and economically active high net worth individuals.<\/p>\n One attendee at the Chamber of Commerce lunch on Thursday, Mary O’Keeffe, said high value residents “were extremely important” to the island.<\/p>\n However, one former economic advisor to the government described the tax contribution of high value residents as “piffling”.<\/p>\n About 260 families currently live in Jersey having relocated through the scheme.<\/p>\n O’Keefe who runs Mary O’Keefe relocation, external<\/a> to help high value residents settle in the island said they contributed a lot to the economy and philanthropic causes.<\/p>\n “They are extremely important, so here today the room is full of private bankers, tax accountants, lawyers, people like myself and professionals who all work with high net individuals.<\/p>\n “So, they bring an enormous amount to the economy and that doesn’t even touch on what they bring in regard to philanthropy.”<\/p>\n High value residents pay a 20% tax rate on the first \u00a31.25m of worldwide income, external<\/a>.<\/p>\n