Companies formed by High Value Residents (FOI)

​Request

I would like to request some information about High Net Worth Individuals (HNWI).

Can I please request the number of registered companies formed in Jersey by HNWI (director/shareholder) and also the number of total taxable employees employed across these businesses?

Response

The first part of the request relates to the number of companies formed by High Value Residents (HVRs). This could include investment owning companies which would not have any employees.

Information on beneficial ownership of companies is held by the Jersey Financial Services Commission not the States of Jersey and, therefore, the information is not held to the first part of the request.

The second part of the question then introduces the word “businesses” – which is a fundamentally different concept to companies.

In the Post-Implementation Review of HVR Regime applicable since July 2011 (Appendix 11 – table 10) published in December 2016 the Treasury and Resources Department provided some statistics on the number of businesses established (and resulting employment) by those HVRs arriving post-July 2011.

Post-Implementation Review of HVR Regime

Review of High Value Residents' Tax Regime

These statistics were created for the purposes of the report (based on Locate Jersey and Taxes Office records). To complete this analysis for every HVR who has established residence under 1(1)(k)/2(1)(e) status since the inception of the regime would be a significant undertaking and could not be completed within the 12.5 hour time cost limit set out in the Freedom of Information (Jersey) Law 2011.