High value individuals in Jersey (FOI)

​Request

I would like to request information on the number of 'high value' individuals who have moved to Jersey in the last five years. In particular I would like to know;

A
The nationalities of each new resident

B
How many applications from potential high value residents have been rejected?

C
How does the States of Jersey ensure full transparency of their funds including savings, tax and earnings prior to agreeing entry?

Response

A
The following answers are based on the years 2013, 2014, 2015, 2016 and 2017 year to date.              

  
Due to the small numbers cited above, Article 25 of the Freedom of Information (Jersey) Law 2011 has been applied to this request and as such, disclosure control has been applied to all numbers fewer than five (<5).

B
Fewer than five applicant have been refused at evaluation stage after providing all required information.

Any individual who does not meet the stated criteria or is unable to provide the required information will not progress to evaluation stage and therefore does not become an 'applicant'.

C
The States of Jersey (Economic Development, Tourism Sport and Culture - Locate Jersey) carry out background checks on all individuals who apply for High Value Residency. This includes Thomson Reuters World Check, Jersey Financial Services Commission, States of Jersey Police and open-source checks. As part of their application ‘pack’, applicants are required to provide a clean police (DBS) check from their country of residence plus two business and two personal references. Applicants must also provide a financial statement showing their wealth as well as tax returns for preceding years. Full transparency is expected.

In addition to checks carried out by the States of Jersey as part of the application process, ordinarily, applications are prepared on behalf of applicants, by legal or accountancy firm who also carry out due-diligence as part of their 'take-on' of the client.

Any existing wealth that a High Value Resident transfers to Jersey would be scrutinised by their acting intermediary firm as part of their AML/CFT 'Know Your Client' procedures and would also be subject to any controls imposed by the Jersey Financial Services Commission.

Exemption applied

Article 25  Personal information

(1) Information is absolutely exempt information if it constitutes personal data of which the applicant is the data subject as defined in the Data Protection (Jersey) Law 2005.

(2)  Information is absolutely exempt information if –
(a) it constitutes personal data of which the applicant is not the data subject as defined in the Data Protection (Jersey) Law 2005; and
(b) its supply to a member of the public would contravene any of the data protection principles, as defined in that Law.