Hi all
I'm looking here for anyone who's been down the road of getting the HNWI/HVR program in Jersey, Channel Islands?
The long and short is the program says: 'you'll need to show that you have annual worldwide earnings comfortably in excess of £725,000 per year, and this must be sustainable income'
Now my personal situation is I am a UK citizen/resident, I currently run 4 companies (They are not related to each other). 3 of the companies are decent, they make a low 6 figure profit yearly. The 4th is the money spinner which breaks close to a 7 figure profit, it also has huge potential unlike the other 3. Now my problem is, although I could easily net £1m+ a year, I'm only paying myself about £120K a year. I'm just not willing to pay 20% VAT, 19% corp tax and then another 40-50% tax to pay myself.
So on paper, I make £120K. I'd really like to relocate to Jersey, my margins/profitability on all companies would go up overnight thanks to no VAT/corp tax. If that happened, the other 3 companies alone would make enough to meet the requirements.
I guess what I could bring to the table is I'm thinking of employing a team of people (Probably 4-6 people (all £40-£100K+ positions). Not sure if that would sweeten the deal for the Jersey Govt or not.
I know I can move to Jersey right now because of my citizenship but I'm unwilling to do so due to the housing situation.
Any insight would be greatly appreciated - (And just in case anyone asks, no other jurisdictions are no on the table due to a host of factors outside of my control)
I'm looking here for anyone who's been down the road of getting the HNWI/HVR program in Jersey, Channel Islands?
The long and short is the program says: 'you'll need to show that you have annual worldwide earnings comfortably in excess of £725,000 per year, and this must be sustainable income'
Now my personal situation is I am a UK citizen/resident, I currently run 4 companies (They are not related to each other). 3 of the companies are decent, they make a low 6 figure profit yearly. The 4th is the money spinner which breaks close to a 7 figure profit, it also has huge potential unlike the other 3. Now my problem is, although I could easily net £1m+ a year, I'm only paying myself about £120K a year. I'm just not willing to pay 20% VAT, 19% corp tax and then another 40-50% tax to pay myself.
So on paper, I make £120K. I'd really like to relocate to Jersey, my margins/profitability on all companies would go up overnight thanks to no VAT/corp tax. If that happened, the other 3 companies alone would make enough to meet the requirements.
I guess what I could bring to the table is I'm thinking of employing a team of people (Probably 4-6 people (all £40-£100K+ positions). Not sure if that would sweeten the deal for the Jersey Govt or not.
I know I can move to Jersey right now because of my citizenship but I'm unwilling to do so due to the housing situation.
Any insight would be greatly appreciated - (And just in case anyone asks, no other jurisdictions are no on the table due to a host of factors outside of my control)