Jersey is the largest of the Channel Islands and remains a popular tax haven for both organisations and wealthy individuals hoping to limit their financial exposure.
A self-governing British Crown dependency, the island is located just off the Normandy coast and residents benefit from paying no taxes on inheritance, capital gains or wealth.
However, there was a goods and services tax introduced in 2011 at a rate of 5 per cent.
The primary tax burden in Jersey is a 20 per cent levy on income. This is regardless of salary, with the island's legislative assembly rejecting a proposal for a high earners rate in 2011.
Jersey's income tax level compares favourably with the UK's most expensive charge, which is currently set at 45 per cent.
High-net-worth individuals (HNWI)
In addition to a generous income tax environment, there is also a High Net Worth Individuals Status available to those who can provide evidence they are able to pay an annual tax bill of £125,000.
Unfortunately, it is challenging to acquire residence status in Jersey – the housing minister must give approval based on your likely tax contributions.
Even when approved, HNWIs can only purchase certain properties, which typically cost more than £1 million.
Setting up an offshore company or trust in Jersey means organisations can enjoy a 0 per cent corporate tax rate, although firms offering financial services must pay 10 per cent.
Beneficiaries of trusts who are non-residents do not pay local tax on foreign income or bank interest.
Living in Jersey
Jersey has an excellent education system and low unemployment, while the island's proximity to both France and the UK makes it a favourable location for many families and businesspeople.
As the largest of the Channel Islands, Jersey offers a range of amenities and shops, while also boasting beautiful beaches.