If you love England but want a touch of something a little different, then Jersey is undoubtedly a great place to be. You may have been tempted to jersey for a holiday or business trip, but have you considered investing in Jersey property?
Here we look at some of the reasons it could be the ideal place for your property purchase. If you are looking to move to Jersey for personal or business reasons, we look at who can invest in Jersey property, some reasons why buying a home in Jersey could be right for you and then finance options such as bridging loans which are ideal for buying a property in Jersey as an investment.
Jersey offers a superb quality of life
Jersey offers a fantastic lifestyle, a slower pace and lots of stunning sea views and rolling countryside, yet it is certainly not short of culture, amenities, facilities and entertainment opportunities. It is a sought-after destination, with more demand for properties than available. Jersey protects itself by restricting who can buy property.
Jersey right to buy
The right to buy property in Jersey means not everyone is eligible. If you are born on the island, you can buy, sell and rent out property under the ‘entitled’ residential status, which can also be the case if you have lived continuously on the island for more than ten years.
However, there are still opportunities to buy property in Jersey. Jersey’s government offer a high-value residency scheme to attract investors and wealthy individuals to the island. Through ‘Locate Jersey’, invitations can be made to applicants who can bring economic benefit to the island and are looking to contribute to the community. They decide who is granted the right to buy Jersey property. The scheme only extends a few consents each year, and usually to individuals with assets over £10 million and a sustainable and comfortable worldwide income of over £725,000 on which they pay Jersey income tax. They also set minimum property value purchases and give no guarantee meeting the requirements will achieve consent.
Financing Jersey property
UK lenders view Jersey property mortgages as international lending, and they can offer very different terms that make navigating the mortgage market challenges. Expert navigation of lenders active in the Jersey mortgage market most likely to provide the best rates and terms usually involves approaching and negotiating with local and international private banks and comparing rates available from those and the alternative or niche lenders best suited to the borrowers’ individual circumstances. For this reason, it is always worth engaging the services of a high-value international finance broker such as Enness Global to help you.
Lender rates and terms can differ considerably for Jersey mortgages. Understanding the subtle differences can often be complicated, making it worthwhile engaging a specialist broker with experience in the Jersey market to achieve the best lending terms.
Jersey mortgage base rates are linked to Bank of England rates, allowing international investors to remove currency exchange rate risks. Jersey also allows resident borrowers to claim tax deductions on Jersey mortgage interest for the property they live in, making Jersey property a particularly attractive investment choice.
