YOUNG super-wealthy immigrants are changing the face of high-net-worth migration in Jersey, according to some estate agents.

Harry Trower, a director at Broadlands, said that the demographic of prospective high-net-worth individuals coming to the Island had become younger – bringing a shift in housing needs, with less interest in properties worth over £10 million.

As of December last year, there were 184 people living in Jersey who had arrived under the so-called 2(1)e licence scheme, or its previous iterations, which give wealthy immigrants special residency and housing rights, plus preferential tax status. There were 23 applications approved during 2021, while from 2018 to 2020 an average of 19 applications were accepted each year. As of yesterday, there were 28 properties listed online with asking prices over £10 million.

Mr Trower said: ‘People don’t want to spend that kind of money over here. “High net-worths” that come to the Island tend to spend a minimum of £2.5m and they tend to go up to about £8m.

‘Some of the reasons for that are that they don’t know how long they’re going to spend in Jersey and they don’t want to pay the stamp duty on properties over the £10m mark, as the jump is considerably higher than properties below that point.

‘There is a new demographic of high-networths who are in their 40s, 30s and even 20s. They don’t want to spend huge amounts in Jersey; they are younger people who want to enjoy their family life.’ Roger Trower, owner and chief executive of Broadlands, added that not everyone wanted to pay for a big estate, which cost a lot to maintain.

‘Some high-net-worths will have come from large estates in the UK and they don’t want to be constantly surrounded by gardeners and cleaners.

‘They want a simple life and to enjoy their wealth,’ he said. ‘Covid has taught us all a lesson; more people are working remotely and some realise they can move themselves to Jersey, while we have easy access to other markets such as London.’ One high-price property which remains on the market is a mansion in Trinity called Maison de la Valette. It was put up for sale in September 2021 with a £39.95m price tag.

If the property achieves its asking price, it will regain the title of most expensive home in the Island. Maison de la Valette was previously known as the priciest mansion in Jersey after it sold for £25m in September 2016. But it was overtaken by Eden House, in St Brelade, which was bought for £31m in April last year.

Mr Trower explained that it was common for big properties to be on the market for a considerable amount of time, but that every now and then there would be the ‘odd glitch’ when a large property would sell very quickly.

Clifford Wilson, from estate agents Wilson Knight Frank, said that demand for such properties ‘remains at a dribble’.

Discussing Maison de la Valette, he added: ‘Inevitably the possible clientele for such a property is small but there are buyers out there nonetheless.

There has been a stated declared strong interest from a particular party but the property remains fully available.’ Mr Wilson said that there was a modest level of new high-net-worth people appearing regularly and that the ‘bulk percentage’ of buyers tended to make property purchases ranging from £5m to £10m. ‘If anything, the tendency is that they appear to be younger and younger, although the demographic remains fairly widespread.

‘Younger people can now work from home and they often tend to look for a family-sized office, or something in the style of a boardroom rather than a small study,’ he said.

‘Jersey remains an attractive destination for high-net-worth individuals and the balance of quality of life and attractive taxation is appealing for people.’