‘It’s unrecognisable’: How being a tax haven has changed Jersey
Jersey's economy has been transformed by its status as a tax haven, attracting global wealth and creating a high-income financial sector that now dominates the island's output. This economic shift has led to significant social challenges, including rising costs of living and increased reliance on food banks among local residents. In response to competitive threats and reputational risks, the government has launched a multi-million-pound strategy to diversify the economy and reduce regulatory burdens.
- ▪Jersey's offshore finance industry generates £4bn and accounts for more than half of the island's economic output.
- ▪The island's GDP per head is nearly 60% higher than the UK's, yet local residents face rising prices and increased food bank usage.
- ▪A government-backed review warned that Jersey's future as a financial center is at risk without urgent intervention to address competition and compliance issues.
- ▪The government has implemented a £31m four-year plan to cut red tape, enhance global profile, and diversify into crypto assets.
- ▪Jersey's tax regime features zero inheritance or capital gains tax and a 10% corporation tax for financial services firms.
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| Original publisher | World news | The Guardian |
| Canonical URL | https://www.theguardian.com/uk-news/2026/sep/21/its-unrecognisable-how-being-a-tax-haven-has-changed-jersey |
| Publication time | Mon, 21 Sep 2026 04:00:35 GMT |
| Retrieval time | 2026-09-21T04:13:47.541Z |
| Last seen | 2026-09-21T04:13:47.541Z |
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Joe Moynihan, the chief executive of Jersey Finance, says the island has a good reputation for regulation. Photograph: Gary Grimshaw/The GuardianView image in fullscreenJoe Moynihan, the chief executive of Jersey Finance, says the island has a good reputation for regulation. Photograph: Gary Grimshaw/The GuardianJersey‘It’s unrecognisable’: How being a tax haven has changed JerseyWhile global billionaires and multinational companies have been lured to its shores, many islanders feel left behind and priced out, with food bank use increasingKalyeena Makortoff in JerseyMon 21 Sep 2026 00.00 EDTLast modified on Mon 21 Sep 2026 00.01 EDTSharePrefer the Guardian on GoogleOn a late Friday afternoon on the Channel Island of Jersey, tourists and locals are flocking to St Helier’s waterfront where…
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