The Cost Of Living & Lifestyle In Jersey
Jersey is the largest of the British Channel Islands, situated just 22km from the French Coast and 137km south of the English Coast. Known for its stunning landscape, pink granite buildings and coastal aesthetic, Jersey is a highly desirable destination to live in. This self-governing island is not a part of the United Kingdom and therefore isn’t represented in British parliament, however, the British Monarch is Jersey’s head of state.
Jersey is an incredibly accessible location, with several airlines flying to and from a variety of locations as well as the ferry allowing you to take over your vehicle.
What is the Cost of Living in Jersey?Jersey can be a relatively costly place to live, with the cost of living being an average of 28.6% higher than in mainland UK. The average monthly cost of living for a single person before rent is £871.60. With rent prices being 73.2%, Jersey is considered to be 2nd most expensive British territory to live in.
Food prices are also generally higher in Jersey than living in Britain. The cost of importing fresh produce into Jersey is often at the expense of the consumer. There are local markets across the country that sell freshly grown local produce at a more lower price but this can be in quite limited quantities. It is known for its high quality food, especially its seafood, and eating out is usually at a similar price to that of London.
What are the House Prices in Jersey Like?Jersey is an incredibly desirable place to live, however, land on this small island is a premium and so tends to be more costly in comparison to other countries. Rising house prices have become a contributing factor to the country's increased inflation rate.
Notably, in Jersey you can only purchase a property if you have an ‘Entitled’ residential status (meaning you have lived in Jersey for a minimum of 10 years) or a ‘Licensed’ residential status (you are an essential employee). Properties that are intended for those with ‘Registered’ and ‘Entitled’ statuses are referred to as ‘Registered Properties’ and are generally more expensive due to less of these kinds of properties being available on the market.
Renting properties is generally more popular for people first moving to Jersey due to the purchasing restrictions in place.
What are the Travel Costs in Jersey?Understandably, the cheapest way to get around Jersey is by cycling. Jersey has many stores that allow you to buy or even hire bikes as well as a great network of cycling routes for you to be able to get around with ease.
If you own a car, fuel prices are lower than the UK and your road tax is included in the cost of your fuel. Public transportation is also impressive, with buses running consistently throughout the country and metre-controlled taxis being on hand to help you travel around.
What are the Taxation Laws in Jersey?As Jersey is independent and self-governing, they have differing taxation systems than the UK. Mainly, personal income tax is capped at a maximum of 20%, with a c£6,000 tax-free allowance per year, this rate is extended to the tax-adjusted profits of sole traders. Jersey also doesn’t have higher rate bands, capital gains tax or inheritance tax.
For those who are employed, Jersey’s equivalent of National Insurance, ‘Social Security contributions’, are payable at 6% of your gross wage. Whereas, contributions made by those who are self-employed are payable up to a maximum of £760.13 per month.
Jersey is also exempt from VAT, but instead has a Goods and Services Tax (GST) charged at 5% on the majority of goods & services in local use, including imports. Jersey is divided into 12 parishes, each of which determines its own Rates, similar to council tax, which is dependent on the size of the property you live in. You are able to find out more about Rates and how they’re calculated on your specific Parish’s website. These are paid annually, every October.
So, Why Live in Jersey?Jersey has an oceanic, humid climate with warm summers and mild winters. The tranquil landscape and dramatic coastlines offer a calm and breathtaking environment to live in, allowing you to enjoy an unrivalled quality of life. It also has a rich and unique history that has carved itself into the fabric of Jersey. For the more active residents, there is also the offering of amazing sports facilities particularly water sports, golf and tennis. It is an essential home for all who love to be outdoors and closer to nature.
Its Channel location also offers close links to the UK and Mainland Europe, making it very convenient to venture to a variety of new locations. Daily direct flights to a range of destinations and ferry’s leaving the island allow you to easily explore the world around you.
Also boasting an incredibly family-friendly destination, this is a safe and friendly location offering an impressive work-life balance, due to there being short commute times to work and low taxes. It also has one of the most well-established offshore centres and is an international finance hub, with 55 banks and over 33,000 registered companies, making it perfect for career opportunities and progression routes.
Raising a family in Jersey is also very desirable. With a comprehensive schooling system, consisting of facilities for all age groups (including 22 non-fee government run primary schools and 5 non-fee government run secondary schools). There is also an abundance of entertainment options for all age groups, from cinemas and bowling alleys to Opera Houses and Arts Centres that offer shows from local and national performers alike. Jersey also has annual music festivals that attract internationally renowned DJs and performers.