Recession fund used to pay for Jersey property overhaul - March 2nd 2010
States properties are to be refurbished using money from the £140m fiscal stimulus fund, Jersey's Treasury and Resources Department has announced.
The fund was created to make jobs and help Jersey's economy in the recession. Asbestos will be removed from the 1960s wing of the General Hospital, new doors fitted on homes and facilities created at the former La Pouquelaye school. The department said it was not yet known how many jobs would be created by the refurbishment works.
Treasury Minister Senator Philip Ozouf said it was bringing forward planned projects and creating maintenance work. The Housing Department has been allocated £80,341 for new doors at Les Cinq Chenes Estate, in St Saviour, and £130,000 to replace windows at Brighton Close, in St Helier.
Jersey Property Holdings is to refurbish the former La Pouquelaye School, in St Helier, at a cost of about £500,000 in order that it can be used for childcare and and as a youth and community centre.
It has also been given cash to remove asbestos from the hospital.
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Minister passes plan for Waterfront flats - 17th February 2010
By Jo Hutchison - JEP
The decision was announced at a meeting this morning.
PLANS to build five blocks of flats near the Radisson hotel on the Waterfront have been approved by the Environment Minister. Senator Freddie Cohen announced his decision at a planning panel public meeting this morning. It means that the development of 59 flats – in four six-storey blocks and one four-story block – can now go ahead.
The Zephyrus scheme, designed by Hopkins Architects, will be built next to the already approved development of luxury apartments named Westwater, which when built will sit next to the hotel.
WEB has said that Zephyrus would cost about £25 million to build and that the flats would vary in size from 525 sq ft up to 3,150 sq ft. The scheme will provide a total of 127 bedrooms
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Flatfee’s… Full service Flatfee!
This January marks the launch of Flatfee.je’s new full service sales option. From now on (and this is NOT a January sale) we will sell any house up to £1,000,000 for a flatfee of only £4,500.
Forget percentage, do away with multi/sole agencies, we’re just offering great value and great customer service.
How does this compare to the other agents? Well, in a nut shell, we’re offering everything a traditional estate agent offers but for a sensible, this is what it’s costs us, Flatfee. No hidden charges, no wealth Estate Agent Tycoon sitting at the top of a pile of your gold. What we make, we’ll spend advertising your property and that’s a guarantee.
Visit http://www.flatfee.je/products.php for our full range of self and full service products.
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Flatfee.je Partners
2010 also welcomes Flatfee’s new Partner Discount Program. We’ve teamed up with local businesses to offer our customers discounts on some great home related products. Whether you’re looking for Apple technology, wine, light bulbs, DIY essentials or a helping hand with the cleaning before you sell, our partners are here to help.
For a list of our Partners and what they offer visit: http://www.flatfee.je/partners
For more information please call 766667 or e-mail info@flatfe.je
***If you reccomend someone to us and they successfully sell through our Full Service offer we’ll give you £500**
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Time to leave the country? - January 4th 2009
Written by: Claer Barrett
It's January. The weather's miserable. And come April, the government is going to tax high earners until they bleed. The answer? Leave the country.
Relocating to a tax haven in the Channel Islands is no longer an idle threat. Estate agents in Jersey and Guernsey report that demand surged 15 per cent in the last quarter of 2009, driven by wealthy Brits looking to escape the new 50 per cent rate of income tax which takes effect from April.
House prices on both islands are poised to rise steeply in 2010 if sales are as strong as expected. And demand is being created not just by individuals, but whole companies looking to relocate to a tax haven.
Aside from the scenic coastlines, the attractions of Jersey and Guernsey are manifold. Income tax is just 2 0 per cent. Additionally, there's no inheritance tax, no capital gains tax, no corporation tax and VAT is derisory.
Who better to extol the virtues of island life than Geoff Cook, chief executive of inward investment organisation Jersey Finance, who describes his job as "proactively promoting Jersey as a relocation opportunity."
"We have started conversations with many City firms and we are seeing the beginnings of an exodus," he confidently reports. "We have a live pipeline of inquiries from firms that are not just looking at relocating the principals to the island, but substantial elements of their whole business and its personnel."
Mr Cook has so far advised 15 hedge fund managers on their relocation, including Global Advisers, which has moved staff from offices in London and New York to offices in Jersey. "They still have a presence in both cities, but the engine room of their operation is now here," Mr Cook adds.
"The Swiss Cantons are already marketing very aggressively in London and trying to tempt people into relocating to Switzerland. We'd rather they looked at Jersey, as that way they are more likely to maintain their connection with the City of London."
Channel Islands' vital statistics
Rate of income tax 20%
Rate of inheritance tax 0%
Population of Jersey 90,800
Population of Guernsey 65,726
Number of Michelin-starred restaurants in Jersey 2
NEW DIRECTIONS
The rise of business people relocating to tax havens has also been noted by Sunday Times Rich List compiler Philip Beresford. Using information gleaned from records in Companies House, the veteran researcher found out that 498 directors and partners of UK companies have changed their personal addresses to Jersey, Guernsey or the Isle of Man in the past year. Furthermore, 91 UK companies have registered in the islands in the last 12 months. Channel Islands estate agents expect this trend to become more prevalent in 2010.
"We are really busy, not so much with sales, but people taking the trip to Jersey to see for themselves what it's really like," says James de la Cloche, founder of Jersey-based Edge Property Consultants.
He reports that most inquiries are for properties in the £2-£3m bracket, though he has recently concluded the sale of an £8.5m abode. "For the last two months, I've been advising two people who are relocating a meaningful part of their entire business operations over here," he divulges. "The island authorities are talking to a number of hedge funds. There are an awful lot of others booked in to the diary for January, coming over here for a look around."
"There certainly has been an increase in inquiries, and people are now seriously considering the option of moving off-shore," agrees Peter Edwards, head of sales in the Channel Islands for Knight Frank. He reports that activity is currently 15 per cent above normal levels. "Relocating is a pretty sensible thing to do - so long as you don't mind living on an island in the middle of the Channel."
Talk of upping sticks to a tax haven is certainly not new, but what makes the threat more credible today is advances in technology. "High flying finance guys can work from here easily with broadband, the internet and mobile phones," Mr Edwards says. "There is no need to be in an office in London."
Over in Guernsey, Matthew Henry, managing director of the island's leading estate agency Swoffers, welcomes the change of pace. The financial crisis meant that 2009 was one of the most difficult years in his firm's 36-year history.
"By contrast, in the last fortnight, we've sold a £3m property, a £4m property and one £4m plus property - all to UK buyers," he enthuses. "The 50 per cent tax hike is the straw that broke the camel's back. A lot of people are looking at opportunities in Guernsey, Jersey and the Isle of Man and they will be voting with their feet."
ISLAND HOPPING
So how easy is it to buy a property in a tax haven? Both Jersey and Guernsey have a "local market" (houses only available for sale to long-term residents) and an "open market" (for wealthier immigrants).
The system in Jersey is much more complicated. Before outsiders can buy a property, they require consent from the Housing Minister. The very rich can qualify for "1(1)(k)" status (named after the classification on immigration forms). This requires that your annual income will generate a tax revenue of at least £100,000, and that you will purchase a property valued in excess of £750,000 (these are known as "K properties").
If you are not quite so wealthy, but could be classified as "essentially employed" by an island-based firm (usually as a skilled financial services worker), you can also apply for residency. Flats and houses suiting this wealth bracket are known as "J properties".
But being fantastically wealthy does not guarantee entry. "To be accepted, you have to lay all your cards on the table and your personal profile has to be completely transparent," says Mr Edwards. "You have to present yourself as a package, as opposed to a money box. They will want to know what social aspects you can offer the island community.
By contrast, Guernsey is a lot less complicated. "All you need to buy a property here is a passport," says Mr Henry of Swoffers. "There is no interview process, and no minimum tax contribution." He reports a spike in rental demand as companies relocate in a hurry, and need to re-house directors.
However, the residential property market on either island can be difficult for novices to navigate. In both jurisdictions, a high number of properties are sold "off market" - that is to say, they are not formally advertised, and buyers can only be introduced via a trusted agent. If the price meets the owner's expectations, they will sell. If not, there is no loss of face. "When you are part of such a small community, people don't like their business being known," adds Mr Henry.
TAX EXILES
Now, for the all important question: how much might a property set you back? At the very top end of the scale, Woodlands (a mansion boasting its own clock tower set within a 25-acre estate on Guernsey) has a guide price of a cool £16m. It has substantial interest, and stands to be the most expensive property ever sold on the island.
Swoffers advise that buyers can find reasonable townhouses in Guernsey for less than £1m, but farmhouses start at £2.5m. In Jersey, the larger of the two islands, buyers can expect to get a little more for their money - but not much. On both islands, a common complaint is that properties are outmoded and often require substantial refurbishment to meet the expectations of gadget-mad hedgies.
Nevertheless, the transport links are pretty good. For the 90 days one can spend in the UK, air travel is the main way to get on and off the islands with regular flights to Heathrow, Gatwick, Exeter and Southampton. "There are now so many private jets and helicopters there can be a problem getting a slot at the airport," reports Knight Frank's Mr Edwards. "It's worse than getting a car parking space in central London."
The obvious barrier to making such a dramatic move is the personal upheaval - taking your kids out of school, and leaving friends, family and city life behind is too big a sacrifice for many, no matter what the tax savings might be.
Detractors compare island life to Cornwall in the 1950s, and there are (perhaps too many) jokes about wife swapping. But modern islanders argue these are trite stereotypes, emphasising the benefits of life without a commute, the islands' low crime rate, weekends spent sailing and new restaurants to enjoy (Marco Pierre White will open branches of his Frankie's concept in both Jersey and the Isle of Man this year).
The international nature of the financial community means the Channel Islands are far more multi-cultural than it was 30 years ago. As one agent sardonically puts it; "Not a lot of Bergerac watching goes on over here".
As Britons watch their tax bills soar, island life has never looked so idyllic.
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Mortgages News from Acorn Mortgages - 20th 2009
Steve Ryan from Acorn Mortgages... "Known as the 'Next Generation Mortgage' Skipton International will now fund up to 100% of the value of the property being purchased. The purchaser needs to enlist the help of a family member, who will guarentee up to 15% of the purchase price. "
The maximum loan is £350,000 and is available on a 2 year fixed rate of 5.49%, with a 0.75% arrangement fee.
Call Acorn Mortgages on 618628 for more information
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Jersey Property transactions still holding their own - November 15th 2009
The number of properties passing contract in the Royal Court is still a respectable amount according to government sources. Approximately 120 properties passed contract in September and around 160 in November which make an average of 35 properties a week. At the peak of the last Jersey property boom the average transactions were 50-60 per week. Considering these figures don't show share transfer statistics the market looks like it's holding its own when compared to the U.K.
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Flatfee.je full service - October 21st 2009
Flatfee.je is dedicated to providing consumer choice, excellent customer service and good old fashioned value for money.
During valuations we have often been asked if we would offer a Flatfee full service package and until now we've always just refered people to small Jersey agencies. However, we feel that the time is right to offer a full service option for a sensible, get what you pay for, Flatfee. As we say, "Pay a Flatfee, NOT a Fat fee!
If you're a Self-Service customer and can’t get to grips with our self-service products then you can always let us take over the sale and we’ll deduct the amount you've spent from the final Flatfee. Don't worry, we're not like all the other Jersey Estate Agents, we have customer value for money at the core of our business model.
Here are our Flatfee's:
Any Apartment under £1m - £2,000
Any House up to £1m - £4,500
Any property over £1m - £8,500
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Kyran Bracken builds new home in Jersey - October 18th 2009
Dancing on Ice star and former England rugby scrum-half Kyran Bracken is building a new home in Jersey. After a lucky Jersey Estate agent received over £12,000 commission for selling his period Victorian semi detached house last summer Kyran now intends to build a new 3 bedroom property on the Island,
"one day we’ll move over and make it our main home," he says.
He still has one more property in Jersey to sell, however, his 5 bedroom property can be yours for only 1.2 million. Visit Statons Estates for more information
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Plans Submitted - 73 Homes on the Dairy site - October 14th 2009
Developer and local Jersey Estate Agent Dandara (agents for their own property) have managed to secure 73 homes on the current Jersey Dairy site at Five Oaks.
The Five Oaks land was purchased from Jersey Dairy in July 2009 for an undisclosed sum (which is code for A LOT of cash). The sale will end 43 years of dairy production at the site. However, don't despair... Jersey Dairy will continue to operate at their new Royal Jersey Showground site in Trinity next spring. Phew I hear you all say! Life just wouldn't be the same with out good old Jersey milk now would it.
Dandara's Mr Clancy hopes to have the development complete with in the next 18 months. That will help to create some new jobs for our recently dented employment market. Thank you Dandara.
Expect to see Clos de Dairy (Just kidding) properties for sale with local Jersey Estate agents and from Dandara directly summer 2010.
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Green field plans turned down by Minister. October 5th 2009
Freddie Cohan has turned down plans submitted by a developer to build 54 homes at La Pouquelaye.
Deputy Jackie Hilton was thrilled, she's spent months campaigning on behalf of local residents to save the green field site near Channel Television.
Senator Cohan's reason for turning down the plan were explained in a letter...
"The site is identified in the 2002 Island Plan as being subject to policy H3 of the plan. The purpose of that policy was to provide the next tranche of Category A housing sites, which would be assessed and brought forward following public consultation after the policy H2 sites had been exhausted, and subject to there being a continuing need,’ says the letter.
One things for sure, Jersey Estate Agents won't mind Senator Cohan's decision as they can't sell the properties on their books currently.
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Flatfee Partners - 6th September 2009
Flatfee.je will soon be launching its local store partner scheme. When launched, paying Flatfee.je customers will be able to access a range of discounts or special offers from various home moving products and services offered by local companies. Watch this space!
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One year on... 30th July 2009
Since Flatfee.je launched in July last year we have seen over 17,000 unique visitors to our site who have looked at over 230,000 web pages. It’s all well and good having good site traffic you might say but does Flatee.je compare well with local Jersey estate agents...?
Well, we estimate that we’ve saved Jersey home owners aproximately £62,000 in estate agent commission so far! We think that speaks for itself....