ARTICLE
30 May 2023

New Guidance For First-time Buyers In Jersey - Who Qualifies?

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Collas Crill

Contributor

Collas Crill is an offshore law firm with offices in BVI, Cayman, Guernsey, Jersey and London.

We deliver a comprehensive range of legal services to clients locally and globally in four broad practice areas: Financial Services and Regulatory; Insolvency and Corporate Disputes; Private Client and Trusts; and Real Estate.

Clients include some of the world’s leading financial institutions, international businesses, trusts and funds, as well as high-net-worth individuals and families across the globe. We continue to build a network of independent and trusted partners around the world including the Caribbean, the Channel Islands, the UK, Europe, the US, the Middle East, South Africa and Asia.

Due to uncertainty arising from previous guidance, the Government of Jersey has now issued new guidance to clarify who will qualify as a first-time buyer and will be eligible to purchase...
Jersey Real Estate and Construction

Due to uncertainty arising from previous guidance, the Government of Jersey has now issued new guidance to clarify who will qualify as a first-time buyer and will be eligible to purchase first-time buyer designated homes within the Island. In summary, a first-time buyer must have entitled residency status, must occupy the property as their principal place of residence and must not have owned residential property anywhere else in the world.

Variations to the above are considered by the Housing Minister in cases of exceptional circumstances and there continues to remain a restriction on renting a first time buyer designated home to anyone other than a tenant who would also qualify to be a first time buyer and this for a period of no longer than three years at a time, with the intention that the owner returns to live at the property thereafter.

It should be noted that the Government are also looking to conduct a review on the concessionary rates of stamp duty (and land transaction tax on share transfer acquisitions) payable by first-time buyers, who currently benefit from discounted levels of duty if they purchase a property valued at £500,000 or less.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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