Jersey, Channel Islands Serviced Apartments
Located in the Channel Islands, Jersey is Great Britain's southernmost island. Just 14 miles from the coast of France, Jersey is largely autonomous from the political system of the U.K., and officials in Jersey frequently deal directly with foreign governments concerning matters affecting Jersey. As such, the island is not a formal member of the European Union, but does maintain diplomatic ties to the EU thanks to the Treaty of Accession of 1973. Although Jersey only measures 9 miles by 5 miles, the island is particularly scenic and has a thriving economy.
A vibrant financial market
Much of Jersey's economy is reliant on the financial services sector. Due to its proximity to France, Jersey is an important center of trade and commerce, with 43 percent of the island's gross value-added income coming from the financial services sector. Tourism is also a strong driver of Jersey's economy, and the island remains a popular destination among British and European visitors.
Agriculture is also a key market in Jersey's economy. Great Britain imports Jersey Royal potatoes in large quantities, and regional fishing is an important area of commerce. Many restaurants and hotels in Jersey specialize in seafood dishes, which not only appeals to tourists but also helps sustain the local economy. Retail business is particularly vibrant in Jersey, as its unique taxation regulations mean that goods are not subject to value-added tax (VAT) as they are in the U.K. The island does have a goods and services tax, the rate of which is substantially lower than VAT in mainland Great Britain. Jersey also has its own currency, the Jersey pound, which is traded independently from the pound sterling.
An economic hub
Jersey enjoys the enviable position of being a prime destination for high net worth individuals, as the low rates of income tax are particularly appealing to many wealthy people. In addition, the island's economic independence makes Jersey an attractive option for companies seeking to maximize profits due to competitive corporate taxation laws.
Executives traveling to the island on business will find Jersey serviced apartments to be the ideal place to stay during their visit. Combining the high standards of corporate suites at chain hotels with personalized service and the comforts of home, this type of accommodation is perfect for business travelers. Similarly, Jersey serviced apartments are a viable alternative to the inns and guesthouses favored by many tourists.