Lex Mundi Global Foreign Investment Restrictions Guide |
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Jersey |
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(Europe)
Firm
Mourant
Contributors
Daniel Birtwistle |
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| Please provide a short summary of the Foreign Investment Restrictions adopted by your jurisdiction. | There are generally no Foreign Investment Restrictions in Jersey and, other than with respect to the acquisition of real estate, there is no distinction between Jersey- and foreign-owned businesses when engaging in economic activity in Jersey. Jersey has a restrictive policy in respect of the ownership of land, through the Control of Housing and Work (Jersey) Law 2012 (the "CHW Law"). The CHW Law sets out the criteria to be satisfied before any person has the residential qualification necessary to entitle them to purchase land and property in Jersey. The purpose of the CHW Law is to provide for “the availability of work and housing in Jersey for people with strong connections and associations with Jersey, and more generally, in such a way that is in the best interests of the community”. The effect of the CHW Law and rules and policy adopted pursuant to the CHW Law is that there are restrictions governing who may purchase real estate in Jersey. However, these restrictions are not "foreign investment restrictions" in the typical sense but, rather, rules to reflect the fact that Jersey is a small jurisdiction where land is scarce and population growth is therefore managed. Whilst clearly not implemented as tools to manage foreign inward investment, Jersey does, of course, implement sanctions that can have the effect of prohibiting investment in Jersey by foreign persons. Jersey is not a UN member in its own right, but the UK's membership of the UN extends to Jersey. Therefore, in common with all UN members, Jersey has an obligation to implement sanctions resolutions of the United Nations Security Council. Similarly, Jersey implements autonomous UK sanctions automatically, by law. |
| Is your regime focused on economic protectionism, national security, or a combination? | See above: there is no foreign investment restriction regime as such. |
| Who is considered a "foreign investor" and are only investments from particular countries covered? | Not applicable. |
| What sectors are subject to Foreign Investment Restrictions screening? | Not applicable. |
| What are the relevant thresholds? | Not applicable. |
| Is notification under Foreign Investment Restriction rules mandatory? | Not applicable |
| Is the relevant authority's approval required prior to closing? | Not applicable |
| What was the impact of COVID-19 on your foreign investment regime? | Not applicable |
| How active has your agency been in reviewing, delaying, modifying or blocking foreign investments? | Not applicable |
| On what grounds can enforcers review and block a foreign investment? How active have they been in the past 6 months? | Not applicable |
| Do you expect any regulatory developments over the next 6 months? | No, we are not aware of any policy or intention to implement a regime to control foreign investment. |
Lex Mundi Global Foreign Investment Restrictions Guide
There are generally no Foreign Investment Restrictions in Jersey and, other than with respect to the acquisition of real estate, there is no distinction between Jersey- and foreign-owned businesses when engaging in economic activity in Jersey.
Jersey has a restrictive policy in respect of the ownership of land, through the Control of Housing and Work (Jersey) Law 2012 (the "CHW Law"). The CHW Law sets out the criteria to be satisfied before any person has the residential qualification necessary to entitle them to purchase land and property in Jersey. The purpose of the CHW Law is to provide for “the availability of work and housing in Jersey for people with strong connections and associations with Jersey, and more generally, in such a way that is in the best interests of the community”. The effect of the CHW Law and rules and policy adopted pursuant to the CHW Law is that there are restrictions governing who may purchase real estate in Jersey. However, these restrictions are not "foreign investment restrictions" in the typical sense but, rather, rules to reflect the fact that Jersey is a small jurisdiction where land is scarce and population growth is therefore managed.
Whilst clearly not implemented as tools to manage foreign inward investment, Jersey does, of course, implement sanctions that can have the effect of prohibiting investment in Jersey by foreign persons. Jersey is not a UN member in its own right, but the UK's membership of the UN extends to Jersey. Therefore, in common with all UN members, Jersey has an obligation to implement sanctions resolutions of the United Nations Security Council. Similarly, Jersey implements autonomous UK sanctions automatically, by law.
See above: there is no foreign investment restriction regime as such.
Not applicable.
Not applicable.
Not applicable.
Not applicable
Not applicable
Not applicable
Not applicable
Not applicable
No, we are not aware of any policy or intention to implement a regime to control foreign investment.