Where is it?

The Bailiwick of Jersey is located 90 miles south of England off the coast of Normandy and as well as Jersey itself includes the uninhabited islands of the Minquiers, �cr�hous, the Pierres de Lecq.

What's so special about it?

Jersey is a British crown dependency but it's not part of the UK and has a special arrangement with the EU.

Although it comes under the protection of the British crown, it negotiates all its own internal and foreign matters.

Tourism only accounts for 4% of revenue, the bulk, over 80%, of which comes from the banking and financial services sector. With a population of only 87,500, statistics reports that bank deposits on the island amount to over Stg�160bn. This is because of its 'taxhaven' reputation as it has no inheritance tax and no capital gains tax.

A form of Vat is going to be introduced in 2008.

Best kept secrets Jersey has a long history of political and economic stability, follows a conservative political system and enjoys a high standard of living.

In their predictions for 2007, agents at Escapes2. com have named Jersey as one of the best bets in the UK. According to managing director Adrian McDermott, the local government has recently decided to expand Jersey's economy by allowing more licensed workers onto the island with the aim of increasing overall tax revenues. This will have the effect of making property for purchase or rent in even shorter supply, pushing up rental yields as well as increasing capital growth.

Who lives here?

Most of the people on the island, roughly 50% of them, were not born in Jersey but moved there for work or residency. Britnominated songstress Nerina Pallot was born there and famous residents have included Victor Hugo, holiday home boss Sir Billy Butlin, Chelsea footballer Greame Le Saux, racing driver Nigel Mansell, James Bond actor Roger Moore and John Nettles, who put the island on the map in the TV show Bergerac.

What's the property market like?

Unlike the UK mainland, prices in Jersey have been almost static for the last six years, and only recently have property prices started to move upwards, says Adrian McDermott. Latest figures in the Jersey House Price Index, published by The States of Jersey Statistics Unit last month, reported that the overall average price of dwellings sold in Jersey in 2006 was 6.5% higher than 2005. Growth, however, is not consistent and in the final quarter of 2006 the average price actually decreased by 3% compared to the third quarter, emphasising, says the report, the need to look at the longerterm trends.

How do you go about buying property?

The Jersey Evening Post is a good research point. When searching for agents selling Jersey properties, either at home or abroad, it is best to look for those who are members of the National Association of Estate Agents or the British Property Federation or if outside Jersey the Federation of Estate Agents in Valletta.

The most important thing to know about buying in Jersey is that when you buy a property in Jersey as an Irish person there is a technicality where by you don't own a property but have shares in a company that owns and manages the property, therefore any earnings you earn are considered earnings of the company and a 'share transfer', which has tax implications for the Irish Revenue. Similar to buying in the UK or Ireland it is advised to get your own solicitor to handle your affairs and the detailed Jersey legalities. Make sure to check up on any planned developments in the area or building restrictions.

Where are the best places to buy?

With over 28,000 residents, the capital and only real main town on the island is Saint Helier, where 30% of the population is concentrated.

What's the rental market like?

Jersey has a strong rental market owing to the fact that 27% of residents live in rented accommodation. Yields are in the region of up to 6.5%, with the majority paid by major employer groups, thus ensuring a secure continual income. In 2005, the average weekly rent on a studio flat was Euro215;

Euro311 on a two-bed flat; Euro347 on a two-bed house; and Euro463 on a three-bed house.

What's the resell market like?

An option available by some Jersey developers is a part-exchange deal where by you sell your existing old home to the developer in return for a discount on the price of a new property. This guarantees you a cash buyer and makes for a smoother upgrading to a bigger or more luxurious property.

What type of property is available?

Of the houses in Jersey, 29% are detached, 19% are semi-detached, 11% are terraced, 21% are purpose-built flats, 16% are flats which are part of existing houses and 3% are in commercial buildings. The price of two-bed flats has remained flat the last few years. The most popular homes are three-bed, which account for almost half of all residential transactions.

Average property prices?

Last year, the average price of a house in Jersey was Euro528,000, compared to Euro282,000 across the UK. A number of properties are set aside for first-time buyers at more affordable prices.

Demand is high as there were only 92 properties available in 2005, when the average prices of these was Euro295,146 for a flat and Euro398,447 for a house.

What are the tax breaks between Jersey and Ireland?

Perceived as a tax haven for the rich, it is best to report any income and dealings in Jersey to the relevant Irish Revenue authority.

FAST FACTS Getting there: Aer Lingus and BA "y from Dublin and Aer Arann from Cork Area: 116 km 2Population: 91,084 Currency: pound sterling (Stg�1 = Euro1.47) Weather: Temperate climate with an average daily temperature of 21�C Transport: Jersey has an international airport, a good road network and a popular form of transport is to use bicycles as the maximum speed limit is 40mph and the longest straight road is 11 miles long Going out: For a small island, Jersey has an abundance of bars and niteclubs. Most bars close at 11pm and clubs at 2am and closing times are strict. Alcohol is cheap as there is no duty and many trendy clubs regularly have special promotions. St Helier is where the main action is and it gets its fair share of international music acts. There is a healthy Irish population and even an Irish festival each summer Eating Out: Jersey has an array of restaurants, particularly French, Italian and Portuguese. Vegetarians, however, are not wellcatered for. Unlike in Ireland, at night, fast food outlets close early and not many are open after the pubs. Jersey wonders, or m�rvelles, are a popular local snack made up of fried dough and the island is home to the famous Jersey Royal potatoes Shopping: Jersey and the main streets of St Helier has all the usual high street high-fashion brands common across Ireland and the UK.

The Central Market has an array of fascinating trinkets USEFUL CONTACTS � Irish Honourary Consulate in Jersey:

0044-1534 745 551 �Jersey Government: 0044-1534 445500;

www. gov. je � Jersey Legal Information Board:

www. jerseylegalinfo. je � Jersey Tourism Board: www. jersey. com � Jersey Evening Post:

www. jerseyeveningpost. com � National Association of Estate Agents:

www. naea. co. uk � Federation of Overseas Property Developers, Agents and Consultants: 0044870 3501223; www. fopdac. com �Association of International Property Professionals: 0044-20 7409 7061;

www. aipp. org. uk � Property Lawyers Abroad Network:

www. plani. net