// BBC BUSINESS NEWS — FINANZA
Industry leaders discuss island high value scheme
Mary O'Keeffe was one of several business people who said high value residents contribute positively to the island's economy
More than 260 industry leaders from business, finance and law have held a meeting to discuss the role high value residents play in Jersey's economy.
Jersey's high value residency programme, external grants residential status to highly skilled and economically active high net worth individuals.
One attendee at the Chamber of Commerce lunch on Thursday, Mary O'Keeffe, said high value residents "were extremely important" to the island.
However, one former economic advisor to the government described the tax contribution of high value residents as "piffling".
About 260 families currently live in Jersey having relocated through the scheme.
O'Keefe who runs Mary O'Keefe relocation, external to help high value residents settle in the island said they contributed a lot to the economy and philanthropic causes.
"They are extremely important, so here today the room is full of private bankers, tax accountants, lawyers, people like myself and professionals who all work with high net individuals.
"So, they bring an enormous amount to the economy and that doesn't even touch on what they bring in regard to philanthropy."
High value residents pay a 20% tax rate on the first £1.25m of worldwide income, external.