The Isle of Man is situated in the Irish Sea, has a landmass of approximately 580sq. km and a population of 75,000. It is an international financial centre of excellence that unlike other offshore jurisdictions is not constrained by restrictions on residency through lack of space. On the contrary, there is a population density of 120 people per sq. km which enables the Island to provide affordable high quality commercial and residential accommodation in a spacious and scenic environment.

A British Crown Dependency with its own Parliament that legislates on all domestic matters - including taxation - has allowed the Isle of Man to positively encourage economic growth and attract investors. The Manx Parliament dates back over 1000 years, which demonstrates the political stability that makes up the history of the Island.

The Isle of Man is within the European Union's Common Customs Tariff for the purposes of trade in industrial and agricultural products, however it is not a member of the European Union and therefore has no liability to contribute to EU funds and as a result its manufacturers, farmers and fishermen are not eligible for financial assistance.

Taxation

The Isle of Man has an attractive tax regime that encourages investment from non-residents. The legal framework is based on English Common Law and is designed to support and promote investment into the Island.

There is no capital gains or estate tax and income tax is much lower than the United Kingdom. Non residents who utilise a Manx Tax Exempt Company have a special tax regime, a flat nominal annual fee.

A double taxation agreement exists between the Isle of Man and the United Kingdom.

The Economy

The Manx Government encourages the development of the financial sector which makes up the largest single sector of the Isle of Man economy and through its Financial Supervision Commission strictly licenses and supervises all Banks, Investment Advisers and Insurance Companies.

The Manx economy plans to establish itself as the leader among offshore jurisdictions as far as telecommunications and e-commerce are concerned. The Island's commitment to this is demonstrated by the recent installation of a fibre optic cable link to Belfast which is capable of carrying 12 million simultaneous telephone calls to tempt internet based businesses to the Island.

The Financial Sector

Following recent legislation, all providers of Corporate Services on the Island are required to hold a licence. These institutions are all expected to exercise a strict 'know your customer' policy and ensure Directors of companies are suitable and understand the role they are undertaking. Compliance to this code is confirmed every year and has given the Island a demonstrable integrity and earned it further international respect as an offshore jurisdiction.

Anglo Irish Bank Corporation (IOM) P.L.C. is licensed by the Isle of Man Financial Supervision Commission for Banking and Investment Business. Anglo Irish Trust (IOM) Limited is licensed by the Isle of Man Financial Supervision Commission as a Corporate Service Provider.

The Isle of Man was also the first offshore jurisdiction to establish a Depositor Protection Scheme to compensate depositors in case of default.

Isle of Man Corporate Brochure

Please contact our Isle of Man Team to find out more about what we can do for you.