The Isle of Man has a long history as being the jurisdiction of choice for many international high-net-worth individuals, investors and families.
With over 50-years experience as a finance sector, the Island has developed a strong reputation for excellence, supported by robust regulation and governance, it’s economic and political stability, and professional service offering.
The following information is a short summary of the Isle of Man as a offshore jurisdiction of choice.
The Isle of Man is centrally located in the Irish Sea, nestled in the heart of the British Isles, between the coast of Ireland and North West England.
Measuring around 13-miles wide by 33-miles long (277 sq. miles), the Isle of Man has a population of roughly 85,000 people, and boasts a status as the only finance centre located within a UNESCO Biosphere.
The Isle of Man is located in a GMT zone and accessible from most major UK cities, with London only an hour away and most European cities within reach.
The Isle of Man is a self-governing British Crown Dependency, and as such, is not part of the United Kingdom.
Although the Queen of England is acknowledged to be its head of State and the UK Government manages foreign relations and defence matters on behalf of the island.
The Isle of Man has a long history of political stability, with its own parliament called The High Court of Tynwald, which has roots dating back to Norse origins and over 1,000 years old, establishing itself as the longest oldest continuously running government in the world.
The Isle of Man is divided into 16 local authorities, with Douglas as the capital.
The Isle of Man is entirely self-funded with no national debt, it has a stable and diverse economy with healthy economic growth and 50 years of national budget surplus.
The Island has developed a strong and diverse sector in areas such as: offshore banking, insurance, fiduciary services, e-gaming, manufacturing, and tourism.
The Isle of Man has more than 50 years’ experience as a finance centre, developing a strong and diverse sector.
The Isle of Man is a common-law jurisdiction, with its own legal system.
The common law generally follows English law, but has been developed to the Isle of Man’s own needs and circumstances, particularly in relation to tax, company law and financial supervision issues.
Decisions of English courts are not binding on Manx courts, but are highly persuasive. Ultimate appeal from decisions of Manx courts lies to the Privy Council of the United Kingdom.
The Isle of Man is a low-tax jurisdiction, with a taxation system entirely separate from that of the UK.
The Island has a 0% corporation tax for most types of corporate income, and a maximum rate of 20% for income tax payable by individuals.
There are no capital gains taxes, inheritance taxes, wealth taxes or stamp duties in the Isle of Man.
The Isle of Man is also one of the few offshore jurisdictions where individuals and business have the ability to register for VAT.
Regulation and Transparency
The Isle of Man is internationally respected for its progressive regulation and strong governance, and as such is considered a safe and secure jurisdiction for wealth structuring and international business.
Financial services providers based in the Isle of Man are regulated and overseen by the Isle of Man Financial Services Authority (IOMFSA), an independent statutory Board that has been created by the Isle of Man Government. The provision of trustee, corporate and fund services are regulated activities here on the Island.
In addition, the IOMFSA has oversight responsibility from an anti-money laundering and countering the financing of terrorism perspective across certain Designated Non-Financial Businesses and Professions (DNFBs) that incorporates certain advisory services. These include legal professionals, accountants and tax advisors amongst others, and this regulation adds to the credibility of the Isle of Man and its financial and professional services sectors.
The Isle of Man’s proactive approach to tax transparency, coupled with robust Anti Money Laundering and other financial crime legislation, has seen the Island receive satisfactory reports from the Organisation for Economic Cooperation and Development, the International Monetary Fund and Financial Action Task Force (FATF).
The Isle of Man was assessed by MONEYVAL (the Council of Europe’s permanent anti-money laundering and countering the finance of terrorism body) in 2016 and continues to report to the MONEYVAL Plenary on an annual basis as to the Island’s continuing compliance to FATF’s 40 recommendations which constitute the global compliance standard.
Isle of Man relocation: www.locate.im
Finance Isle of Man: www.financeisleofman.com