THE ISLE OF MAN

The Isle of Man

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The Isle of Man is a British Crown Dependency in the Irish Sea at the centre of the British Isles. It is one hour’s flight from London and a mere 30-minute flight from Dublin and Manchester.

The Isle of Man is not part of the United Kingdom or the European Union; it makes its own laws and has its own system of income taxation. The island is however integrated into the VAT area of the UK, which makes the Isle of Man a VAT-efficient point of import into the UK for goods and high-value assets and a prime location for businesses seeking to trade with the UK.

The Island is part of the Common Travel Area, which also includes the UK, Ireland and the Channel Islands. There are no fixed immigration controls for travellers between these countries. Isle of Man nationals are British citizens under the British Nationality Act 1981, and people with Indefinite Leave to Remain (ILR) in the Isle of Man also have the right to live in the UK.

Advantages of the Isle of Man

• high quality of life and exceptional work-life balance;
• ecological and sustainable development credentials, recognised by UNESCO biosphere reserve status;
• state of the art IT and telecommunications infrastructure;
• political and economic stability, with more than 1,000 years of continuous parliament (Tynwald);
• high sovereign rating from Moody’s (Aa2);
• 0% corporate tax for most companies, low personal tax and no capital tax;
• English is the language of government and business;
• the pound sterling (GBP) is the main currency used;
• in the same time zone as London and Dublin;
• on the OECD white list;
• legal system based on English common law following the doctrine of precedent; and
• developed and respectable international financial centre with a diversified economy.

Key sectors

Important sectors of the Island’s economy include banking, fund administration, corporate and trust service provision and insurance; however, the island’s economy is more balanced than many small jurisdictions and also includes:

• manufacturing, including high technology sector;
• clean technology and biotechnology;
• e-commerce, e-gaming and blockchain technology;
• shipping and aviation registration and management; and
• high-quality speciality food and drink production.