The Isle of Man
The Isle of Man is an internally self-governing Crown Dependency in the Irish Sea, and the world’s oldest continuous democracy. With a population of approximately 80,000, the Island is well-placed to exploit its natural links with Britain, Ireland, and Europe as a whole. The parliament, Tynwald, is left entirely free to regulate its own affairs, untouched by any interference from British government. As such, the island has been able to develop itself as a leading offshore centre and tax-efficient jurisdiction, enabling its populace and companies to reap the benefits of financial innovation untrammelled by the prevailing political mores of the United Kingdom.
The Isle of Man has several great advantages as an offshore jurisdiction. The island offers a lifestyle largely without crime, pollution, the myriad irritations of life in the big city, and a strong community ethos. Above all the island offers itself as a highly advantageous offshore centre, and one with tax regime specifically designed to attract businesses and High Net Worth individuals to its shores:
- There is a 0% rate of income tax on the activities of e-gaming, film and television production, insurance, shipping fund management and aircraft operation.
- There is no capital gains tax, wealth tax, stamp duty, death duty, or inheritance tax.
- Income tax is subject to a rate of 10% and 18% for individuals, and 0%, 10% and 18% for various kinds of companies.
- Furthermore, the Manx government has, in an explicit attempt to attract high net worth individuals, capped income tax at £100,000 per annum (or £200,000 for married couples); an inviting climate indeed.
To learn more on how can benefit from an involvement with the island, contact us, and we will be happy to help you explore a more tax-efficient future.
