the Isle oF Man

The Isle of Man is a self-governing dependent territory of the Crown which is not part of the United Kingdom.

The Island is located in the Irish Sea, has a landmass of 572 sq. km and a population of 84,497 (2011 census).

As a British Crown dependency, the ultimate responsibility for the Island's good government is vested in the Crown but by long standing convention, the U.K. Government does not legislate for the Island except with the specific consent of the Island's Government.

Tynwald, the Island's 1,000 year old Parliament, makes its own laws and oversees all internal administration, fiscal and social policies.

External issues, such as foreign representation and defence, are administered on the Island's behalf by the UK Government and the Island makes an annual payment for these services.
The Isle of Man

Taxation

The Island has its own taxation system and Customs and Excise services and it has long been a low tax area enjoying total independence from the UK on matters of direct taxation.

There is low corporate and personal tax and no capital transfer or inheritance tax. As a consequence, the Island has developed into a flourishing financial centre.

Economy

The Island has a well-balanced economy which combines traditional industries such as agriculture, fishing and tourism with areas of recent growth such as financial services and manufacturing. Finance and light industry are now particularly important contributors to the Island's National Income.

The Island's Government has positively encouraged economic growth in recent years by creating a sympathetic tax regime and suitable legislative framework for expansion and by offering financial incentives where necessary, particularly for the manufacturing and film industries, e-commerce and tourism.

The Island enjoys a special relationship with the EU and this relationship allows streamlined movement of goods between the Island and the Union.

Financial Regulation

The Island is acknowledged as one of the best-regulated financial centres, with the regulators working in conjunction and harmony with the private sector to ensure good governance.

Quality of Life

While many other offshore centres have become overcrowded and expensive, the Isle of Man is in the fortunate position of being able to provide affordable high-quality commercial and residential accommodation. It has the capacity for sustaining growth for many years while continuing to retain these virtues.