Introducing the Isle of Man
The Isle of Man is an island located in the North Irish Sea between England and Ireland. It has its own government, a parliament that has been active for more than a thousand years and its own laws. We are a crown dependency, meaning that her majesty Queen Elizabeth II is our head of state. However, the Isle of Man is independent from the United Kingdom.
Most of the international organisations hold the Isle of Man in high regard and although they always will have thoughts on how internal governance can be improved, there is very little criticism for the way the Island functions. The Island has for many years been held in the highest regard by the rating agencies, with an Aa1 rating accorded by Moody’s as from 2016.
Our enduring political and economic stability gives clients the assurance that, based on how the island has been managed over the last century at least, it will be here and functioning well for the next century. Its diverse economic sectors have created an environment where families can safely keep and develop their wealth for future generations. The Island is also in the favourable position where it can deliver most of the professional services a family may require of the next 60 – 90 years.
For clients and their advisors, some of the advantages of the Isle of Man can be summarised as follows:
- A highly stable, politically independent country
- A well-developed legal system, modelled on English common law
- A robust and independent judiciary; the Isle of Man courts have a proven track record in protecting the rights of trust beneficiaries
- A well regulated financial sector
- Excellent infrastructure in relation to the legal, banking, accounting and tax sectors
- Cost-effective compared with many other jurisdictions
- No taxation insofar as Inheritance tax, capital gains; no taxation of trusts and companies, provided there are no Manx resident beneficiaries or beneficial owners
- Part of the EU Customs & VAT Union which provides opportunities for overseas companies looking to export into the UK and EU
- A well-educated and internationally diverse workforce
- Easy access from many United Kingdom and Irish cities.
More information of what the Isle of Man can do for you can be found on here.