Despite the continuous turbulence that reverberates around the world, the Isle of Man now finds itself concluding its 26th consecutive year of growth as 2009 draws to a close. With economic output expected to grow at a rate of 2.5% for 2009/10 this puts the Island’s performance in sharp contrast to most European economies nd this is underpinned also by a responsible and co-operative approach to taxation issues, leading to the inclusion in the OECD ‘white list’ endorsing the Isle of Man as a financial centre of choice.

In addition, the Isle of Man has welcomed confirmation of its ‘AAA’ credit rating from Standard and Poors. Treasury Minister Allan Bell MHK commented that “Standard & Poors have reviewed the financial position of the Island following recent announcements of reduced revenues from the Customs and Excise Agreement with the UK, and have concluded that we have a robust financial position that will enable us to deal with the ongoing budgetary pressures.” Despite necessary changes that will need to be brought about, the conclusion of the review has confirmed the ability and financial strength to make these changes whilst maintaining its enviable record of economic success.

The Isle of Man holds a strong position and scores very highly in a number of areas. As well as a stable legal and political environment it holds its position as a well regulated jurisdiction. The visit of the IMF in September 2008 and its subsequent report reiterated the view of the island’s ability to adhere to the international standards of regulatory behaviour, in addition to upholding its rating.

In a recent article in the Financial Times, it comments that the heart of the island’s economic success is the financial services sector and the robust way in which it is managed. Contributing to more than half of the country’s gross domestic product, the financial services sector stands on a regulatory framework that continues to strengthen its power on the conduct of business and anti-money laundering procedures. The ability to be nimble in adapting to new legislation and regulation is also a huge advantage in order to meet new challenges into the future.

Turnstone sits in the heart of this strong offshore jurisdiction. Our focus for 2010 will be to strengthen and widen our fiduciary offering through our private wealth, corporate and fund services, to provide bespoke solutions that are supported by the external strength of the jurisdiction in which we reside and to maximise Turnstone Group’s penetration of the European market. Our team of experienced trust and corporate service specialists are here to manage the needs of our clients with the integrity and commitment that not only underscores the Turnstone Group values, but that also of the Isle of Man.

“Economically competitive. Internationally responsible” and “Freedom to Flourish” are key mottos of the Isle of Man Government bringing to the fore the drive to promote the success of an island that has enterprise, innovation and an independent spirit. With over 150 captives, a thriving e-business focus, 44 banks and building societies, 14 life assurance companies, in addition to a huge variety of professional service providers, the island is well placed to retain its standing as a principal European financial centre.