GENERAL

Status: Self-governing Crown Dependency
Location: Irish Sea, 48km west of England
Area: 572km2
Capital: Douglas
Population: 71,714
Business language: English
Currency: Pounds sterling, local currency
Time zone: GMT and BST
Business hours: Mon-Fri 9am to 5.30pm
Climate: Temperate.
Average temperatures of 5ºc in winter and 17ºc in summer.

IMPORTANT CONTACTS

Isle of Man Chamber of Commerce
17 Drinkwater Street
Douglas
Isle of Man
Tel: + 44 1624 674941
Fax: + 44 1624 663367

Commercial Development Division to the International Services Division
The Treasury
Meghraj Centre
1-4 Goldie Terrace
Douglas
Isle of Man
IM1 1PG
Tel: + 44 1624 671737
Fax: + 44 1624 615038
email: int-serv-dev@gov.im

Regulator:
Financial Supervision Commission
1-4 Goldie Terrace
Douglas
Isle of Man
Tel: + 44 1624 624487
Fax: + 44 1624 629342

EXPAT EMPLOYMENT DETAILS

Work permits are required for non-Manx workers, although this is not a hindrance to expansion in the financial sector as UK and Irish nationals can readily be granted permits.

COMMUNICATIONS

Frequent flights to all major UK airports and Ireland provide connections for international flights. The principal port of Douglas operates frequent passenger and cargo services to various English ports, and addit-ional summer crossings are made to other ports including Dublin and Belfast. Tele-communications are excellent, with Manx Telecom enjoying access to its parent's (BT) advanced research and resources.

POLITICAL AND ECONOMIC STABILITY

The Isle of Man is fiscally independent and has a high degree of autonomy in domestic, political, and legislative affairs through its ancient parliament - Tynwald. It is dependent on the UK only for defence and international relations. It enjoys a special relationship with the EU which enables free trade and movement of goods in industry and agriculture within the EU, and it neither receives nor contributes funds to the EU.

KEY ACTIVITIES

Low taxation has attracted high net worth individuals to the Isle of Man since the early 1960s and since the 1980s the Island has seen rapid growth in financial services, including deposit taking, asset protection and management, life assurance, and corporate and trust management. Ship management and captive insurance have also been growth areas.

ADVANTAGES OF ISLE OF MAN

  • Low taxation for companies and individuals.
  • Excellent financial supervision and regulation.
  • Government committed to supporting international financial activities.
  • Strong economy.
  • Long-term stability and independence.
  • Trust and company law based on principles of English Common Law.
  • Excellent communications.
  • Fast and inexpensive company formation.
  • Low cost of operation.

The content of this factfile is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances

This factfile also appears in the 'International Offshore and Financial Centres Handbook 1999/2000'. For further information about this highly informative guide to offshore centres, or to order your copy, please phone +44 (0) 207 820 7733 or send an email to iofch@mondaq.com