Economic Overview & Business Opportunities
Located in the Irish Sea between Great Britain and Ireland, the Isle of Man is the self-governing British Crown dependency that is not part of the United Kingdom or European Union. The Isle of Man’s exceptional political and economic stability (as exemplified by a history of over 1000 years of continuous parliamentary government) has helped the country to gain traction as one of the investors-favoured countries for business.
Home to approximately 90,720 people, the Isle of Man is famous for its low taxes. Businesses on the island need to pay only 0% corporation tax, 0% stamp duty, and 0% capital gains tax. Financial services, manufacturing, and tourism form the major pillars of the economy of the Isle of Man. As a member of EU, the Isle of Man enjoys free access to EU markets – which has added a great deal of advantages to the island’s position as one of the investment hotspot.
On top of that, the Isle of Man is blessed with opportunities across many sectors and is well recognised as a hub for financial and professional services. Today, there are over around 200 manufacturing companies on the Island, ranging from food and drink producers to aerospace firms. The Isle of Man provides a business-friendly and a supportive ecosystem for entrepreneurs looking to start, grow, or relocate their business – from training and mentoring, to loan and equity investment.
Further to that, the Isle of Man is well known internationally as a low-tax economy with no capital gains tax, wealth tax, stamp duty, or inheritance tax; and a top rate of income tax of 20%. Personal income will be assessed and levied based on a total worldwide income basis rather than on a remittance basis. In other words, all income generated throughout the world is assessable for personal tax, rather than only income generated in or brought into the Island. In the Isle of Man, the standard rate of corporation tax for residents and non-residents is 0%. For retail business profits above £500,000 and banking business, income is taxed at 10%. Rental (or other) income from land and buildings located at the Isle of Man will be taxed at 20%.
Why Invest in The Isle of Man?
- Zero-rated corporation tax for Isle of Man companies
- Businesses need not pay capital gains tax, inheritance tax and a top rate of 20% for individuals
- Trusts with non-IOM resident settlors or beneficiaries will not be taxed
- Rapidly growing tax treaty network for the avoidance of double taxation
- State-of-art infrastructure in terms of banking, legal and accounting services
There are several tax-favoured countries across the globe, but none can beat the significant advantages offered by the Isle of Man as an offshore money centre. If you want to tap into the UK market or EU zone, the Isle of Man is the place to develop and expand your business.
- Isle of Man Company Setup
- Company formation and management
- Family Office
- Private Trust Companies
John Bingham – Chief Executive Officer
A Fellow of the Institute of Banking, John continues to deal personally with international clients and their representatives who bring with them a diversity of needs and challenges in the fields of wealth preservation and succession planning.
Since the 1990’s, I have particularly focused on providing international Trust and Corporate Services solutions from the Isle of Man. I specialise in working with clients and leading teams to establish structures, from the simplest to the most multi-faceted and complex. It’s fair to say that no two cases are the same!
During my career, I have accumulated more than 20 years’ experience in the banking sector during which, perhaps most notably, I established and ran the international division of one of the UK’s largest financial institutions as their managing director.
Prior to founding Clearwater Fiduciary Services Ltd, I was the managing director of a full-service licensed fiduciary services provider, where I developed a multi-disciplinary and highly experienced team capable of dealing with a broad range of services and sectors.
Peter Crompton – Director
Peter is a chartered accountant with over thirty years’ experience in the offshore finance sector gained in both the Isle of Man and Bermuda where he worked in a “Big 4” accountancy practice.
After returning from my time in Bermuda, I spent seven years in the insurance industry where I was employed in both the general insurance and life assurance sectors.
I have spent the last twenty years working in trust and company administration including spells as a senior manager with two of the Isle of Man’s largest trust companies.
I am experienced in most aspects of trust and company administration but I have particular a specialism in UK commercial property-holding structures and international shipping companies.
Steve Hulbert – Director
Steve is a qualified teacher, and he holds the Institute of Directors Diploma in Board Management. He has accumulated a wealth of business experience gleaned from his previous employment which includes:
- Director of a Fiduciary Services Provider in the Isle of Man
- CEO of a self-managed Protective Cell Insurance Company
- CEO of the local representative Isle of Man Company of one of the largest insurance and risk management companies in the world
- Director of an Isle of Man Captive Insurance Company
- Director of a large privately owned Insurance Brokerage, where he was nominated for a National Training Council Award in recognition of his training, coaching and mentoring skills
Prior to joining Clearwater in 2016, I had my own independent risk management consulting business formed in 2005, providing professional risk management services to companies in various industry sectors.
A large part of my work has been undertaken in the regulated sector, specialising in the field of Governance Risk and Compliance (GRC). I was actively engaged assisting with the understanding and implementation of FATCA and the OECD Common Reporting Standard (CRS).
More recently I have been involved with the challenges posed to the fiduciary sector by the Data Protection Act 2018 and GDPR.