A busy global business centre, the Isle of Man’s economy is diverse, spanning finance, eGaming, media, manufacturing, aerospace, food and drink production, and tourism.
The jurisdiction’s extensive and well established financial services sector has recently been surpassed in market share by digital sectors – including eGaming, fintech and digital media. This trend looks set to continue with a recent commitment to a national telecommunications strategy and the introduction of a new blockchain office offering a dedicated support network for businesses utilising blockchain technology. So, what are the key benefits to doing business in this small but globally connected jurisdiction?
The Isle of Man offers financial rewards for both individuals and organisations who choose to call it “home”. Business owners and entrepreneurs benefit from 0% corporate income tax, 0% capital gains and a range of government grants and assistance for those considering starting/relocating operations. Personal tax rates are low, between 10% and 20%, after a tax-free allowance of £14,250 per person per year. There are also no restrictions on purchasing property, whether residential or commercial, either.
A National Insurance Holiday Scheme provides individuals with a refund of NI contributions paid during the first 12 months of employment in the island – which is not only welcome news for entrepreneurs and business owners themselves, but also for staff members, who could be up to £4,000 better off when relocating.
Living and working in a compact island setting means benefitting from low commute times – an average of just 20 minutes – thanks to the Isle of Man’s relatively uncrowded roads and excellent infrastructure. And a shorter commute means more time to do what you enjoy – many islanders spend their evenings exploring the island’s extensive coastline or many beautiful glens. The island also has some of the lowest crime rates in Europe, offering a safe and secure place for individuals and families.
Ease of relocation
The Isle of Man Government has a proactive approach to bringing new businesses and talent to the island. The Employee Relocation Incentive is a grant designed for businesses which relocate an employee, or employees, to the island. It allows businesses to receive a payment of up to 20% of their employee’s first year salary costs, up to £10,000, paid one-year post-recruitment. This incentive could be very rewarding for entrepreneurs when considering basing business operations in the Isle of Man – particularly if they are likely to relocate a number of members of staff to work within the organisation. Employers use the incentive in a range of ways: some businesses have used it to engage with recruitment agencies, while some pass the figure onto the candidate to assist with relocation costs.