Offshore Tax Havens Update on Isle of Man

According to comprehensive data relating to the development of various sectors of the offshore fiscal industry in the Isle of Man, this particular well-regulated and respected offshore tax haven is continuing to assert its dominance in the international financial services arena.

We have collated the pertinent facts and relevant data from the recent updates about the development of offshore financial business in the Isle of Man as part of our offshore tax havens update, this will enable individuals to assess and compare jurisdictions as they do their due diligence on which global centres offer them and their assets the most secure and competitive location for investment, insurance, banking etc.

The Isle of Man is one of the premier offshore centres in the world and the local political, regulatory and business regimes work in absolute harmony for the continued development of the jurisdiction’s reputation and the maintenance of its position as a highly respected offshore financial centre.  This is the one key advantage that the Isle of Man has over the vast majority of offshore service centres globally.

The other key elements that ensure the centre remains the number one choice for many financial services companies, banks, insurance institutions, companies and individuals are: -

• The Isle of Man is a low tax, financially competitive location
• The jurisdiction is politically and economically stable
• The centre has a robust and comprehensive regulatory environment
• When it comes to the management and development of fiscal policy, the Isle of Man is independent from the United Kingdom
• The infrastructure in the Isle of Man is exceptional
• The Isle of Man government is wholly committed to the ongoing advancement of the island’s status as a leading offshore centre – to that end every decision they make and strategy they implement is towards improving the competitiveness and reputation of the jurisdiction.

In terms of the most recent advancements and developments made by the Isle of Man, they include the fact that there have been significant advancements and positive developments in wealth management service capabilities within the jurisdiction and the latest innovations made in this area have been widely promoted which is expected to draw more business to the centre from 2008 onwards.  Additionally, the offshore tax haven now has 155 authorised insurers and 7 protected cells licensed, with premiums written by these insurers now totalling over GBP 1 billion and with funds locally under management exceeding GBP 5 billion.  Finally, in terms of the most recent companies to choose the Isle of Man for the establishment of their insurance and protected cell business, we are talking about top tier international companies including FTSE 100 and 250 companies.

The calibre of the fiscal entities selecting the Isle of Man as their jurisdiction of choice gives individuals and companies considering investing in, banking with or doing business with companies in the offshore tax haven significant confidence in the jurisdiction.  This in turn means that the island is on track to expand its dominance in the international financial arena.