Why do Shelter Offshore Readers Hate the Isle of Man?
Friday, July 03, 2009 at 10:43 am
Since publishing an article this week about saving offshore in the Isle of Man we have been inundated with complaints by our readers who point out the scandals and negative headlines that have dogged the jurisdiction over the past twelve months or so.
But why do Shelter Offshore readers hate the Isle of Man so much? Are so many of them victims of the collapse of Kaupthing, Singer & Friedlander or are they victims of the misinformation that has been spread about the island ever since?
We decided we needed to set the record straight on the Isle of Man’s behalf. We don’t have a preference over offshore jurisdictions, but we do feel that the negative publicity the island has been suffering is actually unfair. Yes, Kaupthing, Singer & Friedlander collapsed and resultant concerns have not been handled swiftly, efficiently or comprehensively enough for some victims…however, that is only one part of the story.
If you wanted to know where the super wealthy like to hide away from increasing taxes in countries like the UK, a new survey of the so called ‘mobile wealthy’ – i.e., those who can relocate overseas and not have their working lives affected by the move – prefer Switzerland above all other offshore tax havens.
In the news today it has been reported that increasing numbers of British women are travelling abroad to seek IVF treatment privately. These women are finding it hard to gain access to treatment in the UK for a number of reasons, and because having a child is so many women’s absolute desire, we’re not at all surprised to read of the increase in numbers – particularly as accessing private IVF treatment in the UK is simply so expensive.
If you’re planning a new life abroad I’m sure you know where you’re going! You’ll have your destination all mapped out, you may even have a job you’re going to, perhaps you’ve even purchased the house you’ll be living in? All of this planning is essential for the move overseas to be a smooth one…but what about mapping out your path to financial success once you move abroad?
If you don’t save for your pension you are the only one who will be damaged by your lack of financial commitment. You are the one who will suffer financially, you are the one who will have to work on way beyond state retirement age, you’re the one who will miss out on the golden years.
The Isle of Man is one of Great Britain’s offshore jurisdictions, and it has an exceptionally good reputation directly as a result of the supervision regime in place on the island governing the financial institutions that operate therein, and because of the investor protection scheme in place.
With the news out today that the British economy shrank at its fastest rate in fifty years during the first quarter of this year, and the continuing feeling of economic gloom that pervades in the UK, should you consider retirement in the UK? Would that be ok or not ok for you do you think?
We have an entire section dedicated to living in Dubai, and within it we have a plethora of articles about different elements of expatriate life in the emirate – from coping with Ramadan and culture shock, to getting a visa or even a license to buy alcohol – but if you want a quick, no nonsense overview to life in the emirate, this article is for you.
We always talk about how important it is to get your health insurance in place before you move abroad ideally, and to at least ensure you get medical cover established once you have moved abroad. This is simply because few countries in the world have a free system like the NHS, and even where medical care is available free to certain groups of expatriates such as British retirees, the care available is always limited and supplementary charges will often be incurred by anyone if they seek treatment.