Relocating to the Isle of Man

Isle of Man - A Destination for Entrepreneurs 2011

In the 2006 Budget Treasury Minister, the Hon Allan Bell, MHK, introduced a new tax regime to support continued economic growth in the Isle of Man. The Island has enjoyed over 25 years of continuous economic growth. The Treasury Minister took this initiative to support the growth trend whilst meeting the Government's prime objective of creating a sustainable economy that improved the residents' quality of life.

Key to this important strategy is the creation of a "business friendly" environment designed to attract successful entrepreneurs to the Island who, through their international interests, are well positioned to generate economic growth and employment. The tax strategy introduced a "cap" on personal taxation which was set at £115,000 tax paid per year, per individual.

This recipe for economic success includes a generous grant scheme that can support new business ventures in their first year. The Isle of Man Government recognises that its most important resource is its people and so it is committed to working in partnership with entrepreneurs and business lenders. The strategy has been very successful with an increasing number of individuals visiting the Island and identifying the opportunities.

The Island has many benefits that all its residents can enjoy. It has 221 sq miles of beautiful countryside, a climate warmed by the gulfstream, very low crime levels and a strong sense of community. All the Island's residents will speak of its very high quality of life. The Isle of Man is international in its outlook. With complete broadband connectivity and major air links to London, Dublin and Manchester with flying times from as little as 20 minutes, it is possible to keep in contact with the business world as well as friends and family.

The Isle of Man has a population of just 80,000 people. It is a large Island that can be an ideal location for the Head Quarters of international business. Even in these troubled economic times the Island's authorities predict that the economy will continue to grow. In 2008 growth in Gross Domestic Product stood at 4.5% and this year is predicted to hit over 4% which is a significant achievement. Through the prudent management of the economy the Treasury Minister has retained the S & P AAA rating and maintained a high standard of services for the Island residents by adopting a sustainable taxation policy.

There have also been other important initiatives that create opportunity. The Island has a Super Yacht Register that offers a highly professional and personal service and is very highly regarded in international maritime circles. This is complimented by an aircraft register for private jets that has outperformed all of its projected growth targets.

The Island is globally renowned for the strength of its finance sector which employs almost 12,000 people and has won the International Investment Awards - Premier Finance Centre Award for the eighth year. However, the Island also has thriving space and E-commerce industries which are amongst some of the Island's fastest growing businesses. The finance sector contributes approximately 36% of GDP meaning that the Island's economy is highly diversified compared to other similar sized jurisdictions.

As the Island is quite a sizeable land mass it has a wide variety of property with the average house price just shy of £300,000. Properties range from apartments to mansions with acreage. Chrystals Estate Agents have unrivalled knowledge of the Manx property market, having been successfully selling houses throughout the Island since 1854. Shane Magee, Chairman of Chrystals would be pleased to discuss your personal requirements and his experienced team are on hand to guide you through the finest property currently available.

There are many businesses and lifestyle reasons to live in the Isle of Man which, according to the Financial Times, has one of the best economies in Europe. The government even has a division that is dedicated to helping entrepreneurs get acquainted with the Island - to find out more information (Isle of Man Department of Economic Development +44 1624 686400 or www.gov.im/ded).

With a well managed economy, a high quality of life and supportive Government the message to entrepreneurs is very clear:- the Isle of Man is open for business and its Government welcomes successful business people to its shores. For more information call +44 1624 686400.