Property News

A report by Manx Radio News indicates that Treasury Minister Allan Bell remains committed to the Island's competitive taxation policy for its wealthiest residents.

Shane Magee chairman of Chrystals says that this statement sends out a positive signal and underlines the importance in continuing to attract high net worth individuals to the Isle of Man. Attracting successful entrepreneurs brings enormous benefits to the Island and helps to diversify our economy and supports economic growth. As leading local estate agents our primary aim is to sell property but more importantly we very often have to sell the benefits of the Isle of Man over other competing jurisdictions. In light of the recent re-alignment of the VAT sharing arrangement there was concern among some that the Tax Cap may have been increased. From our perspective the Ministers statement tells the world the Isle of Man is open for business and has rolled out the "welcome mat" for high net worth individuals who wish to move here bringing their business skills and interests with them.

With no quick fixes for the UK economy, Chancellor Darling has curbed tax relief on pension contributions and imposed a 50% top tax rate for those earning in excess of £150,000 pa which will kick in from April 2010 thus changing the "mood music" for wealth creators.

The Isle of Man is very business friendly and appeals to wealthy entrepreneurs. As the new tax year approaches the Isle of Man is seeing an increase in the number of applicants considering a move to a lower tax area - not just for retirement but as an international base for business activities. This confidence continues to be reflected in the housing market with interest in high end residential property and office premises. Chrystals have successfully agreed sales on over £10M worth of property in the last 8 weeks signalling continued activity in the market and the success of the Island's economic strategy.

10th November, 2009

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