Isle of Man Banks Offshore

The Isle of Man is a dependent of the British Crown, but has never formed part of the United Kingdom. The isle is very stable from the political point of view, and counts on a parliamentary government without political parties. The United Kingdom is responsible for the island’s defense and foreign affairs. Its currency is the pound sterling and there are no exchange controls. The Isle of Man is part of the common market of the European Union and the VAT area; however, on the other hand, it doesn’t enter in the fiscal area of the European Union. There is a modern infrastructure which offers sophisticated legal services. This island boasts a Financial Supervisory Commission that has much experience in watching and regulating sensitive financial areas. During a period of several years, the Islands government has gradually abolished corporate income taxes and, since 2006, they are applied only to financial institutions. There are no taxes on capital transfers, nor corporate taxes, to the richest, nor on capital earnings. The Isle of Man has a very strong bank, with a very well-developed financial infrastructure. There are diverse business formats, such as Limited Associations and Limited Liability Companies (LLC). They also have an active trust sector, and beginning in 2001, the island began offering licenses for online gaming. At present the Isle of Man is benefited by maintaining and trading with companies within the European Union and by its e-commerce activity. Furthermore, the island has gained credibility in the face of the international community by implementing measures for ensuring transparency in its offshore sector. After the European Union accepted the joint exchange of information and the retention of the tax regimen under the 2003 guidelines for tax savings, the Island of Man decided, together with Guernsey and Jersey, to apply tax retention on interest from personal savings. Nonetheless, the Island of Man opted for the automatic exchange of information, in relation to the interest earned on accounts maintained by trustees residing in countries within the European Union.

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