Isle of Man is a self-governing British dependency in the Irish sea. It is a highly prosperous nation with the 5th highest GDP per capita in the world. The income tax is capped at £125,000 per year, which is certainly appealing for high net worth individuals from around the world looking for a new tax residency. Beyond the world-class infrastructure and civil services, residents and citizens of the island enjoy free access to the National Healthcare System, NHS.

Most companies registered in the Isle of Man do not pay corporation tax. Exceptions include those in the banking, retail or property sectors. It is also very easy to establish a company on the island thanks to the minimal shareholder and bureaucratic requirements. A strong economy, growing for astonishing 30 years in a row, is undeniably a reassurance to both domestic and international businesses. The digital media market witnessed a particularly noticeable uplift in the recent years.

International capital is drawn towards the Isle of Man thanks to the absence of capital gain, wealth and inheritance taxes, and stamp duty. There are plenty of banking options, all enjoying the world-class financial and legal infrastructure. Geographic proximity and closer relationship with the UK are expected to continue to play a positive role in the island’s economic development.

Key Facts

Location

Irish Sea

Population

0.08 million

Neighboring countries

UK, Ireland (maritime borders)

Average temperature (summer)

59°F(15°C)

Average temperature (winter)

41°F(5°C)

Languages

English

Form of government

Constitutional Monarchy (British Overseas Territory)

Corporate tax rate

0%

Currency

Manx pound

GDP

$6.2 billion

GDP growth

5%

Inflation

3.80%

Unemployment rate

0.80%

Average salary

$48,900

Key industries

Insurance, E-gambling, Banking

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