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ISLE OF MAN GOVERNMENT
The Isle of Man's economy in 2002 is prosperous, well-balanced. It combines traditional industries such as agriculture, fishing and tourism with financial services, manufacturing, ship management and a well-regarded film industry. Nevertheless, there remains a determination to avoid complacency and to achieve the aim of securing sustainable long-term growth that is acceptable to the Island's population and that does not compromise the high quality of life on the Isle of Man.
The Island's government has encouraged economic growth in recent years by creating a sympathetic tax regime and a suitable legislative framework for expansion by offering financial incentives and other support where appropriate. Recent changes in the attitude of international bodies, such as the OECD and the EU, have meant that the Isle of Man's long-standing comittment to high standards of regulation have paid dividends as other reputable jurisdictions have also to comply with these standards and the playing fields are being made level.
Coupled with the many changes in the business world, the international pressures have encouraged the Island to embark on a review of what its position in the market place. The implementation of a tax strategy designed to reduce drastically the rates of tax on both companies and individuals, encouraging entrepreneurial activities, is phase one of this review.
Currently the major activities that are the basis for recent strong economic growth on the Isle of Man include:
Banking
Insurance, particularly Captive and Life
International Pensions
Shipping
Industry and Manufacturing
Tourism, notably events, heritage, sports and leisure.
Film Industry
Agriculture, Fisheries and Forestry
Company Administration and Trade Management
The Economic Affairs Division of the Treasury provides a statistical information and economic advisory service to Government and a statistical information service to the public.
For further information, please visit:
The Treasury
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ISLE OF MAN GOVERNMENT
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