The Isle of Man is already established as a leading international finance centre, providing a wide variety of quality financial and corporate services. Since the early 1960s, the Island's parliament, Tynwald, has nurtured the financial sector with legislative policies designed to provide a low tax regime coupled with strong but flexible regulatory control. There are low corporate and personal taxes, and no Capital Transfer or Inheritance taxes. As a consequence, the Island has developed into a flourishing modern-day international business centre.

Banks


More than 60 Banks have full licences on the Isle of Man with many well known international names represented. Banks have the ability to pay gross interest on resident and non-resident deposit accounts. They can also offer a full range of services in addition to traditional banking business, for example: Investment Management, Fund Management and Trustee Services. The Isle of Man was the first offshore centre to offer a depositor protection scheme giving comfort and security to foreign investors. The scheme extends protection to foreign currency as well as sterling deposits.

Building Societies

The 1986 Building Societies Act in the UK paved the way for the establishment of Building Society branches on the Isle of Man to accept deposits and make advances secured by mortgages on residential property. Of the 10 major UK societies, 6 now have an operation in the Isle of Man, their emphasis being on marketing products to UK expatriates and foreign nationals to whom interest can be paid gross. Investors are protected by the depositor protection scheme.







Corporate and Trust Services


The Isle of Man has developed considerable expertise at forming and managing companies. There are a number of company structures available to take account of client needs and tax status. The Isle of Man has a strict "know your customer" policy and is regulated to the highest standards.




For further information please visit:

Finance Division, Isle of Man Treasury

Financial Supervision Commission

Taxation

Marine Administration

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