The Island’s high quality, robust regulation, and a pragmatic approach to supporting business means it is perfectly placed to meet and exceed the needs of inward investors and relocating business within a diverse economy.
The Isle of Man’s mature and globally connected financial sector ensures that there is a comprehensive range of services on offer for those considering relocating their existing business or establishing a new operation in the Isle of Man. Commercial activity within the Island spans a
wide range of sectors , along with a skilled workforce and supportive Government, makes way for a thriving commercial economy.
The Island’s high quality, robust regulation, and a pragmatic approach to supporting business means it is perfectly placed to meet and exceed the needs of inward investors and relocating business within a diverse economy.
As a ‘first mover’ in a number of areas of business and with a history of entrepreneurialism, the Isle of Man has a natural taste for innovation and collaboration, with
92% of businesses recommending the Isle of Man as a good place to do business. There are a number of Government-funded
financial assistance schemes for relocating businesses, along with many other incentives for those considering relocating their business and workforce to the Isle of Man, including:
- The Key Employee Incentive, which can be extremely beneficial to new arrivals to the Island, if they are an entrepreneur setting up a new business, or a key employee being hired to develop or expand a new or existing company.
The incentive provides that an individual will only be liable to Manx income tax on Manx source income. In essence, only the individual’s Manx source employment income, including benefits in kind and rent arising from property in the Island is subject to Manx income tax. This means that an individual’s
non-Isle of Man source income (and certain Isle of Man source income such as dividends and interest) is not subject to Manx income tax. The concession applies for a maximum of the first three years after the date of commencement when the relevant individual becomes resident for tax purposes in the Isle of Man.
- Tax Cap Election - Alongside tax benefits including 0% capital gains, 0% corporate income tax and 0% inheritance/wealth tax, the Isle of Man offers a Tax Cap for new and existing resident individuals of £200,000 per annum, specifically introduced for those who have annual income such that their tax liability would otherwise exceed the Tax Cap.
©2024 Re:locate magazine, published by Profile Locations, Spray Hill, Hastings Road, Lamberhurst, Kent TN3 8JB. All rights reserved. This publication (or any part thereof) may not be reproduced in any form without the prior written permission of Profile Locations. Profile Locations accepts no liability for the accuracy of the contents or any opinions expressed herein.