Isle of Man

The Isle of Man is a popular jurisdiction for individuals to take up residence. EU nationals have the right to reside in the Isle of Man. Non-EU nationals need to obtain a residence visa and there are two types of Isle of Man Visa which are particularly attractive to high net worth individuals: Tier 1 Entrepreneur Route and Tier 1 Investor Route.

The Isle of Man and British Citizenship - One of the key advantages that immigration to the Isle of Man can offer is that it entitles the successful applicant and his family to receive British Citizenship if all the relevant conditions are met.  Subsequently an application can be made for a British passport. Please see - British Citizenship.

Applications for Isle of Man residence visas are administratively processed by the British Embassy and then referred to the Isle of Man Immigration Service for consideration and final decision to ensure compliance with Isle of Man Immigration Rules. The Isle of Man Immigration Service has a dedicated team to review applications as rapidly and as efficiently as possible.

The Isle of Man is an attractive place to live and offers a number of tax efficiencies. The standard rate of personal income tax in the Isle of Man is 10%, with a higher rate of 20%. It is possible for personal annual income tax to be capped at £125,000 for a period of 5 years for Isle of Man tax resident individuals. There are no capital taxes, no inheritance taxes and no wealth taxes in the Isle Man; in addition there is no stamp duty. The Isle of Man operates a system of VAT identical in all material aspects that of the UK.

There is no restriction on purchasing property in the Isle of Man and there is a single housing market. European nationals are free to move to the Isle of Man but in some circumstances a work permit may be required. The Isle of Man is a leading international business centre, renowned for innovation and professionalism. In addition the island has a high quality workforce, a commercially minded Government and access to very good education and health care systems.

Various capital and operating grants are available for companies seeking to establish themselves on the island. These are generally between 10% and 40% of relevant costs and are at the Government's discretion. A zero rate of corporation tax applies to corporate profit (the only exceptions are banking business, which is taxed at 10%, and land and property in the Isle of Man, which is taxed at 20%).