Living on the Isle of Man
The 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.
One of the key advantages that immigration to the Isle of Man can offer is that it entitles successful applicants and their family to receive British citizenship if all of the relevant criteria are met.
Isle of Man Immigration
The Isle of Man has its own Immigration Rules (based on UK immigration rules). 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. Please click into the relevant programme(s) below to view the benefits of each, the financial obligations and other criteria that might apply:
Moving to the Isle of Man
The Isle of Man is situated in the Irish Sea, centrally located between England, Ireland, Scotland and Wales, and is a truly beautiful place to live. Whilst the island may be small, just 572 sq/km, with its rugged coastline and rolling hills, it offers plenty of space for you and your family to breathe, relax and enjoy what island life has to offer.
The Isle of Man has been a self-governing Crown Dependency since 1866, and this political independence, combined with its strong democratic values, have enabled the Isle of Man to be governed efficiently over the past 154 years. The Isle of Man Government adopts a forward-thinking and pragmatic approach, which allows the close-knit community of approximately 85,000 people to benefit from a healthy and relaxed lifestyle.
Taxation on the Isle of Man
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 £200,000 (£400,000 for jointly assessed couples) 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.
Isle of Man tax residents must declare their worldwide income. However, double taxation Relief may be available on income which you have paid foreign tax. In addition, where the election has been made, the Tax Cap of £200,000 would apply.
Articles on living on the Isle of Man
The following articles cover further aspects of living on the Isle of Man: