Why the Isle of Man?
The Isle of Man offers a sophisticated, but flexible, regulatory environment and is a key jurisdiction within the global fund industry. In terms of growth it is one of the most successful offshore centres, and fund management is one of three industries zero-rated for value added tax in the Isle of Man.
Standard & Poor's and Moody's have both awarded the Isle of Man a AAA rating.
There are no capital gains taxes, inheritance taxes or capital transfer taxes levied in the Isle of Man. In addition there is no stamp duty on the transfer of units and as the corporate rate of tax in the Isle of Man is zero, no corporate tax is payable.
Funds under administration in the Isle of Man were at a level of just over US$60 billion in 2008, up from US$9.8 billion in 2003.
The principal benefits of location in the Isle of Man for fund managers and administrators are:
- Zero rate of tax on the corporate profits of managers and administrators
- No VAT charges on management or administration services for most categories of fund
- Dividends and other payments to participants can be made without deduction of Isle of Man withholding tax
- Low operating costs
- Fast set up time for new funds
Licensed by the Isle of Man Financial Supervision Commission.