Residency
The Isle of Man
The Isle of Man is a self-governing British Crown Dependency located in the centre of the Irish Sea. As a Crown Dependency, the Island benefits from a great deal of autonomy, particularly in areas such as taxation, healthcare, education, and immigration.
The Island has long welcomed High-Net-Worth-Individuals, their families and businesses to its shores, offering a welcoming community, safety, diverse landscapes, attractive tax rates and ample space, all within easy reach of London, Dublin, Belfast, Edinburgh and more.
Whether you need assistance with establishing a Family Office or a business on the Isle of Man, Dixcart can provide the support and space for you and your family to thrive.
Moving to the Isle of Man
Rewarding for Individuals & Business
The Island has a simple and beneficial tax regime, is business-friendly and possesses a pragmatic and enduring legal system, making it an ideal home for established professionals and businesses to flourish.
The headline tax rates on the Isle of Man include:
- Highest rate of Personal Income Tax @ 21%
- Corporate Tax @ 0% for most income types
- No Withholding Tax
- No Capital Gains Tax
- No Inheritance Tax or Wealth Taxes
- The Isle of Man is in a Customs Union with the UK and has VAT @ 20%
Further to this, the Isle of Man offers some further incentives for HNWI’s and established business professionals:
- Tax Cap Election – Personal tax liability can be capped at £220,000 per year.
- Key Employee Statutory Concession – 3 year tax exemption on non-Isle of Man income.
Room to Grow
The Island is the largest Crown Dependency, at 572 km2, and can boast of being the world’s only ‘Entire Nation’ UNESCO Biosphere – owing to its culture, natural environment and approach to conservation.
With 95 miles of coastline, 30+ beaches and over 160 miles of trails, the Island’s beautiful and diverse landscape provides the backdrop for a healthy lifestyle and any number of activities, from cycling to sailing.
The Isle of Man is an outward looking and progressive society with a multicultural population of approximately 85k, meaning that residents can always find space to relax.
Finding a Home
The Isle of Man has a single property market which is open to both residents and non-residents offers an array of high street banks to provide lending where required.
There is no Stamp Duty or Capital Gains Tax due on Isle of Man property transactions.
As the Island has much more open space and a very competitive yet reasonable property market, HNWI’s and their families should have no issues with finding their dream home on Island or getting family members on the property ladder.
Safe and Stable
Safety and stability are at the centre of the Isle of Man proposition, making it an ideal base of operation for HNWI’s and their families.
For instance, the Isle of Man has a long history of independence, with the oldest continuing parliamentary assembly in the world, operating for over a thousand years. Further, the Island has been a self-governing Crown Dependency since 1866.
Setting its own laws to this day, the government is politically agnostic and therefore free to act in the best interests of the Isle of Man and its business community. Government are accessible and local stakeholders are engaged on important issues. This delivers a great deal of certainty for residents and businesses alike. The Island also boasts a very low crime rate. These features of the Island make it an ideal place to raise a family or retire.
Staying Connected
The Island located in the centre of the Irish Sea with excellent travel links to the UK and Republic of Ireland, including over 50 flights per week and regular ferry crossings. Residents can travel to 16 destinations, including London, Dublin, Manchester, Bristol, Edinburgh, Belfast and more.
Living on the Isle of Man
Due to the size of the Isle of Man the average commute is just 20 minutes, so whether you’re making the school run or heading home from work, you’re never far from home and have more time to spend with loved ones and enjoy life.
The Isle of Man has a well-regarded education system with a large number pre-schools, 32 state run primary schools and 5 secondary schools. In addition, the island has a private primary and secondary school provider. The curriculum content is largely drawn from the English national curriculum. There are also options for higher education on the Island at the University College Isle of Man and support available for university study off-island.
The Island also has a wide range of comprehensive well-funded public services available on Island, including healthcare and public transport. There are also options for private healthcare available.
Exceptional Lifestyle
The Island offers an enviable lifestyle with low crime rates, diverse leisure activities, and beautiful natural surroundings. Whether you prefer a fast-paced or tranquil lifestyle, the Isle of Man has something to offer everyone.
The Isle of Man offers residents hundreds of bars and restaurants, many heritage sites, golf clubs, spas, health clubs, a range of sports clubs and societies, live entertainment venues and more. You will never be short of something to do on Island.
The Isle of Man is also home of the world-famous TT Races, taking place on a approx. 37-mile circuit over public roads. The fastest average speed of over the course is 135.452mph and reaches top speeds of over 200mph. It is a time when the whole island comes to life and is a must see for motorsports fans.
How Can Dixcart Assist
If you are a High-Net-Worth-Individual or business looking to move to the Isle of Man, Dixcart can assist in the following ways:
- Establishing Trusts and/or corporate entities to support your wealth goals.
- Working with Family Offices to achieve their goals.
- Providing Company Secretarial, Accounting and/or back-office support, as required.
As part of our services we can assist individuals in understanding the implications of moving to any of the jurisdictions we work within.
