Isle of Man: Business Migrant - Innovator Visa
Isle of Man: Business Migrant – Start Up Visa
- Overview
Isle of Man: Business Migrant - Innovator Visa
The Business Migrant – Innovator Visa allows non-island residents to move to the Isle of Man to establish a business. A successful applicant will be able to be employed by their own business but cannot work for another Isle of Man employer. This route allows the applicant to bring family members.
Below are some of the key features of this route:
- Applicants must have a minimum of £50,000 to invest in the new or existing business, per applicant.
- The investment cannot be used for the payment of salaries to the applicant, or anyone directly connected to the applicant by way of family, social or other connection.
- Successful applicants can stay in the Isle of Man for up to 3 years.
- The Innovator Visa can be extended upon application for a further 3 years. There is no limit on the number of extensions.
- After 3 years in the Isle of Man, under the Innovator Visa an individual can apply for indefinite leave to remain.
- Those seeking to obtain an Innovator Visa must obtain a Letter of Endorsement from the Department of Enterprise before making a visa application.
- Applying for a Letter of Endorsement will require the individual to upload their passport, a detailed business plan including financial forecasts, their CV and proof of funds.
- The fee to apply for a Letter of Endorsement under the Business Migrant Route is currently £1,000.
You can find out more here.
- Overview
Isle of Man: Business Migrant – Start Up Visa
The Business Migrant – Start Up Visa is designed for those seeking to start a business, whilst being able to work for an Isle of Man employer. This route allows the applicant to bring family members.
Below are some of the key features of this route:
- Successful applicants can stay in the Isle of Man for up to 2 years and 4 months.
- The Start-up Visa cannot be extended and does not lead to indefinite leave to remain.
- Those with a Start-up Visa may progress into the Innovator sub-category.
- Those seeking to obtain a Start-up Visa must obtain a Letter of Endorsement from the Department of Enterprise before making a visa application.
- Applying for a Letter of Endorsement will require the individual to upload their passport, a detailed business plan including financial forecasts and their CV.
- The fee to apply for a Letter of Endorsement under the Business Migrant Route is currently £1,000.
You can find out more here.
Download Full List of Programmes – Benefits & Criteria (PDF)
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 @ 22%
- 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 £200,000 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 & 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 boasts a very low crime rate. In 2022, the Chief Constables Annual Report revealed that the Island continued to be the safest place to live in the British Isles.
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.
Additionally, in this digital age fast and reliable telecoms is essential for supporting both work and play. The Island has a strong history of being a leader in the telecoms space, with a national project underway to have 99% Island-wide fibre broadband coverage by August 2024.
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.
A HSBC 2019 report the Island was cited as the best place to live in the British Isles, and 12th best in the world.
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 – to give some perspective on the scale of the event, more than 43,000 visitors came for the TT Races in 2023.
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.
- Provision of Family Office.
- Acting in conjunction with an existing Family Office.
- Providing physical managed office space.
- Providing an incubator arrangement whilst a business is being established.
- Providing Company Secretarial, Accounting and / or back-office support as required.
