Residence & Citizenship

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.

IOM detail

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:

Programmes – Benefits & Criteria

Isle of Man

Isle of Man: Business Migrant - Innovator Visa

Isle of Man: Business Migrant – Start Up Visa

  • Benefits
  • Financial/Other Obligations
  • Additional Criteria

Isle of Man: Business Migrant - Innovator Visa

Please see the UK section in terms of Benefits. In addition:

A successful applicant and his/her family are entitled to receive British Citizenship if all of the relevant conditions are met. Subsequently an application can be made for a British passport.

With regards to taxation, residents will benefit from a personal allowance of £14,500, a lower rate of tax at 10% on the first £8,500 and a standard rate of tax at 20% on all income thereafter. Income Tax can be capped at £200,000, subject to an irrevocable election. You can add these allowances together in the case of joint assessment. Other headline rates include 0% Inheritance Tax, 0% Capital Gains Tax and 0% Corporate Tax.

There is no restriction on purchasing property in the Isle of Man and there is a single housing market.

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/businesses, either on their own or with their family. A successful applicant will be able to be employed by their own business, but cannot work for another Isle of Man employer

You can apply for an Innovator visa if:

  • you want to set up or run a business in the Isle of Man;
  • you meet the other eligibility requirements;
  • your business or business idea has been endorsed by the Department for Enterprise of the Isle of Man Government.

You must have at least £50,000 in investment funds if you want to set up a new business. You do not need funds if your business is already established and has been endorsed for an earlier visa.

Under this visa you can stay for up to 3 years. You can apply to extend for a further 3 years and there is no limit on the number of times you can extend.

You may be able to apply for indefinite leave to remain once you’ve been in the Isle of Man for 3 years.

The cost of applying is currently £1,021 per applicant.

You can find out more here.

Isle of Man: Business Migrant - Innovator Visa

Please see the UK section.

Download Full List of Programmes – Benefits & Criteria (PDF)

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.

Related Articles

  • Offshore Discretionary Trusts: The What, How and Why

  • Redomiciling Your Company to the Isle of Man

  • What is an Isle of Man 2006 Act Company?

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