“Building a secure, vibrant, and sustainable future for our Island”.
Back in 2022, the Isle of Man Government announced the ‘The Isle of Man Economic Strategy’ to help set the foundations for investment and economic security for the next 10-15 years. Part of this strategy is to increase the Island population from 85,000 to 100,000 over the next 5 years.
To support this population increase, on Tuesday 21st February 2023, the Isle of Man Government published the new budget for the financial year 2023/2024. The budget addressed the priority to invest in the community to help build and grow a more sustainable economy.
The Finance Minister stated before Tynwald “ The economic strategy has ambitions to further develop the infrastructure and services of our community to plan for an estimated population of 100,000 by 2037 and to generate over £200m of additional annual income to reinvest in services and our quality of life by 2032. In order to do this, we must ensure our finances are strong and are able to support the strategy to invest in our people, our businesses, and our islands future”.
The Isle of Man has several different visas available, in this article we discuss the Innovator visa, the most popular visa choice for those looking to set up or invest into a business when they relocate to the Isle of Man.
Why choose the Isle of Man
For many years, the Isle of Man has welcomed individuals and their families from all over the world. The safety, stability, strong sense of community, and the high standard of living in such a beautiful setting is what attracts people the most. For more information on relocating, working, and living on the Isle of Man, visit our latest article Relocate.
In a bid to increase its economically active population, the Isle of Man Government encourages and welcomes applicants for visas. A popular choice has proven to be the Business Migrant Innovator Visa.
The Isle of Man Innovator Visa
The Innovator visa is for individuals looking to live on the Isle of Man and establish or invest into an ‘innovative’ business on the island.
The first step is to submit your business plan and proof of funds to the Isle of Man Government for their endorsement, once approved you can apply for the visa. There is an English language requirement of B2 CEFR. The visa is granted for 3 years, and you must invest a minimum of £50,000 into the business. One of the key requirements is to create a minimum of 3 full-time jobs, the Government will meet with you every 6 months to discuss progress.
After the initial 3-year period provided all criteria have been met you can opt to extend the visa for a further 3 years or you may be able to apply for indefinite leave to remain on the Isle of Man.
Visas are also available for your dependents if required.
You can find more information on the Innovator visa on our factsheet here.
Why choose ILS World
At ILS World, we assist with the whole visa process from start to finish. We will guide you through the initial visa application, prepare or review your business plans, arrange the endorsement, conduct due diligence on you and your funds, incorporating a company, assisting with the 6 monthly review, leave to remain and indefinite leave to remain issues. Where appropriate we work with a local immigration lawyer.
We have successfully helped many international individuals and their families through all aspects of immigration, assisting clients globally from Europe, Hong Kong, India, China, Singapore, Malaysia, the UAE and Africa.
For further information and assistance on immigration, relocation, working and living on the Isle of Man please contact our Group Business Development Director, Richard MacNee.