“It is clear that the quality of life that we enjoy in the Isle of Man makes us an attractive destination for those looking to relocate to live and work, but it is also fantastic to see how competitive we are on a global scale in terms of political and economic stability, our wellbeing and family offering”. – Daphne Caine MHK.
Why choose the Isle of Man?
For many years the Isle of Man has welcomed individuals and their families from all over the world. Those we have successfully relocated have been attracted by the safety, stability, the strong sense of community and the high standard of living in a beautiful island setting. In 2019 HSBC expats survey ranked Isle of Man the best place to live in the British Isles, and the 12th best place in the world.
The is Island is a self-governing British Crown Dependency, with its own parliament and laws. Tynwald is more than 1000 years old, making it the oldest continuous assembly in the world. With a population of 85,000 residents, it lies in the Irish Sea between England, Ireland, Scotland, and Wales at 33 miles long and 13 miles wide. There is much on offer, from diverse employment opportunities, a vibrant cultural scene, to stunning landscapes.
Many people who make the move find:
- 86% of residents says they have an excellent quality of life
- Safest place to live in the British Isles
- 14% higher average annual salary on the Isle of Man than the UK
- Low personal tax rates
- No capital gains tax
- No inheritance tax
- No housing purchase restrictions
- No stamp duty
- Exceptional business environment
In a bid to increase its economically active population, the Isle of Man Government encourages and welcomes applications for visas for entrepreneurs.
The islands mature and globally connected economy has proved to be very appealing to those looking to relocate their existing business or establishing a new business operation. Often recongnised for its long-established financial services and insurance sectors, the economy has significantly diversified in recent years. With over 5000 businesses operating across a wide range of sectors including e-Business, e-Gaming, manufacturing, aviation, media, shipping, construction, and retail.
With a very similar banking system to the UK, all current accounts, deposit accounts and other banking services that are offered in the UK and internationally are also available on Island. Interest rates are comparable to those prevailing in London money market. As a recognised international finance centre supervision and effective regulation falls to the Financial Services Authority which licenses and supervises all banks, investment businesses, fiduciary businesses, collective investment schemes, and building societies.
The Isle of Man’s advanced infrastructure, workforce and supportive Government, has encouraged a thriving and ever-growing economy and job market. Home to many award-winning financial companies and leading eGaming global group headquarters, it is renowned as digital centre of excellence.
The Isle of Man is the perfect location to facilitate the growth of global e-Business. With advanced telecoms, connectivity infrastructure, and a highly stable self-generated power supply, it has been successful in attracting the digital sector that has in turn led to comprehensive support services.
With over 1500 job vacancies live at any one moment and a 0.7% unemployment rate, the Island’s job market is thriving.
Setting up Shop
The Department for Enterprise offers a range of support schemes for entrepreneurs and startups, regularly investing millions. The Government trains, mentors, helps with financial grants, loans, and equity investments. The support schemes are given 0% standard rate of corporate income tax, zero capital gains tax, and personal tax rates.
The Office of Cyber Security and Information Assurance (OCSIA), partnered with the Department for Enterprise to allow Isle of Man businesses to apply for a 50% funding grant up £5000 to gain a Cyber Essentials or Cyber Essentials Plus Accreditation.
Rents rebates of between 40- 100% on office spaces in a business’ first year are available together with an employee relocation incentive, providing employers funding of up to 20% towards an employee’s first year net salary, capped at £10,000 per position. The incentive is to encourage employers in target sectors to bring staff to the Isle of Man and is primarily aimed at businesses with new position which they are unable to fill with local employees.
The Isle of Mans beautiful countryside is made up of 600 miles of roads, meaning driving is often leisurely. Reaching any point of the island within a 60 minute drive. There is also an extensive bus network connecting attractions, towns, and villages, including late night service operating on Friday and Saturday evenings. While the Isle of Man may be sat in the middle of the Irish Sea, it does not suffer from being out of the loop.
The Isle of Man Steam Packet makes moving possessions, vehicles, and pets much easier and cheaper. There are direct services between the Island and Heysham, Liverpool, Dublin, and Belfast.
If you are travelling from further afield, there is the Isle of Man Ronaldsway Airport. This has flights to and from England, Ireland, Northern Ireland, and Scotland. There are different direct flights to holiday destinations throughout the Summer and Autumn.
Housing and property
There is a diverse property portfolio to chose from, ranging from modern sea view apartments, traditional Manx stone cottages, to mansions with acres of grounds. Average house prices are at around £313,000, with no restrictions on purchasing property and no stamp duty. Each of the islands unique towns and villages has individual character, with the average commute of 20 minutes.
Commercially, there is everything from residential units in high footfall areas to corporate office spacing and headquarters.
Residents benefit from the £112 million state of the art Noble’s Hospital with lots of options for private healthcare. The island is operated on an NHS basis and free at the point of contact.
For those families with children, the Isle of Man has an excellent education system with incredibly high standards of teaching and a very strong appetite for sports and culture. Content mirrors the English national curriculum, but also draws on the island’s unique geographical, cultural, and historical features.
There is no state-run pre-school, there are however many privately run options to choose from. Once the child turns 5 years of age, they start the academic school year that runs from September to July. There are 32 state primary with five secondary schools to choose from.
The island has two highly regarded independent public school. The Buchan School and King William’s College which is rated as one of the best International Baccalaureate schools, is a conjoined school that consist of nursery, pre-prep, and prep.
For higher education there is the University College Isle of Man. It has partnered with the University of Chester to offer degrees in a range of areas including arts, business, and computer science. It also provides vocational training and apprenticeships centered on practical skills, including health and social care, engineering, plumbing, and supervisory skills.
For further information on the Isle of Man, you can see a more our free brochure here.
For further assistance on immigration, relocation, working and living on the Isle of Man please contact Group Business Development Director, Richard MacNee at email@example.com
Why Choose ILS World
As a leading provider of independent fiduciary services to professional advisors, corporate groups, private and digital clients, we are here to help achieve your financial goals.
At ILS World, we don’t restrict ourselves, we like to go beyond the borders. That is why we operate globally. You will find our offices in Isle of Man, British Virgin Islands, Hong Kong, and Portugal.