Are you looking for a change and considering becoming an expat? If the answer is yes, you should consider the Isle of Man. The Isle of Man has an ever growing number of expatriates. More and more people seem to be moving to the island to take advantage of the great benefits it provides its residents. This has caused the island to become somewhat of a melting pot of nationalities and cultures. Islanders are known as 'Manx' but classified (for passport purposes, for instance) as British. With roughly half the population being Manx-born, and the rest coming from the UK, Ireland, and an increasing mix of other nationalities, now is the time to make yourself part of the mix!
The Isle of Man economy has experienced steady growth since the 1970’s due to a combination of low taxation, political and fiscal stability, investment in infrastructure and government initiatives to stimulate economic activity. The island has had one of the fastest growing economies in Europe in recent years and is in its 26th year of continuous growth. This growing and sustainable economy has resulted in a low unemployment rate and a high quality of life. Are you ready to move yet?
The Isle of Man is part of the British Isles but not the United Kingdom. It is a Crown dependency, with its own parliament, Tynwald. Established by the Vikings, Tynwald is the oldest continuous parliament in Europe, having celebrated its millennium in 1979. The Island is 33 miles long, 13 miles wide and covers an area of 227 square miles. It has a population of more than 80,000.
What makes it Attractive?
Financially the Isle of Man is very attractive. There is no capital gains tax, no inheritance tax and no stamp duty. In the 2016 Budget the single persons tax free allowance was £10,500, the next £8,500 of income is taxed at 10% with the balance charged at 20% up to the cap. These amounts double for married couples and are fully transferable between husband and wife. Personal income tax is capped at £125,000 per individual. Residents enjoy many benefits including good housing, education and health services, accessible activities, room to move, and a relatively safe community.
To many people, the Isle of Man is known for its financial services partly because its government and tax laws make it an attractive destination for financial companies. In addition to low tax rates for individuals, there is a 0-10% corporate tax, with the banking sector paying 10% while the rest pay 0%.
Despite being best known for financial services, the Isle of Man has arguably the most diversified economic base in the world for areas of similar size and is developing a global reputation for a diverse array of niche, quality sectors including:
· High-tech manufacturing
· Ship and superyacht management
· Aircraft registration
· Film production
· Space commerce
· Entrepreneur/trading gateway
· Quality food producers and manufacturers
The island's e-gaming sector is now its largest employer, followed by insurance and financial services, although traditional sectors such as the manufacturing industry and agriculture still play a significant role. With a growing market of niche businesses, the Isle of Man is a great place to start a business or open an office.
Before relocating to another country, trying to find expatriate health insurance coverage on your own can be a daunting task. Not to mention the checklist you must complete before leaving. For help developing a checklist, read our previous blog, “Expat Checklist before the Big Move.”
Many of us at MHG are expats ourselves and we understand the global insurance needs of international businesses, and individuals and families living and working around the world. Our Insurance Specialists have the experience, knowledge, and access to multiple international insurance carriers to find you the most suitable plan based on your budget and future plans. Our commitment to your well-being does not end once you have purchased a plan; through our “Concierge Broker Service”, we will continue to assist you with questions about your policy and provide assistance throughout the claims process. Call us at +1 954-828-1819 or +44 (0) 1624 678668 or visit us online at mhginsurance.com for help finding expatriate insurance coverage for you, your family or business!