Political In 2013, the Isle of Man Government introduced the Bribery Act, demonstrating its commitment to promoting ethical local and international business practices while deterring bribery and corruption. However, the Paradise Papers investigation exposed numerous financial crimes committed by offshore multinational companies using the island for tax avoidance, revealing concerns about transparency.
Instances of police harassment and corruption have been reported on the Isle of Man, with notable allegations leading to a protest in 2010.
Economic The Isle of Man boasts a pro-business environment and has established a customs and excise agreement with the United Kingdom, effectively treating the two territories as one for customs duties and VAT taxes. This arrangement enhances stability in Isle of Man Customs and Excise affairs and allows the island to set its own tax rates, making it an attractive location for businesses seeking to expand into the United Kingdom.
Isle of Man companies benefit from some of the lowest tax rates in Europe, including no capital gains tax, inheritance tax, or stamp duty. Non-resident dividends are also taxed at 0%.
The customs agreement between the UK and the Isle of Man facilitates trade, and the island’s strategic location provides easier access to EU markets and shorter supply chain transit times within the EU.
Social English is the primary language spoken on the Isle of Man, eliminating potential communication barriers for businesses operating in the country.
Poverty is a prevalent issue on the island, and the policy and reform minister has highlighted the need for greater support for the homeless.
Crime rates on the island increased by 10% between 2018 and 2019, with notable rises in violent crimes and drug offenses.
Technological Digital Isle of Man supports the thriving digital sector through collaborative schemes with educational institutions, fostering an environment conducive to tech companies.
Blockchain Isle of Man demonstrates the country’s commitment to supporting eGaming businesses by creating a robust regulatory environment.
The introduction of the B2B Software Supplier License underscores Isle of Man’s dedication to high corporate governance and fair game standards.
Legal Isle of Man’s commitment to the Paris Convention on Patents and Trademarks makes it an ideal location for holding intellectual property.
The Designated Business (Registration and Oversight) Act 2015 places heavy regulations on cryptocurrency businesses to deter financial crimes.
The Economic Substance legislation within the Isle of Man’s Income Tax Act 1970 emphasizes the country’s stance against becoming a tax haven.
Environmental The Agricultural and Fisheries Grant Scheme 2019 supports farmers in preserving and enhancing the island’s landscapes.
Isle of Man continually seeks to improve its environmental efforts, including the implementation of a carbon-reducing plant to reduce emissions.
The country’s UNESCO Biosphere Reserve title reflects its commitment to sustainable development and environmental protection.
Monetary Isle of Man offers various business grants to support development, primarily administered by the Department for Enterprise.
The Business Improvement Scheme (BIS) provides funding for businesses assisting others in marketing, business advisory, website development, legal advice, and environmental efficiency, with grants of up to £5,000 per project or £10,000 for digital marketing and website consultancy projects.
Companies can also apply for the Vocational Training Assistance Scheme to upgrade their workforce, with the scheme covering 30% of course fees and examination costs.
The Enterprise Development Scheme (EDS) offers loans ranging from £10,000 to £1 million for eligible start-ups, focusing on the export sector.