Economy of Isle of Man

The Economy of Isle of Man is a low tax economy. Isle of Man is one of the crown dependencies. The Isle of Man is also an off shore financial centre.

Isle of Man is located in the Irish Sea. This area is within the British Isles. Isle of Man does not form a part of United Kingdom. It also does not belong to the European Community.

The key factors, those drive the economy of Isle of Man are, Insurance sector, the operators of online gambling, developers, Information and Communication Technology and Offshore banking, in Isle of Man.

As per the assessment made by World Bank in the year 2016, the Gross National Income per capita in Isle of Man is US $ 89.970. The National income report, published by Government of Isle of Man shows, that the largest sectors of the national economy in the area is the Insurance sector, and the sector of e gaming. These two sectors contribute 17% of Gross National Income each.

These two sectors are followed next by sector of Information and Communication Technology, and banking sectors, which contribute 9% of Gross National Income each. The industry of tourism with the tourist accommodation contributes the least, in Gross National Income, which amounts to a measly 0.3%.

The economy of Isle of Man has showed a continuous growth in the National GDP for consecutive 32 years. Currently there is a small drop of 0.9% in the GDP, in the year 2015. This was because of the decline in the revenues of e gaming.

The unemployment rate in Isle of Man is as low as 1%. There is a steady growth in the income of resident tax payers though; there is a decline or no deviation in the prices of property in Isle of Man.

Why form an offshore company in Isle of Man?

Isle of Man located in the Irish Sea and is a British Crown dependency island. It is considered as one of the best places to form a company as there are no taxes on stamp duties, capital gains or turnover tax. They also have one of the lowest rates of income tax.

Form an Offshore Company in Isle of Man

Benefits of Forming an Offshore Company in Isle of Man

  1. 0% capital gains tax
  2. Incorporation within 5 days
  3. Minimum 1 director required
  4. No requirement of local director
  5. Minimum government fees required is £360