Relocation

What many see as the punative level of tax imposed by various other jurisdictions, coupled with uncertainty of what the future holds for many of those jurisdictions, relocating to the Isle of Man is an increasingly attractive option to individuals and businesses.

Reasons to consider relocating to the Isle of Man:

• Potential Personal Taxation benefits. Current tax cap of £125,000 per person per year (presently subject to a 5 year commitment). Tax cap for new entrants to the scheme to increase from £125,000 to £150,000 in 2018/19, to £175,000 in 2019/20 and to £200,000 in 2020/21. https://www.gov.im/categories/tax-vat-and-your-money/2017-18-budget/
• No Capital Gains Tax.
• No Inheritance Tax.
• 0% corporation tax on Isle of Man incorporated entities.
• Business friendly government and environment with the ability to discuss issues directly with representatives.
• Possible financial assistance through the Department of Economic Development’s “Financial Assistance” and “Business Support” Schemes. https://www.gov.im/categories/business-and-industries/business-support-and-assistance/
• Skilled labour force.
• World class telecommunications infrastructure.
• Specialisms in a variety of sectors e.g. e-commerce, hi-tech manufacturing, ship and aircraft registration and space commerce.
• The Isle of Man holds Standard and Poor's and Moody's sovereign rating of "Aa1", demonstrating the high quality of the island's political, legal and regulatory environment.
• The Isle of Man is one of the offshore jurisdictions featured on the OCED white list.

Kerruish Law has experience in successfully relocating individuals and companies to the Isle of Man. As a result, we are able to assist and advise in the role of ‘trusted advisor’ in all aspects of relocation:

• Locating a suitable residential property and /or business premise.
• Establishing any Isle of Man entities.
• Obtaining work permits.
• Liaison with the IOM Government with respect to the provision of grants and other forms of assistance.
• Assisting the client in contacting a range of relevant intermediaries for specialist advice according to the budgets available.

Useful Links

Practical advice for become resident on the Island
http://www.gov.im/isleofman/
https://www.locate.im/

IOM Government Business Support Scheme
https://www.gov.im/categories/business-and-industries/business-support-and-assistance/