At just 33 miles long and 13 miles wide, with a landscape of rolling green hills and over 100 miles of beautiful coastline, you can be sure that you are never far from a spectacular view in the Isle of Man.
Albeit small, this self-governing British Crown Dependency is a jewel in the Irish Sea and offers a wealth of opportunities, making it a great place to settle and set-up or relocate your business.
Living in the Isle of Man
Lifestyle
From bustling townscapes to beautiful countryside, the Isle of Man suits a variety of lifestyles, albeit known for its slower pace of life.
Residents of the Island can benefit from the vast natural resources on and around the Island, from its rugged coastline with coastal paths, sandy beaches and secluded bays to its mountains, glens and plantations.
Low Unemployment
The unemployment rate on the Isle of Man is 0.8% (Oct 2021), which is amongst some of the lowest unemployment rates within Europe and the average paid salary on the Island is approximately 14% higher than its UK counterparts.
Crime
Crime in the Isle of Man, or should we say the lack of it, makes it the perfect place to bring up a family and has resulted in it being labelled one of the safest places to live in the British Isles.
The locals are renowned for their warm and welcoming demeanour when it comes to new arrivals to the Island, which can make for a much smoother and more pleasant relocation experience.
Education
The Government has invested in its education sector over the years, creating a strong, well-structured and innovative system to enable the younger generation to flourish.
There are 32 primary schools and 5 secondary schools across the Island, which work on a school catchment area system – so the schools available to you will depend on the area you choose to live.
School curriculums on the Island are largely based on those in the UK, albeit with some additions that focus on Manx culture, history and the Manx Gaelic language.
There are also two reputable private schools, a primary and secondary, which are located in the south of the Island and are a popular choice among international students.
Furthermore, there is the University College Isle of Man, which offers an array of courses for both young and mature students looking to continue their studies.
Housing
The Island is home to a full range of house types including the more traditional bungalows, semi-detached and detached houses, historic town houses, terraced houses and apartments.
If looking for something a little different, there are also plenty of quaint cottages, stunning barn conversions and farmhouses with land.
Taxation for Individuals
The Isle of Man operates its own taxation regime with two tax rates for individual personal income; the standard (or lower) rate is 10% and the upper rate is only 20%.
The personal allowance (tax-free earnings) in the Isle of Man for a single person is currently £14,250. The lower income tax rate is payable on the first £6,500 earned over the personal allowance, and the upper rate of 20% for anything earned thereafter.
Individuals deemed resident are required to submit an annual Income Tax Return, in which they have to declare any employment, investments, pensions and worldwide income for the preceding year.
Transport
There are many ways of navigating around the Island including by bike, car and electric tram (between Ramsey and Douglas with seasonal timetables). There is also a mountain railway (from Laxey to Snaefell), a steam train (from Douglas to the south of the Island) and even horse-drawn trams (in Douglas during the summer months). There is also a comprehensive bus network with many routes island-wide.
With over 680 miles of public roads, the average commute is 20 minutes and it is generally no longer than a 60-minute drive to anywhere on the Island.
Getting to the Island
The Island has a number of travel links to the UK and Ireland with routes available by both sea and air.
By Air – There are currently two airlines operating to and from the Island; Logan Air and EasyJet; who offer scheduled direct flights to seven UK international airports (Belfast, Birmingham, Bristol, Edinburgh, Liverpool, London and Manchester). However, the service to Dublin with Aer Lingus is due to be reinstated from 16th March 2022.
By Sea – If you wish to travel with a vehicle, the Isle of Man Steam Packet Company offer a passenger ferry service that operates a seasonal timetable with routes to and from Heysham, Liverpool, Belfast and Dublin.
Let’s get down to Business
Doing Business in the Isle of Man
Whether you are looking to set up a new company in the Isle of Man or relocate an existing business, there are many benefits to ‘doing business in the Isle of Man’.
The Isle of Man has a forward-thinking and proactive government that supports and encourages a range of diverse and often innovative businesses operating in a wide variety of sectors.
The Island’s simple taxation system and business support schemes are just a couple of the incentives available for those who move their business across the water.
Furthermore, the Island is on the OECD ‘white list’ of countries that comply with the global standard for tax co-operation and exchange of information, making it a fantastic offshore jurisdiction and a leading international finance centre.
Setting up a business
Setting up a company in the Isle of Man can be a relatively straightforward process with few restrictions on the type of businesses permitted or residence and nationality of owners.
There are a number of different types of vehicle available under current Isle of Man legislation, which fall under one of two company’s acts – the Companies Act 2006 or the 1931-2004 Companies Act. (Check out our blog post ‘How do I Set up a Company?’ for more information on the attributes and requirements of an Isle of Man Company).
Business Support Schemes
The Isle of Man remains focussed on creating an environment for businesses, through innovation and collaboration, where the economy thrives.
It’s Department for Enterprise (‘DfE’) offers a tailored personal service for businesses that can create jobs and benefit the economy, offering a range of support services in conjunction with a wide variety of financial assistance schemes, aimed at building a business-friendly jurisdiction in which businesses can thrive and flourish.
For more information on the schemes and support available, check out our blog post, The Isle of Man: Giving you Freedom to Flourish.
Work Permits
Who requires a work permit?
The Isle of Man Work Permit Scheme is a statutory framework that requires anyone who is looking to take up full, contractual or part time employment (including self-employment) on the Isle of Man that is not an Isle of Man worker, to apply for a work permit.
Individuals are able to apply for a work permit online, making it a quick and straightforward process for them or their employer.
Who is eligible to apply for a permit?
• Self-employed individual
• Employer (on behalf of an employee)
• Spouse, Civil Partner or cohabiting partner of a permit holder
There are a number of employments exempt from requiring a work permit. Click here for more information.
Taxation for Businesses
The Isle of Man offers a favourable tax regime for businesses, including a 0% Corporate Tax rate.
There are a couple of exceptions; for businesses involved in retailer activities with profits exceeding £500,000 per annum or in banking, a 10% corporate tax rate is applicable and a 20% corporate tax rate applies to income derived from real estate within the Isle of Man.
Furthermore, the Island has no Capital Gains Tax, Inheritance Tax or Stamp Duty on property.
So, not only is the Isle of Man a leading international business centre, it offers a safe, secure home for both your business and your family where residents can enjoy a better work-life balance and laid-back island living – when better and where better to relocate?
For more information, check out our relocation resources below:
https://www.visitisleofman.com/
https://hr.gov.im/recruitment-and-careers/living-and-working-in-the-isle-of-man/
https://www.iomdfenterprise.im/
https://www.businessisleofman.com/set-up-business-and-grow-in-the-isle-of-man/
