Isle of Man
Isle of ManThe Isle of Man has retained tax haven status since the 1950's. The Manx government, one of the oldest institutions in the world, governs the territory. The primary source of business in the territory is international investment business.
The government provides a unique guarantee under the Isle of Man Life Assurance (Compensation of Policyholders) Regulations of 1991 that provides compensation of 90% of investor funds held within the territory, in the event of the liquidation or failure of an institution based there.
This guarantee ensures that all institutions wishing to carry on business in the Isle of Man are scrutinised very carefully by local government officials which, in turn, means that only the leaders in their field are permitted to conduct business there.
Tax free environmentThe Isle of Man is a tax-free territory so all profits made within the portfolio grows free of tax. If funds are brought in to the program from the bondholder's domicile, it is possible they will be subject to a tax charge on entry, as transfer sometimes initiates a chargeable event that once in place however, no tax is applicable. Proceeds are also passed to beneficiaries free of any withholding tax.
The British Home Office review of the Island's financial regulation has provided strong and independent confirmation that the Isle of Man is in the top drawer of offshore finance centers. Chief Minister Donald Gelling says the report by former Home Office official, Andrew Edwards, has highlighted the Islands leadership in depositor and investor protection.
He has also clearly recognised the Island's leadership in combating financial crime and money laundering - 'not just leadership among the offshore community,' points out Mr. Gelling. Implicit in the report is recognition of the Island's international client base and its contribution to the UK and European economies.
For further information regarding the Isle of Man please visit their website on www.gov.im