Property Investment Isle of Man.
With a colourful heritage, diverse scenic beauty, high standard of living, favourable tax advantages and one of the fastest growing economies in Europe, The Isle of Man is one of the British Isles’ best kept secrets.
Why the Isle of Man?
The Island enjoys a well balanced economy, which has moved on from traditional industries such as agriculture, fishing and tourism, to become a world player in financial services and high tech industries.
This diverse and charming island, with its 1000 year old politically stable parliament, offers all the services and facilities expected of a Modern European centre. It boasts a wide selection of restaurants, shops and leisure facilities in a more relaxed environment than the busy commercial centre of Britain, allowing it to retain a pace of life that is the envy of most urban dwellers.
Island residents enjoy a favourable taxation status, there is no capital transfer tax, nor surtax, no wealth tax, no death duty, no capital gains tax and no gift tax. Homebuyers on the island not only benefit from effectively full tax relief on mortgagesm provided it is payable to a Manx lender, but also do not encounter the Stamp Duty levied on house purchases in the United Kingdom.
Location
The Isle of Man is the jewel in the Irish Sea, situated between England and Ireland. It is 33 miles long and 13 miles across at the widest point, with a population of just over 80,000.
Douglas the capital city, is only 10 miles from Ronaldsway Airport where British Airways and other airlines maintain a comprehensive route network. It takes just 60 minutes to London Gatwick, Luton, Stansted and London City, with shorteer flight times to other destinations such as Dublin, Edinburgh, Manchester, Birmingham, Liverpool, Glasgow, Belfast, Leeds Bradford and Bristol.
Statistics
The island competes in the highly competitive offshore markets and is required to offer attractive rates of taxation to maintain its share of the global finance industry. It also ranks as one of the best regulated offshore finance centres in the world. Its diverse economy features a broad base of financial services, banking, pensions and fund management, however the Isle of Man is also successful in developing a growing film industry, attracting film makers with its financial benefits and stunning scenery.
The Isle of Man government cannot by law have a budget deficit, so every year they budget a surplus and contribute to a reserve fund which currently stands at approximately £750 million.
High employment equals very low unemployment burden on its government, thus allowing more funds to be allocated to infrastructure, health and education.
The Isle of Man has the lowest crime rate and the lowest unemployment rate (approximately 1%) in Europe and in 2005 was awarded “Best Financial Services Centre” for the fifth year in succession.
Rental occupation levels on residential portfolios are very high, over 90%, and the vast majority of lettings are for at least one year.
As an offshore tax area, the Isle of Man is one of the few remaining with open residency. In a remarkable initiative the Isle of Man government has announced that it is introducing 0% corporation tax from January 2006. This is already attracting great interest from companies looking to relocate or set up a division offshore.
Growth Factors:
- High capital appreciation and restricted supply of new property
- Fast economic growth of over 6% per annum
- Low unemployment, low crime
- No residency restrictions
- Low local taxes and a high level of disposable income
- Thriving financial services sector
- Expanding new industries in film making and on line service providers