ISLE OF MAN
About Isle Of Man jurisdiction
The Isle of Man is a small island in the Irish Sea located halfway between Ireland and England. Although dependant on the British Crown, the territory is an autonomous government. This small European archipelago is populated by about 85,000 inhabitants, spread over an area of 572km ². The Parliament of the island draws up its own laws, decides on fiscal and social policies and oversees the administration.
Did you know? The national roads of the territory have no speed limit! It is the only European territory, apart from the German motorway network, where public roads are unrestricted.
About financial sector
The financial sector is important on the island as it is the real engine of its growth. The economy of the country is very developed and the majority of offshore banks provide services to British expatriates and non-residents.
The Isle of Man has developed both infrastructure and financial skills which allows it to have large impact in the field of banking activities.
Can we talk about tax heaven? The Isle of Man offers a number of tax advantages, notably in terms of corporate taxation. There are three different types of taxation at the corporate tax level:
– Resident companies: They are taxed at 20% of profits realized.
– Offshore resident companies, with the concept of Exempt Company: These are tax-exempt companies, only paying an annual flat fee.
Companies based on the Isle of Man and making their profit outside of it: These companies do not pay any taxes, while benefiting from a VAT number. Indeed, an agreement between the archipelago and the United Kingdom allows the sharing of customs and excise duties between the two territories. The rate for the VAT is 20%.
– Non-resident companies: they have control outside the Isle of Man.
Thus, the Isle of Man offers interesting revenue optimization solutions for companies incorporated in the territory.
The benefits of an offshore bank account in the Isle Of Man
The Isle of Man is a legal and recognized offshore jurisdiction, in accordance with international law and validated by the OECD through various agreements for automatic exchange of information. Indeed, the jurisdiction of the Isle of Man is on the “White list” of the OECD.
– The offshore banks of this jurisdiction propose:
– A comprehensive range of international banking services
– A Visa Classic card in Euro, Pound Sterling or US Dollars from the opening of the account
– No minimum deposit for account and card
– Extremely low charges on withdrawals
– Comprehensive account management via Internet and telephone
The European and global campaigns established in recent years against tax evasion have serious repercussions on the offshore world and the opening of offshore accounts becomes more regulated. For example, the agreements between the Island and the OECD have led to a tightening of banks’ opening of accounts, which are becoming increasingly demanding with their clients. That is why it is recommended to be introduced to the bank by a recognized intermediary and with reliable international expertise in the offshore sector.
With more than 20 years’ experience in the banking and offshore sectors, FBS Banking ™ guarantees the opening of a secure offshore banking account in various jurisdictions around the world thanks to its strong international partnerships.
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