Isle of Man: a niche with an edge

Isle of Man: a niche with an edge

Wilson J. Financial Times, 14 November 2006, Start page: 1, No of pages: 4

Purpose – to explore how the Isle of Man (IOM) is becoming more enterprising and aiming to attract leading corporations. Design/methodology/approach – reports on how the IOM is becoming increasingly economically confident and is aiming to emulate its near neighbours, Guernsey and Jersey. Draws attention to the tax changed implemented to attract the wealthy and investigates how its zero rate of corporate income tax has made it a highly desirable business location. Refers to how the Isle of Man is re-branding itself and describes the Isle’s changing attitudes towards regulation; examines how it has benefited from globalization and provides an overview of the financial sector; reports on how diversification is being encouraged. Examines the Isle’s relations with the UK and Europe;discusses the possible impact caused by the US crackdown on online gaming on the IOMs gambling sector and examines the communications technology sector. Features attempts by the tourist industry to broaden the appeal of the Isle; provides a map of the IOM; presents states on gross domestic product, bank deposits, and identifies the sectorial composition of GDP. Originality/value – looks at how the Isle of Man is fairing in today’s globalized market place.

Keywords: Banking, Economic conditions, Economic performance,Financial services, Isle of Man, Taxation