One of the first things you see when you search ‘locate Isle of Man’ on Google is “Welcome to the perfect work life balance.” Covid-19 certainly has changed people’s perspective on their work/life balance before and after the occurrence of the pandemic and as a result we are seeing more “Entrepreneurs” relocate to the Isle of Man.
Why? You may ask.
We have a robust and diverse economy which includes businesses in manufacturing, aviation, shipping, e-gaming, BioMed, clean tech, creative industries, aerospace, financial services, ICT, banking, tourism, food and beverage to name a few.
The Isle of Man Government supports entrepreneurs by providing both business and financial support including, grants, enterprise development schemes, support funding or business improvement schemes. In 2019 The Isle of Man Government invested over £4.5 million in helping local businesses as well as businesses to relocate to the Isle of Man.
In addition, the island was COVID-19 free for over 100 days, at the date of writing this article we only have one active case which is not in the community, which is primarily down to the fact that we have a robust entry requirement for returning residents in relation to COVID-19 and good strong Government that listens to and works with and protects its residents in difficult times. Ultimately the Isle of Man provides residents a very good work life balance.
Grants and schemes currently on offer include:
- Employee Relocation Incentive (ERI) which provides a 20 percent grant of up to £10,000 towards the cost of relocating an employee to the Isle of Man;
- Financial Assistance Scheme ('FAS') which aims to encourage diversification of the local economy. The FAS provides a range of grants and soft loan support to eligible businesses that can meet the commercial and environmental criteria laid down.
Furthermore the Government has made it easier for people coming to the Island to set up businesses by offering automatic one year work permits for partners and access to the Island’s free school system. Aside from the Island’s State schools we also have a highly respected private school, King Williams College, which was established in 1833 and offers both day and boarding opportunities for children.
Also, the Island is self-governing which has provided a stable political environment for decades which, in part, has resulted in more than two decades of growth year on year. As part of the British Isles, the Isle of Man is English speaking and follows a legal system that is broadly similar to that of the UK.
Relocating to live and work on the Island is also financially rewarding; not only are personal tax rates amongst the lowest in Europe we also have 0 percent capital gains tax, 0 percent inheritance tax, and 0 percent Land tax. There is also a tax cap of £200k per person/per annum (£400k per couple) available.
To assist relocating entrepreneurs and their businesses, the Isle of Man has a highly developed financial services sector covering Banking, Administration, Legal and Accounting, with multi-jurisdictional providers such as Oak Group Isle of Man. We provide a wide range of trust, corporate administrative and accounting services to Isle of Man and non-Isle of Man residents. Oak Group (IOM) has been providing these services for over 20 years and has a team of qualified professionals to assist individuals looking to relocate their business to the Isle of Man.
Not only does the Island offer a low tax regime for entrepreneurs and a diverse, high quality work force, there are few commuter issues (apart from the occasional sheep on the mountain road to momentarily slow down the traffic) and plenty of space for businesses and families to develop and grow.
The Island also has a positive approach to flexible working. It offers short commutes along with good quality IT infrastructure enabling a mix of working from home, office or from one of the many coffee shops.
Entrepreneurs not only have access to all of this, but also 95 miles of coastline, 169 miles of public footpaths and numerous beautiful glens. We are the only entire jurisdiction in the world to be given UNESCO Biosphere status and we also have 26 “dark Sky Sites” – the most in the British Isles.
Along with the Island’s many natural resources we have more than our fair share of pubs, golf clubs and even a polo club as well as museums, hotels, an historic theatre and music venues providing regular access to top class comedians, films, festivals and some great food venues. There is also the world-renowned TT Races held annually attracting the world’s best motorcycle racers to attempt the 37 and quarter mile road race.
So, what’s not to like!
The Isle of Man is the perfect place to live and work. So, if you are starting up and have lots of ideas or you have a business you want to grow and develop, the Isle of Man can and will help you on your journey to business and personal success.