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Is the Isle of Man really the expat destination it promotes?
| Published: | 16 Jul at 6 PM |
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In spite of its murky reputation as a safe haven for dodgy insurance companies in cahoots with illegal IFAs in expat destinations, the Isle of Man has been ranked as the best British expat hub.
As well as being rated the best expat destination in the British Isles in the latest Expat Explorer survey, the Isle of Man was also ranked 12th best in the world in spite of the fact it’s not actually part of the UK in the real sense. Some 75 per cent of respondents stated their quality of life was far more enjoyable than back in the home country, and 92 per cent rated the island as far safer. This year saw the first appearance on the popular survey of the Isle of Man, Jersey and Guernsey, the three offshore British Crown Dependency islands best known for their involvement in finance.
One typical expat resident made her views on the results known in no uncertain terms, saying the island’s quality of life makes it a very attractive option for those wishing to relocate. She also mentioned political and economic stability, family offerings and wellbeing as further reasons for its success in the study. Given that the island is a self-governing British Crown Dependency, its economic strength and stability is mostly based on offshore banking, IT, insurance and gambling, all of which are open to circumventing the far stricter regulations on the UK mainland.
The IoM is also a low taxation economy, thus contributing to its residents’ quality of life as businesses and individuals don’t have to allow for wealth taxes, capital gains tax, inheritance tax or stamp duty, and the top income tax rate is just 20 per cent. Literally, all income earned anywhere on the planet is taxed at just 10 per cent, and trade is mostly with the UK. Online gambling companies are amongst the island’s largest employers. Negatives include the ‘small island’ mentality, workplace prejudice against women and the lack of real opportunity for those keen on growing their careers.
As well as being rated the best expat destination in the British Isles in the latest Expat Explorer survey, the Isle of Man was also ranked 12th best in the world in spite of the fact it’s not actually part of the UK in the real sense. Some 75 per cent of respondents stated their quality of life was far more enjoyable than back in the home country, and 92 per cent rated the island as far safer. This year saw the first appearance on the popular survey of the Isle of Man, Jersey and Guernsey, the three offshore British Crown Dependency islands best known for their involvement in finance.
One typical expat resident made her views on the results known in no uncertain terms, saying the island’s quality of life makes it a very attractive option for those wishing to relocate. She also mentioned political and economic stability, family offerings and wellbeing as further reasons for its success in the study. Given that the island is a self-governing British Crown Dependency, its economic strength and stability is mostly based on offshore banking, IT, insurance and gambling, all of which are open to circumventing the far stricter regulations on the UK mainland.
The IoM is also a low taxation economy, thus contributing to its residents’ quality of life as businesses and individuals don’t have to allow for wealth taxes, capital gains tax, inheritance tax or stamp duty, and the top income tax rate is just 20 per cent. Literally, all income earned anywhere on the planet is taxed at just 10 per cent, and trade is mostly with the UK. Online gambling companies are amongst the island’s largest employers. Negatives include the ‘small island’ mentality, workplace prejudice against women and the lack of real opportunity for those keen on growing their careers.
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