Thursday, November 20, 2008


The Isle of Man has accumulated significant wealth over the last 20 years. Bank deposits of more than 80 billion, pensions and investments also of more than 80 billion. As well as this we have one of the largest shipping registers in the world and not to mention a very active film/movie industry. There are thousands of companies registered at our companies registry, the vast majority of which have no connection with the Isle of Man.

Now the question, this wealth has been accumulated on the Isle of Man because:-

a) We are all really nice people, we say hello to the fairies, the Norse God Thor and his mighty hammer have blessed us with good fortune.

b) The Manx as a race are bred to provide unrivalled customer service. From our busses to our international telephone banking client call centres all our staff are immensely pleasant and helpful. Our natural skill base and "need to serve" has attracted big business.

c) We made doing business cheaper. Instead of paying £10 tax to somebody else we'll let you do business for only £1 or even better free (as long as you employ local staff) i.e we are a tax haven - we compete on taxation

Then there is the question of individuals. Why do so many non manx individuals choose to open accounts on the Isle of Man?

Is it:-

a) Because they came here once on holiday and liked the place so much that they thought it best to keep their entire life savings here?

b) They saw the TT on Men & Motors once and figured what the hell, that's the place where I want to keep my money!

c) Despite all the best regulations and claims in the world it is still entirely possible to hide the real beneficiary (or who owns what) via any number of corporate/investment vehicles. And at the end of the day we can always just claim that it is the individual’s responsibility to declare any money offshore as and when it is repatriated i.e. we are a tax haven?

Praise be to Thor and the TT is all I can say!

1 comment:

No one Really said...

I answered a)to both. But you have not display the answers. How will I know who I am compatible with?

Anyway Big Al says "Technically" we are NOT a Tax Haven, and as long as he's not on the BNP list, that's good enough for me.