| In
this Section:
- ISLE
OF MAN BUSINESS ENVIRONMENT
- ISLE OF MAN TRUST MANAGEMENT
- ISLE OF MAN BANKING AND
FINANCIAL SERVICES
- ISLE OF MAN TELECOMMUNICATIONS
- ISLE OF MAN INTERNET AND
E-COMMERCE FACILITIES
- ISLE
OF MAN PROFESSIONAL SERVICES
- ISLE OF MAN THE LABOUR
MARKET
Isle
of Man Residence and Property
Immigration
legislation on the Isle of Man is similar to that
in the United Kingdom and applies to nearly everyone
who is not a British Citizen or who does not have
the right of abode in the United Kingdom, although
Irish citizens and EEA citizens exercising Treaty
rights are exempt from many provisions.
The
Manx government permits non-residents to purchase
and own real estate on the island. Indeed, without
an influx of new residents there would be a decline
in the overall population. The official policy
is to target specific areas for growth and ensure
their compatibility with the Manx community. The
recent expansion of the finance sector has created
many more jobs than could possibly be supplied
by the existing market. The resulting need for
professional and skilled people from outside the
Island is therefore likely to continue for the
foreseeable future.
Potential
real estate buyers will find a comprehensive range
of properties available on the Island ranging
from apartments right up to large country and
coastal properties. New executive developments
on the periphery of Douglas have met much of the
increased demand for new property. Housing stock
exists in many other parts of the Island, where
prices can often be lower. Property values have
increased in recent years and are comparable with
many areas of England and Wales and lower than
the south-east of England.
In
2000 the Isle of Man's parliament, Tynwald, passed
a Residence Bill which would give the island's
administration the power to impose immigration
controls on non-Manx individuals.
The
Isle of Man is being pressured by shortage of
housing for its local population - this is a normal
symptom of increasing success for an offshore
jurisdiction. The success of the island's offshore
financial services sector, together with a flow
of wealthy individuals seeking relief from high
EU taxes, is quickly driving house prices higher.
Local
'Manx' inhabitants form a high (although declining)
proportion of the total population of 72,000,
and by no means do they all benefit from the increasing
wealth of the 'offshore' economy. Faced with the
prospect of its indigenous population becoming
paupers in a land of wealth, the Manx government
will eventually have to follow other such jurisdictions
in controlling rents and sale prices, or in limiting
access to housing for foreigners.
The
Royal Assent was granted to the Residence Act
on the 20th March, 2001. The Act is perceived
by the Government as a piece of contingency planning:
legislation to be kept in reserve and activated
only in circumstances of necessity in response
to a seriously deteriorating economic or social
situation requiring Government intervention. It
was, and remains, the Government's hope that it
will not prove necessary to activate the legislation
and that any future growth in population can be
absorbed and will not create the circumstances
which would warrant activating the Residence Act.
After
EU enlargement was agreed in early 2003, pressure
increased on the island for residency controls
to be boosted.
Speaking
during a debate on the European Communities (Amendment
) Bill - which updates existing Manx laws to include
the 2001 Nice Treaty - Labour member Peter Karran
suggested that: 'With this piece of legislation
there will be even more need as far as residency
control (in the Island) is concerned.'
This
viewpoint was supported by Chief Minister, Richard
Corkhill, who announced that: 'We are part of
the UK immigration law.'
He
went on to add: 'The work permit control legislation
is most likely to be our saviour. We must pay
due regard to the legislation we already have.'
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