LOWTAX.NET
CONTACT | RECRUITMENT | ABOUT | LEGAL | LINKS     
   NETWORK SITES:
   LOWTAX   
   TAX-NEWS   
  PBTG  
   

Jurisdiction Home Pages

Andorra
Anguilla
Aruba
Australia
Austria
Bahamas
Barbados
Belgium
Belize
Bermuda
Botswana
British Virgin Islands
Brunei
Bulgaria
Canada
Cayman Islands
Cook Islands
Costa Rica
Cyprus
Czech Rep
Denmark
Dubai
Estonia
France
Germany
Gibraltar
Greece
Grenada
Guernsey
Hong Kong
Hungary
Ireland
Isle of Man
Jersey
Labuan
Latvia
Liberia

Liechtenstein
Lithuania
Luxembourg
Madeira
Malaysia
Malta
Marshall Islands
Mauritius
Monaco
The Netherlands
The Netherlands Antilles
Nevis
New Zealand
Panama
Poland
Portugal
Qatar
Romania
Russia
Seychelles
Singapore
Slovakia
Slovenia
South Africa
Spain
St. Kitts
St. Vincent and the Grenadines
Switzerland
Turks & Caicos Islands
USA
UK
Vanuatu

Newsletter

To receive monthly updates on new features in lowtax.net and tax-news.com just enter your e-mail address below:

Daily Tax Quote

New On The Network Today

This feed is published daily with selected new or updated content from across our network. For a list of network sites, many of which feature daily news, see below.

 
02/09 New Lowtax Editor Column, by Kitty Miv
01/09 International Privacy and Security, Investors Offshore special feature
31/08 Lowtax Belize, annual update
27/08 IRS To Drop UBS Lawsuit, Tax-News.com
26/08 New Lowtax Editor Column, by Kitty Miv
25/08 New PBTG Editor Column, Caroline, PBTG editor
24/08 Uruguay Stays On OECD Grey List, Tax-News.com
23/08 Don't Forget Doha, And I Don't Mean The Tennis, Jeremy Hetherington-Gore blog entry
20/08 Ireland Plans Social Security Overhaul, Tax-News.com
19/08 New Lowtax Editor Column, by Kitty Miv
18/08 New PBTG Editor Column, Caroline, PBTG editor
17/06 Lowtax Cayman Islands, annual update
16/08 Germany's Fiscal Court Seeks Property Tax Reform, Tax-News.com
13/08 Jurisdiction Special Focus: Antigua and Barbuda, Investors Offshore special feature
12/08 New Lowtax Editor Column, by Kitty Miv
11/08 New PBTG Editor Column, Caroline, PBTG editor
10/08 Brazil Cuts Import Tariffs, Tax-News.com
09/08 Ukraine Tax Code Published, Tax-News.com
06/08 France Plans Reform Of Property Tax Credit, Tax-News.com
04/08 New PBTG Editor Column, Caroline, PBTG editor
02/08 Islamic Finance - The New Mainstream Alternative, Investors Offshore special feature
28/07 New PBTG Editor Column, Caroline, PBTG editor
27/07 UK Launches Raft Of Tax Consultations, Tax-News.com
26/07 Fat Tax On The Menu , Jeremy Hetherington-Gore blog entry
23/07 Sarkozy Seeks 'Fiscal Convergence' With Germany, Tax-News.com
20/07 Singapore Base For Tuvalu OIFC, Tax-News.com
15/07 St Vincent & The Grenadines, Investors Offshore special feature
13/07 Tax- News.com Jersey Review 2010-2011
12/07 Goodbye To All That, Jeremy Hetherington-Gore blog entry
06/07 Hong Kong Full PBTG Guide, added to Personal Business Tax Guide
28/06 Lowtax Dubai, annual update
18/06 Singapore - Another Hong Kong?, Investors Offshore special feature
15/06 Swiss Parliament Approves UBS Agreement, Tax-News.com
08/06 Dubai Full PBTG Guide, added to Personal Business Tax Guide
04/06 Lowtax Panama, annual update
01/06 Lowtax Luxembourg, annual update
03/03 Personal Business Tax Guide, PBTG, has launched!
Providing essential tax news and information for globally mobile artists, contractors, entrepreneurs, professionals, small businesses, sportspersons and entertainers.
 

 
Lowtax Network Sites
Lowtax Network Portal: 'Low-tax' business and investment in the top 50 jurisdictions covered in exceptional detail.
Tax News: Global tax news, continuously updated through the day.
Investors Offshore: The independent offshore and alternative investment guide for expatriates and the globally aware investor. Sponsored by HSBC Bank International.
Law & Tax News: Daily news and background data on tax and legal developments for international business.
Offshore-e-com: A topical guide to offshore e-commerce focused on tax and regulation.
Lowtax Library: One of the web's largest and most authoritative business and investment information sources.
US Tax Network: The resource for free online US taxation information, covering: corporate tax, individual tax, international tax, expatriates, sales and e-commerce tax, investment tax.
NEW! Personal Business Tax Guide: Providing essential tax news and information on business for contractors, entrepreneurs, professionals, small businesses, artists, sportspersons and entertainers.
 
>
LOWTAX OFFSHORE

ISLE OF MAN: RESIDENCE AND PROPERTY


<

BACK TO ISLE OF MAN INFORMATION: BUSINESS, TAXATION AND OFFSHORE

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 then 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."

In December 2008, the Department of Trade and Industry released a consultation document intended to precede new Regulations aimed at modernising aspects of existing work permit legislation.

The Department issues around 10,000 work permits each year, playing a vital role in ensuring employers are able to secure the suitably skilled workers they require. This in turn has assisted the economy to continue to grow at over 6% a year while the population has grown by less than 1%. The present review is intended to ensure that the legislation, the protection afforded to Isle of Man workers and the needs of the economy are in alignment to the greatest degree possible.

Key matters considered in the consultation include proposals to:

  • Update the economic and social criteria which are used to determine whether or not a permit should be granted;
  • Modernise exemption policy so that some key individuals, such as those being targeted by Government inward investment policy, and also some temporary and intermittent visitors would not require permits;
  • Ensure that the Department is aware of any relevant criminal convictions of persons applying for work permits and any relevant offences committed by persons subsequent to their being granted work permits.

Minister for Trade and Industry Hon David Cretney MHK commented:

“The present consultation follows on from the Review of Work Permit Legislation and its Administration” which I asked Nick Black to undertake in 2007. That review confirmed my view that there was no need to remove the work permit system and that employers and the wider public were supportive of its broad aims. Nick Black did, however, consider there was a need to review the current operation of the system to ensure that the needs of the workforce were balanced with those of the economy. Whilst the Regulations have not been amended since 1995 the economy has moved on. The proposals in the consultative document are an attempt to create a work permit system which fits the economy of the Isle of Man in the 21st century and which carefully balances the interests of Man workers and employers on the Island. If that balance is too much in favour of employers then some of our local workers may be overlooked for no good reason and may justifiably feel aggrieved; equally if employers perceive the legislation to be a strait-jacket they may choose not to invest, recruit or expand or on the Island and the legislation may have the opposite effect to that which is intended.”

Legislation to make immigration controls more lenient was approved on December 16 under the Control of Employment (Exemptions) Order 2009, and came into effect in the Isle of Man on January 1, 2010.

The new legislation exempts certain employments, the great majority of a temporary or intermittent nature, from the requirement for a work permit. The Order is designed to make the island an easier place to do business by reducing the administrative burden upon employers while at the same time protecting the essential interests of Isle of Man workers.

One of the main changes increases the general exemption period where a permit is not required from three days to 10 working days a year. With a very small number of exceptions – construction, mobile caterers and temporary retailers – this general exemption will apply across the board.

There is a longer exemption period for certain higher level employees of international companies. This is in recognition of the fact that such companies need to be able to move staff between jurisdictions; the exemption period is a maximum of 48 days year in this case. The exemption does not cover all employments, and is subject to certain conditions.

A further exemption category covers persons relocating businesses to the island or establishing a branch or subsidiary of a non-IoM business.

In total, 13 types of temporary and intermittent employments are exempted, along with three categories of permanent employment.

Minister for Trade and Industry, David Cretney MHK explained that:

“The Department listened very carefully to consultees and worked hard to produce a balanced package of measures aimed at increasing the attractiveness of the Isle of Man for employers – and hence overall employment opportunities – without diminishing protection for Isle of Man workers.”

<

BACK TO ISLE OF MAN INFORMATION: BUSINESS, TAXATION AND OFFSHORE

 

THE LOWTAX LIBRARY

One of the web's largest and most authoritative business and investment information sources. Alongside topical, daily news on worldwide tax developments, you can receive weekly newswires or access up-to-date intelligence reports on a range of legal, tax and investment subjects.

FREE TRIAL NEWS SUBSCRIPTION

Our 16 constantly updated intelligence reports cover every important aspect of 'offshore' and international tax-planning in depth, including banking secrecy, the EU's savings tax directive, offshore funds, e-commerce, offshore gaming and transfer pricing. Reports are available for immediate downloading or as subscription services with news pages.

Advertising & Marketing

With over 50,000 qualified readers every month our web-sites offer a number of cost effective, targeted advertising, sponsorship and marketing opportunities:

Display advertising - from 'skyscrapers' to 'buttons'
Content/article submission and sponsorship
Opt-in email marketing
On-line Services Directory listings

Click here to learn more or contact Peter Wiggins on +44 (0)1424 813852 or email him at peter@lowtax.net

News & Content Solutions

Could your corporate web-site or newsletter benefit from incorporating regularly updated news and content tailored to serve your clients' interests? We can provide a variety of maintenance-free news and content solutions that can be seamlessly integrated and dynamically delivered:

Customised, personalised 'own-brand' news services
Newsletter content and management
News Headlines Tickers

Click here to learn more or contact Peter Wiggins on +44 (0)1424 813852 or email him at peter@lowtax.net

IMPORTANT NOTICE: THE LOWTAX NETWORK has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments. All materials on this site copyright THE LOWTAX NETWORK 1999 to 2010.


All content on this site has been provided by BSIRN.