Tax, Visa Guide Published For Expats To Isle Of Man
by Jason Gorringe, Lowtax.net, London
04 December, 2014
International corporate service provider Dixcart has published an article highlighting the benefits of immigrating to the Isle of Man and setting out how to become resident in the island for tax purposes.
According to the firm, one of the key advantages that immigrating to the Isle of Man can offer is that it entitles the successful applicant and his family to receive British Citizenship, if all of the relevant conditions are met. The island also has an attractive personal income tax regime and a dedicated team appointed to work with individuals, with a particular focus on high-net-worth individuals and entrepreneurs. The tax regime features:
- A standard rate of income tax for individuals of 10 percent, with a higher rate of 20 percent. It is possible for annual personal income tax to be capped at GBP120,000 (USD188,000) for a period of five years for IOM tax resident individuals;
- No capital gains tax;
- No inheritance tax;
- No residency fees or stamp duty;
- "Key man concessions," as part of efforts to attract talented individuals to the island, which can lead to a tax-free income for three years; and
- Zero-rated corporation tax (except for banking, IOM property, and some retail businesses).
The articles goes on to discuss the visas that are available to non-EU nationals, who are required to obtain a residence visa to settle in the Isle of Man. EU nationals have the right to reside in the Isle of Man, but for non-EU nationals there are two types of Isle of Man visa that are particularly attractive to high net worth individuals: Tier 1 Entrepreneur Visa and Tier 1 Investor Visa, discussed at length in the firm's article.
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