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IoM Appoints HNWI Business Development Manager

by Jason Gorringe, Lowtax.net, London
16 October, 2014

The Isle of Man Government's Department of Economic Development has appointed Nick Presley to the new position of Business Development Manager, High Net Worth Individuals, to promote the island's tax incentives for affluent persons.

Simon Pickering, Head of Retail Financial Services, Department of Economic Development, said: "This is a new role which has been created in acknowledgment of the evolving landscape for financial services in the Isle of Man, as set out in the island's economic plan for the future, Vision2020. Nick's main objective is to raise awareness of the Isle of Man in our key target markets as a place to relocate to."

"We know from past and current experience that economically active High Net Worth Individuals are a source of growth and bring a range of benefits."

Presley has worked within the island's financial services industry for 25 years and has 14 years' experience at senior management level. Prior to his appointment he was Chief Executive Officer of a Class-5 Trust Service Provider. Presley said: "This will be a challenging but exciting role and I'm looking forward to working closely with local industry to further develop the island's world-class offering as an International Business Center with a successful and well-respected financial services industry."

The Isle of Man offers a tax cap regime for wealthy individual taxpayers. Under rules revised earlier this year, applicants must commit to pay a fixed amount of tax for at least five years. Previously, taxpayers could make an annual election to be taxed under the regime and there was no rules concerning the minimum amount of tax that had to be paid to be taxable under the arrangement. As of April 6, 2012, the tax cap was increased to GBP120,000 (USD191,000).

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