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Isle Of Man Seeks To Tap Banking Sector Opportunities

by Jason Gorringe, Lowtax.net, London
22 July, 2016

The Isle of Man's Parliament has approved legislation to introduce a new Alternative Banking Regime to attract non-retail niche banking operations and also representative offices of foreign banks.

The new regime is to come into effect on August 1, 2016, and will provide for two additional types of banking license in the island.

Laurence Skelly, Minister for the Department of Economic Development, commented: "The new Alternative Banking Regime is a progressive initiative that is set to attract new banking operations to the island. Our existing banks provide an excellent service, but the number of operators has fallen since 2008 and this initiative aims to increase the choice for businesses in the Isle of Man and internationally."

Leonard Singer, Department Member for Financial Services and Registries, commented: "We have worked very closely with the Financial Services Authority to develop this new legislation which has been designed to attract potential new banking operations to the island."

"We are already in talks with several such banks that have expressed interest in the Alternative Banking Regime."

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