Katz & Co. Guide to Isle of Man relocation.
What’s it like and why do people relocate to the Isle of Man ?
It is lovely, the scenery is stunning, there is a very low crime rate, the schools are pretty good and there are plenty of jobs. The quality of life here is second to none. A 2019 survey by HSBC ranked the Island as the best place to live in the British Isles.
Also, at the time of writing (November 2020), we are also lucky enough to be Covid free so we don’t wear masks or social distance.
Do I need a visa to relocate to the Isle of Man ?
People with the right to live in the UK also have the right to live in the Isle of Man. If you are from further afield – our immigration policy broadly mirrors the UK. Ask us if you have a specific immigration query.
Unlike the Channel Islands there are no restrictions for overseas people buying houses in the Isle of Man. Pricewise house prices are equivalent to nice parts of the north of England. For an idea of prices see here. See information about buying Isle of Man investment property.
Are there any restrictions on new Manx residents working in the Isle of Man ?
As noted above, anyone with the right to live in the UK can live in the Isle of Man; however, this does not grant new arrivals with the right to work and a work permit system is in place for non Manx workers. This applies to employees and self employed persons.
See more information here. As you will see, there are some exemptions and in some cases permits will be issued automatically. We have more or less full employment so – generally speaking – obtaining a work permit tends not to be problematic.
Entrepreneurs – who are seen as wealth creators are welcomed here and treated by the work permit department accordingly.
Can I relocate my business to the Isle of Man ?
Yes, the Isle of Man is very business friendly so it’s an easy place to start a business (or relocate your existing one). Companies enjoy 0% corporate tax (really), the VAT rules are identical to the UK, the employment laws favour employers, we have the same clearing banks and we do everything in sterling.
Our legal system (including company law) is unique to the Island but it’s based on English law so feels familiar.
A selection of pertinent Isle of Man relocation facts…
- Size and Space – The Isle of Man has nearly 5 times the land area (221 Sq Miles) of Jersey and our population (c 85,000) is 25% less than theirs so we have space to breathe.
- Wealth & Taxes – Isle of Man per capita income is USD84,000 (by comparison UK is USD47,000). Corporate tax is generally zero %. Personal Income tax rates are below the UK and there is no inheritance tax or capital gains tax.
- Legal system – The Island has its own unique legal system. Lawyers are called Advocates and judges are called Deemsters. Like the UK, our legal system is based on common law.
- Government – The Manx Government is called Tynwald. It claims to be the oldest continuous parliamentary body in the world. It consists of the directly elected House of Keys and the indirectly chosen Legislative Council. The people of the Isle of Man are not represented in the UK Westminster Parliament.
- Speed limits – It is true that we have no national speed limit so that on unrestricted roads you can drive as fast as you like (or safely can).
- Local population – Manx cats with no tails are quite common.
- Weather – The weather is lovely in spring, too wet in the summer and ‘blowing a hoolie’ in the winter.
- Food – The Manx national dish is chips, cheese and gravy. (very nice). It’s not Mayfair but we have a growing number of decent restaurants.
- Flights – We have one airport near Castletown there are plenty of flights (covid permitting) to London, Manchester and Liverpool and less regular services elsewhere.
- Ferries – The Isle of Man Steampacket Company runs services to Liverpool and Heysham in Lancashire.
- Shopping – The Douglas Marks & Spencer store is reputed to be the most profitable store (per square foot) in the group. We are probably some of Amazon’s best customers too 🙂
Katz & Co. specialise in Isle of Man business relocation so feel free to call us to discuss specifics.