About the Isle of Man

Standard & Poor’s and Moodys have awarded the Isle of Man an AAA credit rating, reflecting the strength of the Manx economy and its track record of prudent fiscal management.

The Isle of Man forms part of the British Isles. The Island is a separate jurisdiction and has its own Parliament, called Tynwald, dating back over a thousand years to Viking times. Tynwald is believed to be the oldest continuously held democratic parliament in the world.

• A stable crown dependency
  The Isle of Man is located midway between England and Ireland in the Irish Sea. It measures approximately 33 miles long and 13 miles wide and the population of the Isle of Man is currently around 80,000.
  
  
• Taxation
  The Isle of Man’s key attraction is its status as a stable privileged tax regime. The taxation system in the Isle of Man is entirely separate to that of the United Kingdom, except in relation to VAT and Customs duties. The Island has a special relationship with the European Union for the purpose of customs and the free movement of goods.
  
  
• Greater protection for depositors
  Established in 1983, the Island’s Financial Supervision Commission (FSC) regulates domestic and offshore banking and other financial institutions. The FSC is responsible for developing and organising systems which have enhanced the Island’s reputation as one of the best regulated offshore financial centres in the world.
  
  Virtually unique among offshore centres, the Island has its own Depositors’ Compensation Scheme. The Scheme provides that, where a bank licensed in the Isle of Man collapses, compensation to people who have money in current and deposit accounts with up to £50,000 of net deposits per individual depositor per deposit taker. More information on the Depositor Compensation Scheme can be found on the Isle of Man Financial Supervision Commission website.
  
  In addition, under Isle of Man Law, private individuals have the right to refer complaints we cannot settle to the Financial Services Ombudsman Scheme for the Isle of Man.
  
  Customers should note that deposits made with Bradford & Bingley International Limited will not be covered by the Financial Services Compensation Scheme created under the UK Financial Services and Markets Act 2000.
  
  
• An expanding economy
  Politically stable, the Isle of Man provides a secure base for offshore banking, fund and asset management, trusts and insurance. Other areas of expansion include a large shipping register, high-tech industry and Europe's only offshore freeport.