OVERVIEW
of the Isle of Man
LOCATION
of the Isle of Man
STABILITY
and recognition
HISTORY
a brief history
 

 


The Isle of Man has enjoyed long-term political and economic stability. It is a self-governing Crown dependency with the British Sovereign, in their capacity as Lord of Mann, as head of state. The Vikings established the local Manx parliament, Tynwald, which is the oldest continuous parliament in the world dating back to 979. Tynwald is entirely responsible for all internal legislation, including taxation.

The booming economy of the Isle of Man is largely due to the success of its financial services industry, which accounts for approximately 50% of the economy. This success is reflected by the Island’s AAA security rating from Standard & Poor’s and that it is frequently voted as being “the world’s best offshore financial services centre.” The Manx Government is committed to maintaining and enhancing the well-respected profile of the Island as a reputable international financial centre whilst retaining its independence.

The Isle of Man, whilst being neither a member nor an associate member of the European Union, has a special relationship with the Community by virtue of Protocol 3 to the UK’s Treaty of Accession. This enables the Island to enjoy free trade with the European Union whilst effectively excluding it from most of the provisions of the Treaty of Rome, including the programme for harmonisation of direct taxes.

 

 





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