The Isle of Man is located in the Irish Sea between Britain, Scotland and Ireland. The official language is English and the official currency is the pound Sterling. It is a democratic self-governing territory within the British Commonwealth. Although this island has never formally been a part of Britain, today Britain is responsible for the island's defense and its international relations.
The political, governmental and economic systems are stable and it has a free trade zone. The Isle of Man enjoys a reputation as a respected, well-established and sophisticated offshore financial center. The banking system is well-developed. Confidentiality is very important regarding banking practices. Bankers are not allowed to divulge information related to their clients. Moreover, there are no exchange control regulations of any type to limit the movement of funds on or off the Island, currency is freely transferable.
Non-residents doing business on the island, are exempt from income tax, also it is exempt for trusts with non-residents beneficiaries. There are no capital gains taxes nor gift taxes on the island.
Since this country has a legal system based on Common Law it recognizes the concept of the Trust. The only trust that needs to be registered would be one dealing in real estate. Furthermore, a valid executed trust cannot be revoked. Once it is valid the settler no longer maintains an interest in the trust property, unless it is provided for in the trust deed. The Isle of Man is an excellent jurisdiction for creative planning and ventures.
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