List of Bank in Isle Of Man

Citizenship in Mann is governed by UK law. Passports issued by the Isle of Man Passport Office say "British Islands - Isle of Man" on the cover but the nationality status stated on the passport is simply "British Citizen". Although Manx passport holders are British citizens, because Mann is not part of the European Union, those without a parent or grandparent either born or resident for more than five consecutive years in the UK do not have the same rights as other British citizens with regard to employment and establishment in the EU. Isle of Man passports can be issued to any British citizen in Mann (whether or not that person has "Manx status" as an Isle of Man worker under the local Isle of Man employment laws). They can also be issued to Manx-connected British citizens residing in the UK or any of the other Crown Dependencies.

European Union

Mann holds neither membership nor associate membership of the European Union. Protocol 3 of the UK's Act of Accession to the Treaty of Rome permits trade for Manx goods without tariffs.[43] In conjunction with the Customs and Excise agreement with the UK, this facilitates free trade with the UK. While Manx goods can be freely moved within the EU, capital and services cannot be. EU citizens are entitled to travel and reside, but not work, in the island without restriction.

The Isle of Man is a low-tax economy with no capital gains tax, wealth tax, stamp duty, or inheritance tax[47] and a top rate of income tax of 20%. A tax cap is in force; the maximum amount of tax payable by an individual is £100,000 or £200,000 for couples if they choose to have their incomes jointly assessed. The £100,000 tax cap equates to an assessable income of approximately £570,000. Personal income is assessed and taxed on a total worldwide income basis rather than a remittance basis. This means that all income earned throughout the world is assessable for Manx tax rather than only income earned in or brought into the Island.

The rate of corporation tax is 0% for almost all types of income, the only exceptions are that the profits of banks are taxed at 10%, as is rental (or other) income from land and buildings situated on Mann.[48][49]

Offshore banking, manufacturing, and tourism form key sectors of the economy. Agriculture and fishing, once the mainstays of the economy, now make declining contributions to the Island's Gross Domestic Product (GDP).

Trade takes place mostly with the United Kingdom. The island is in customs union with the UK, and related revenues are pooled and shared under the Common Purse Agreement.

The Manx government promotes island locations for making films by contributing to the production costs. Since 1995, over eighty films have been made on the island.

 

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