Residency and Taxation in Isle of Man

[Verbatim]

I have read a number of posts in the forum that outline difficulty and cost in establishing an Isle of Man offshore company.

What about if you apply and receive residency in the Isle of Man under the Investor Scheme with 50k GBP investment?

Can you then serve as Director of your own company and bypass the need to appoint local Directors?

What tax will you pay apart from income tax on your salary and social contributions?

Can you receive dividends tax-free or will they count towards your income and subject to income tax?

Does the Director need to have a compensation and will that be taxed at 0% or 20%? (information online is not clear)

Will you need to rent an office to establish substance?

 

[Martin Everson]

Your talking about the Innovator Visa? Is there any specific reason for choosing Isle of Man?

I discussed in another thread Jersey's program and the channel islands mentality and reality. Isle of Man will look at your business plan and will want to assess the economic value it brings to island above all else just like Jersey. Maybe you can explain what you are trying to achieve. And yes economic substance is a must and will be expensive.


Btw Isle of Man already scrapped their Tier 1 program a few weeks ago. I am sure they will now pay greater scrutiny to applications under this program.

https://www.gov.im/news/2022/feb/23/investor-visa-route-to-the-isle-of-man-scrapped/

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[Verbatim]

The tax advantages and because it's in Europe. But it seems like you would need to pay tax that is not negligible at all.

I read that you need to create jobs and generally its not straightforward. So I rejected it.

Thanks for the help.

 

[oldtimer2]

Where did you end up Verbatim? Care to share?