Offshore banking, manufacturing, and tourism form key sectors of the economy of the Isle of Man, a British Crown dependency in the Irish Sea.
The government's policy of offering incentives to high-technology companies and financial institutions to locate on the Island has expanded employment opportunities in high-income industries. As a result, agriculture and fishing, once the mainstays of the economy, now make declining contributions to the Island's Gross Domestic Product (GDP). Banking and other services now contribute the great bulk of GDP. The stability of the Government and openness for business make the Isle of Man an attractive alternative jurisdiction (DAW Index ranked 3).
Trade is mostly with the United Kingdom. The Isle of Man has free access to European Union markets for goods, but only has restricted access for services, people, or financial products.
The Isle of Man is a low tax economy with no capital gains tax, wealth tax, stamp duty, death duty or inheritance tax and income tax rates of 10% and 20%; corporation tax is at 0%.
Read more about Economy Of The Isle Of Man: Gambling, Filmmaking, Radio and Television, Electricity, Tourism, Statistics
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