The Isle of Man is a beautiful little island situated in the Irish Sea, known to sports fans for its iconic and extremely dangerous TT motorcycle races. Some view the island as a tax haven, a glorified private-members country club in which only the fabulously wealthy can live. To others – those lucky few who actually live there – it’s home-sweet-home, and one of the most desirable locations in Europe. The good news is if you happen to be a foreign, high net-worth investor, you too can become a resident of the Isle of Man – by virtue of their Tier 1 Investor Visa!
About The Isle Of Man
Chances are, if you not a fan of motorcycle racing, and you are neither British nor Irish, you will know very little about the Isle of Man, if indeed you have heard of it at all. The Isle of Man – known to locals simply as Mann – is a self-governed UK crown dependency that is located in the Irish Sea, virtually the same distance from the coast of Norther Island as it is to the West coast of England. It is has an area of 572 km2, a small population of 85,000 people, yet one of the highest HDI (Human Development Index) rankings in the world. To live on the Isle of Man, one has to be either wealthy or lucky enough to be a Manx citizen, by birth or by bloodline.
The Isle of Man can trace its history all the way back to the Bronze Age (600 BC). The Romans colonized the island and named it “Insula Manavia”, literally “Isle of Man” in Latin. The fifth century saw large numbers of Irish immigrants settle on the island, bringing with them the Gaelic language which forms the basis for Manx, which along with English is the official dialect of the island. The Isle of Man fell to the Norsemen of Norway in the 6th century, and was for a time also ruled by Scotland.
In 1399 the English Crown took control, although it has never actually become part of the United Kingdom, instead retaining a status as an internally self-governing Crown dependency – rather like Gibraltar. The Isle of Man citizenship and passport are recognized as being the same as the citizenship and passport of the UK.
The Isle of Man is often called a Tax Haven, and it is certainly a low-tax economy. Its citizens pay no capital gains tax, no wealth tax, no corporate tax, no stamp duty, nor inheritance tax. Income tax on the Isle of Man is fixed at a top rate of 20%, with a cap of £120,000 for an individual.
Not surprisingly, the offshore banking sector is a major contributor to the island’s economy, along with tourism, with the annual TT races, which attract tens of thousands of visitors and brings in millions in revenue being a prime example. The island once relied on agriculture and fishing, and while it still retains these sectors, they have been significantly surpassed in terms of economic importance by the services industry, which includes all aspects of banking (commerce, finance, investment) and tourism (catering, accommodation, entertainment.)
Becoming A Resident/Citizen Of The Isle Of Man
The Isle of Man adheres to the same investor visa system as the UK, in particular the Tier 1 Investor Visa. It is however a self-running operation, with decisions regarding Immigration and the suitability of applicants are made locally by the Isle of Man immigration staff, independently of UK agencies.
The Isle of Man Tier 1 Investor Visa is ideal for foreign (non-EU) investors with no criminal record who have a strong desire to live in on the island and who have sufficient investment funds to do so. The Isle of Man immigration website states:
“The Investor must demonstrate that they have money of their own under their control held in a regulated financial institution and disposable in the Isle of Man amounting to not less than £2 million; and that they have opened an account with an Isle of Man regulated bank for the purposes of investing not less than £2 million in the Isle of Man.”
In simple terms, an investor must place £2 million into a specified Isle of Man bank account within three months of their arrival on the island. Those funds must remain in said account for a period of 3 years 4 months, which can be extended to five years, upon which the funds will be returned to the investor. These funds will be used for investment into Isle of Man business interests.
Attainment of the Tier 1 Investor Visa allows an investor to remain in the Isle of Man for a period of 3 years 4 months – which, subject to conditions can be extended. After 5 years of residency on the island, an investor can apply for “Indefinite Leave to Remain”, which means permanent residency, and is the precursor to full citizenship.
If an investor were to place a figure of £5 million instead of £2 million into the investment account, after three years (instead of five) they would be eligible for permanent residency. If the figure to be invested was £10 million, the investor would be eligible for permanent residency after two years.
Benefits Of The Isle of Man Residency/Citizenship
Once an investor has become a resident of the Isle of Man, permanent residency is just a question of time,* and following that, taking the final step to full citizenship is straightforward. Application for citizenship can be done immediately, and may take a year to process. The benefits of becoming an Isle of Man resident and eventually becoming a citizen are multiple:
- Refundable Investment: After five years of living as an Isle of Man resident, the investment is returned, and permanent residency can be acquired
- Attainment of UK Citizenship: After one year of permanent residency, full Isle of Man/UK citizenship can be acquired
- Benefit of UK Citizenship: As a citizen of the Isle of Man, an investor would automatically also become a UK citizen. The UK is the world’s 5th largest economy and is a highly respected and influential nation, and recognised as such the world over. The UK is renowned for its excellent standards of living, its education and its healthcare
- Powerful UK Passport: The Isle of Man passport is in effect a UK passport, which is currently the 3rd most powerful passport in the world according to 2ndPassports.com’s World Passport Rankings. A passport’s power is gauged by how many countries it has access to without the need of a visa.
- Visa-Free Access To 175 Countries: The Isle of Man/UK passport grants its holder visa-free access to 175 countries worldwide, including direct entry to the Americas (the USA, Canada, Central America, the Caribbean and Latin America), all of Western Europe, areas of Eastern Europe, Southern Africa, areas of Asia plus the Far East and Australasia
How 2ndPassports.com Can Help You
2ndPassports.com can help to speed up the period of residency normally required for the Isle of Man residency, reducing it from five years to three or even two years, without the need of the applicant having to investment £5 or £10 million. Contact us today for further details at email@example.com.
For more information on becoming an Isle of Man citizen and receiving that life-changing UK passport, contact 2ndPassports.com today. We can give you all the information you require on the Isle of Man’s Tier 1 Investor Visa program, and how it will work for you.
Feel free to contact us via email, WhatsApp or Telegram. If you prefer you can chat to one of our expert representatives directly – you can call us using our encrypted phone and Skype lines. All of our contact details are listed at the top of the 2ndPassports.com homepage.
We look forward to hearing from you!
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