Offshore bank accounts

Isle of Man company formation

 

Basic facts regarding Isle of Man

Isle of Man (IOM) is a British crown dependency, and while it has its own parliament, government, and laws, the United Kingdom (UK) remains constitutionally responsible for its defense and international representation. Offshore banking, manufacturing, and tourism are key sectors of the economy. The government offers incentives to high-technology companies and financial institutions to locate on the island.

Isle of Man taxation

In the Isle of Man there is no general capital gains tax, turnover tax or capital transfer tax, and there are no stamp duties. In addition, Isle of Man now has a standard 0% rate of corporate income tax.

Offshore business in Isle of Man

As of December 31, 2008, there were 40 banking, building society and Class 1 deposit taking license holders; 81 investment business and Class 2 investment business license holders; 61 managers of collective investment schemes and Class 3 services to collective investment schemes license holders; 204 corporate service providers and Class 4 corporate services license holders; and 131 trust service providers and Class 5 trust services license holders.

International cooperation

Isle of Man has executed Tax Information Exchange Agreements withAustralia, Canada, Denmark, Faroe Islands, Finland, France, Germany, Greenland, Iceland, Ireland, New Zealand, Norway, Sweden, The Netherlands, United Kingdom, United States.

Anti-Money Laundering Law allows information to be disclosed for the purposes of the prevention or detection of crime including tax crimes or for the purposes of criminal proceedings in another country (with all countries).

Criminal Justice Acts allow the Attorney General to obtain and provide information relating to a suspected offence involving serious or complex fraud, criminal proceedings that have been instituted or a criminal investigation that is being carried on in another country (with all countries). Where a request for information relates to a tax offence in respect of which proceedings have not yet been instituted, there is a requirement that the request must be from a member of the Commonwealth or is made pursuant to a treaty to which the United Kingdom is a party and which extends to the Island; if these conditions are not complied with then there is a dual criminality requirement.

Evidence (Proceedings in Other Jurisdictions) Act gives effect to the Hague Convention on the Taking of Evidence Abroad in Civil and Commercial Matters.

Law implementing Savings Tax Agreements with EU member states provides only for exchange in the case of voluntarily disclosure.

[sources: United States Department of State Bureau for International Narcotics and Law Enforcement Affairs; Organisation for Economic Co-operation and Development]

 

Bank accounts

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