Ballanard Woods :: Executive Homes from Heritage Homes

Situated in the Irish Sea, equidistant from England, Ireland, Scotland and Wales, the Isle of Man is home to the 'Tynwald', the world's oldest known continuous parliament, which dates back to A.D. 979.

The Isle of Man has a special relationship with the European Union, which allows for the free trade movement of industrial and agricultural goods between the Island and EU Member States. The Island is also a member of the World Trade Organisation and the OECD.

Posting average annual growth of six per cent for more than 25 consecutive years, the Island is one of Europe’s most successful economies and is home to high-value industries such as banking, life and captive insurance, ship & aircraft management, film & television production, ecommerce & telecommunications.

The Island’s political stability, economic diversity and AAA Sovereign Credit Rating have secured its reputation as a high quality international offshore centre. The Isle of Man also enjoys the highest quality of life in the British Isles; 96% of residents are 'satisfied' or 'very satisfied' with the Island as a place to live, and state that the unspoiled countryside, suitability for family life and safe environment are amongst the best things about island life.

Isle of Man Key Facts

Capital City
Douglas
Location
The Island lies in the Irish Sea, approximately equidistant between England, Ireland, Scotland and Wales;
Area
52km (32 miles) long x 22km (14 miles) wide; Total area 572km (221 sq. miles);
Population
80,058
Form of State
Self Governing UK Crown dependency
Head of State
Queen Elizabeth II
Chief Minister
Honourable James Anthony Brown, MHK;
Legal Systems
Based upon the principals of English Common Law, although English law does not extend to the Isle of Man;
Currency
The Island is in currency union with the UK and issues its own coins and banknotes denominated in Sterling;
GDP Growth
7.7% (2006-2007). Per Capita National Income is 18% higher than the UK and 24% higher than the EU average*
Economic Sectors
Financial and professional services, life and captive insurance, ship and aircraft registration/management, film and television production, tourism, e-commerce, space industry services;
Sovereign Rating
AAA (Standard & Poor's, Moody's);
Corporate Tax
0% for resident trading companies; 10% for banks and insurance companies;
Personal Tax
10% Standard Rate; 20% Higher Rate (capped at £115,000 p.a. irrespective of earnings); No Stamp Duty, Death Duty, Capital Gains,

*Relates to the 15 countries that constituted the EU up to 2004

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Isle of Man Key Facts