Economy of the Isle of Man

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{rate, high, increase}
{city, large, area}
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{island, water, area}
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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.

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[1] and income tax rates of 10% and 20%; corporation tax is at 0%.[2][3]

Contents

Gambling

The Isle of Man has also recently entered the online gambling industry. In 2005 PokerStars, one of the world's largest online poker sites, relocated its headquarters to the Isle of Man from Costa Rica. In 2006, RNG Gaming a large gaming software developer of P2P tournaments and Get21, a multiplayer online blackjack site, based their corporate offices on the island.

Film making

The Manx government also promotes island locations for making films by contributing to the production costs. Among the most successful productions funded in part by the Isle of Man film industry were Waking Ned, where the Manx countryside stood in for rural Ireland, and films like Stormbreaker, Shergar, Tom Brown's Schooldays, I Capture the Castle, The Libertine, Island at War (TV series), Five Children and It, Colour Me Kubrick, Sparkle, and others. Other films that have been filmed on the Isle of Man include Thomas and the Magic Railroad, Harry Potter and the Chamber of Secrets, and Keeping Mum.[4]

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