Isle of Man offers safe haven for expat funds

Published:  9 Nov at 6 PM
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In these tricky financial times, many overseas residents are searching for an offshore investment which combines security with acceptable returns.

The eurozone crisis is affecting many expats’ confidence in the financial sector, wherever in Europe they are located. Withdrawals from European banks have increased considerably during the past several years, suggesting that British expats in Portugal, Spain, Italy and Greece are looking to transfer their savings from the euro in favour of a more stable currency closer to home.

According to an article in the Daily Telegraph, the Isle of Man with its 28-year record of stability and growth as well as its depositor protection scheme is the place to investigate. The depositor protection scheme guarantees up to £50,000 for individuals and double that for joint investors in the case of a meltdown.

The offshore financial haven has a stable government and is now flourishing as a home for expat savings and investments. According to a spokesperson for the island’s Department for Economic Development, the setup provides one of the oldest, most diverse financial services industry in the world, offering varied products to suit all expat needs.

The island enjoys a Triple A sovereign rating from Moody’s, IMF recognition and an AA+ from Standard and Poor’s, all giving recognition of its high standards of excellence in financial dealings. Most UK banks have branches on the island, as have a number of building societies.

The Isle of Man is a self-governing Crown dependency, boasting a low-tax economy with a top tax rate of 20 per cent. It has no capital gains tax, wealth tax, inheritance tax or stamp duty and was recently rated as the best location by non-UK AIM top 100 companies.
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