IOM Sets Out Its Stall

by Jason Gorringe, Tax-News.com, London

20 November 2007

Isle of Man Finance hosted a Conference last week in London, “Wealth Management in the Isle of Man – delivering a full-service solution to professionals”, for an audience of over 135 City based advisers and specialists in wealth management including professional, legal and other private client advisors.

The conference explored the benefits of the Island for family offices and their management, the wider role of Isle of Man advisers and structures in wealth management, as well as asset holding and business management solutions. It also examined the strong growth in associated sectors which provide additional opportunities for wealth managers.

Key areas discussed during the conference were the wide range of investment vehicles on offer – including the new specialist and qualifying funds regimes – private trust companies, the aggressive tax strategy including the tax cap for HNW individuals, and the Island’s highly regarded yacht and aircraft registers.

The Isle of Man launched an aircraft register in May 2007. Within six months the register has attracted 20 private jets and helicopters using the “M” prefix for its new registrations. Further registrations are in the pipeline following an ever increasing demand for private jets as a more convenient means of travel in comparison to commercial aircraft, which are more time consuming to use and subject to greater security concerns

A Super Yacht register was set up in 2003 and now has 55 vessels with a further 24 to be registered. The Isle of Man Shipping Register has existed since the mid 1980’s and now has almost 400 ships under the Manx flag.

John Spellman, head and director of Isle of Man Finance, commented: “I was delighted with the attendance and quality of delegate at the event. This was a major opportunity for Government and industry professionals, working in tandem, to update London’s advisers with details of the Island’s full wealth management service capabilities and latest innovations.

“We were keen to talk to delegates about the recent changes that have been implemented following a number of updates and innovations in our finance industry and they were well received. The GBP100,000 personal tax cap and the zero tax for corporates, coupled with the new aircraft register which complements the existing super yacht register combine in making the Isle of Man the jurisdiction of choice for HNW individuals.

“We are breaking into new areas at an increasing pace, probably, much to the envy of other jurisdictions. The Isle of Man is definitely the place where you can do great business. ”

The event took place at the prestigious Langham Hotel, in London. The 30 strong delegation of finance sector professionals and Government representatives from the Isle of Man presented the Island’s full service solutions for professional wealth managers.

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