Isle Of Man Showcased At Geneva HNWI Conference

by Carla Johnson, Investors Offshore.com

22 February 2007

Isle of Man Finance, the Manx government's finance industry promotional arm, last week hosted a ‘Family Wealth Management Seminar’ in Geneva, which sought to showcase the strength of the Island’s attractions for high net worth individuals.

The event, held for the second consecutive year in Geneva, has enabled the Isle of Man to demonstrate that it has delivered on its promise in having introduced both the tax strategy and new Companies Act - alluded to at last year’s event - which together put it at the forefront of domiciles in a European time zone for the establishment and servicing of companies.

The half-day event provided an audience of over 80 leading family wealth management professionals, predominantly from Europe, with an update briefing from an Isle of Man perspective. Presentations and panel discussions, chaired by offshore expert and London lawyer Richard Hay (Partner at Stikeman Elliot), were given by Steven Carse, Chief Economic Adviser to the Government, and by representatives of the Island’s finance sector, who focused on the current attributes of the Island’s proposition for private client business.

The Isle of Man is now seen as a key player in attracting both high net worth individuals and their investments, due to key legislative updates in 2006, in the form of a zero rate of corporate tax applicable to all companies (except banks), a tax cap on personal income tax, and the new Isle of Man Companies Act 2006. The Island’s reputation as a centre for corporate and trust service provision also plays as an advantage to tap further into this high value niche market.

Leading the delegation and speaking on behalf of Isle of Man Finance, Deputy Head, Steven Beevers commented:

"The Island now has a strong message for private client business, therefore Geneva, as the centre for wealth management and the gateway to high net worth individuals, was the most appropriate venue to leverage support and interest. This high calibre event provided us with the opportunity to showcase our attractive tax package and expertise, to an audience of top level advisers with a global client base. The inclusion of industry and government spokespeople helped to convey how well we work hand in hand to promote the common goal of the Island’s finance sector."

He concluded: “The Isle of Man is continuously looking at ways to increase our services and attractions to this niche but high value market. Therefore, it was pleasing to see that the broad range of Isle of Man business offerings including the super yacht register and shortly to be introduced aircraft register also met with considerable enthusiasm by the wealth management professionals.”

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