The Isle of Man Online news service claimed this week that in the wake of the Manx government's announcement that it plans to introduce a zero rate of corporate tax, businesses located in rival jurisdictions are looking at the Isle of Man with renewed interest.
'One leading bank is believed to be on the verge of transferring at least 100 employees from Jersey to the Island. An announcement is expected to be made within the next two months,' the news service reported, adding that: 'Another major bank is said to be seriously considering the proposition, and some life companies are apparently toying with the idea'.
In the absence of any concrete proof that this is the case, Treasury Minister, Allan Bell indicated to the IoM Online that he is optimistic for the future, but cautiously so:
'We've noticed considerable interest from Jersey institutions, not necessarily coming to see government, certainly not coming to see Treasury, but there's been a lot more activity within the private sector,' he explained, continuing:
'Contact has been made by Jersey institutions with their offices here or with the legal profession here to find out what's going on in the Isle of Man. Whether that's actually translated to new business moving here I'm not aware of any (plans) yet and it's probably too early to say. We've only just made the announcement (on the tax strategy) and business movement takes some time to come through.'
Mr Bell also revealed that a detailed review of all sections of the Manx economy is expected before the end of the year, and explained to the newspaper that:
'It will not just focus on the financial services industry although that will obviously play a major role. It will also assess the potential in the rest of the economy and look further into the future for us on a global basis to see what new business will be relevant to the Isle of Man; what could a small offshore Island really seriously compete in?'
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