Survey Reveals International Knowledge Of Isle Of Man 'Sketchy'

by Amanda Banks, Tax-News.com, London

02 July 2002

A survey conducted by Tim Cullen, board member of the Isle of Man's Financial Supervision Commission and former senior adviser to the World Bank, has revealed that knowledge of the jurisdiction's strengths and weaknesses as a finance centre is limited in both the UK and the international financial community.

Speaking at a business breakfast on Friday, Mr Cullen announced that the world's knowledge of the Island is 'fairly sketchy', according to a report from the Isle of Man Online this week.

'The Island of course has a very good story to tell, but I would argue that it has only done a mediocre job of telling it,' he explained to delegates attending the Manx Business Connection meeting, adding that: 'I would put it to you that this is rather a vulnerable position for the Island to find itself in.'

Mr Cullen revealed that of those surveyed, around one-third were UK residents, and the remaining two-thirds were internationally located. Worryingly, given the lack of knowledge of the jurisdiction displayed, half of the respondents were financial journalists, Mr Cullen announced, before dropping the bombshell that: 'the former Foreign Editor of the Financial Times and the former Washington financial correspondent of the Telegraph said that they knew too little about the Island to answer any of the questions.'

The former World Bank adviser turned consultant told those attending the business breakfast that although many people's perception of the Isle of Man is vague, the general view is that the Island is safe as a financial centre, and that its economy is thriving.

However, when respondents asked the first thing that came into their mind with regard to the Isle of Man, the responses entered the realm of the surreal.

Alongside mentions of Manx cats, tax havens, cold weather, and TT races: 'One out of date correspondent referred to birching,' Mr Cullen revealed, adding that: 'another, and I quote directly, said "You can shoot a Scotsman on sight there, provided he's wearing a kilt".'

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