|Location||Europe; an island in the Irish Sea|
|Population (2011)||84 497|
|EU Status||not part of the EU|
|Dependent Territory Of||United Kingdom (British Crown Dependency)|
|National Currency||IMP (Manx pound)|
|Credit Ratings (as of Sep 2016)|
|Moody's||Aa1||high grade, outlook negative|
|Double Taxation Agreements||11 signed agreements|
|Exchange on Request||31 signed agreements|
|Automatic Exchange||starts in September 2017|
|FATCA||IGA in effect since 13 December 2013, Model 1|
|Deposit Guarantee Scheme|
|Maximum Protected Amount||50 000 GBP|
|Country Ceiling for Deposits|
|Local Currency (Manx pound)||Aaa||prime|
|Banking Supervision||Financial Supervision Commission|
|Banking Sector Structure|
|Number of Banks||23|
|List of Banks in Isle of Man|
The official currency is the Isle of Man is the Manx pound (IMP). The Pound sterling (GBP) is also used.
Double Taxation Agreement (DTA) is an agreement between two or more countries for the avoidance of double taxation.
Isle of Man signed DTAs which already came info force with the following jurisdictions (for agreements which came into force after 01 January 2013 the date of coming into force is given in brackets):
There are also several agreements between Isle of Man and other jurisdictions which were signed but haven't yet come into force (for agreements signed after after 01 January 2013 of signing the agreement is given in brackets):
There are 3 ways for jusrisdictions to exchange information on tax matters:
Tax Information Exchange Agreements (TIEAs) enable exchange of information on request relating to a specific tax investigation, either criminal or civil.
Isle of Man signed TIEAs which already came info force with the following jurisdictions (for agreements which came into force after 01 January 2013 the date of coming into force is given in brackets):
There are also several agreements between Isle of Man and other jurisdictions which was signed but haven't yet come into force (for agreements signed after 01 January 2013 of signing the agreement is given in brackets):
Automatic information exchange allows jurisdictions to exchange information automatically, without having a specific tax investigation.
Isle of Man signed the automatic information exchange agreement on 29 October 2014 and committed to start the automatic information exchange in September 2017.
Foreign Account Tax Compliance Act (FATCA) which became law in the United States in March 2010, focuses on reporting made by foreign financial institutions about financial accounts held by US taxpayers or foreign entities in which US taxpayers hold a substantial ownership interest. The FATCA-reporting is facilitated by Intergovernmental Agreements (IGAs).
Isle of Man has FATCA agreement with the U.S. in effect since 13 December 2013 (Intergovernmental Agreement Model 1). Financial institutions operating in Isle of Man are required to identify U.S. taxpayers by January 1, 2017 and to report the information for 2017 and the subsequent years. The agreement is reciprocal: Manx financial accounts hold in U.S. financial institutions will be reported to Manx authorities.
FATCA and European countries
Deposit Guarantee Schemes compensate certain deposits held by depositors of a bank that becomes unable to meet its obligations.
From a depositor's point of view it is important to know:
All these details about deposit guarantee scheme in Isle of Man are summarised in Table 1.
|Scheme Participants||all credit institutions operating in Isle of Man (including branches of foreign banks), branches of Manx banks abroad|
|Eligible Depositors||natural persons, legal entities|
|Covered Accounts||any credit balance on an account with a bank (for example, current accounts, notice accounts and fixed term accounts)|
|Maximum Protected Amount||50 000 GBP|
|Paid In Currency||GBP|
Table 1. Deposit guarantee scheme in Isle of Man.
Deposit Guarantee Schemes in European Territories
Moody's country ceilings for deposits specify the highest rating that can be assigned to local- or foreign- currency denominated deposit obligations of a bank or other deposit taking institution domiciled within that country.
Local currency (Manx pound) deposit ceiling for Isle of Man is set to Aaa (prime), foreign currency deposit ceiling is Aaa (prime).
Currently there are 23 credit institutions operating in Isle of Man.
All the credit institutions operating in Isle of Man can be classified into several categories. Table 2 summarises the number of banks in each category.
|Category||Number of Banks|
|Branches of foreign banks||11|
There are 11 branches of foreign banks from 4 different countries in Isle of Man. Table 3 shows the number of branches grouped by the country of origin.
|Country of Origin||Number of Branches|