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Economy and Banking Sector of the Isle of Man

Double Taxation Agreements

Double Taxation Agreement (DTA) is an agreement between two or more countries for the avoidance of double taxation.

DTAs of the Isle of Man: 11 Signed Agreements

Isle of Man signed DTAs which already came info force with the following jurisdictions (for agreements which came into force after 1 January 2013 the date of coming into force is given in brackets):

 Bahrain
 Estonia
 Guernsey (Jul 2013)
 Jersey (Jul 2013)
 Malta
 Qatar
 Seychelles (Dec 2013)
 Singapore (May 2013)
 United Kingdom

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 1 January 2013 of signing the agreement is given in brackets):

 Belgium
 Luxembourg (Apr 2013)

Information Exchange

There are 3 ways for jusrisdictions to exchange information on tax matters:

  • spontaneously;
  • on request;
  • automatically.

Spontaneous exchange of information is provision of information that is forseeably relevant to another party without a request being previously sent.

Tax Information Exchange Agreements (TIEAs) enable exchange of information on request relating to a specific tax investigation, either criminal or civil.

Automatic information exchange allows jurisdictions to exchange information automatically, without having a specific tax investigation.

Exchange on Request: 31 Signed Agreements

Isle of Man signed TIEAs which already came info force with the following jurisdictions (for agreements which came into force after 1 January 2013 the date of coming into force is given in brackets):

 Argentina (May 2013)
 Australia
 Canada
 China
 Czech Republic
 Denmark
 Faroe Islands
 Finland
 France
 Germany
 Greenland
 Iceland
 India
 Ireland
 Japan
 Mexico
 Netherlands
 New Zealand
 Norway
 Poland
 Portugal
 Slovenia
 Sweden
 United Kingdom
 United States

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 1 January 2013 of signing the agreement is given in brackets):

 Botswana (Jun 2013)
 Indonesia
 Italy (Sep 2013)
 Lesotho (Sep 2013)
 Switzerland (Aug 2013)
 Turkey

Automatic Exchange: Starts in September 2017

Isle of Man signed the automatic information exchange agreement on 29 October 2014 and committed to start the automatic information exchange in September 2017.

Automatic Excnange: 50 Bilateral Agreements to Receive Information

the Isle of Man has signed bilateral agreements with 50 jurisdictions to automatically receive information:

 Argentina
 Australia
 Austria
 Belgium
 Brazil
 Bulgaria
 Canada
 China
 Colombia
 Croatia
 Czech Republic
 Denmark
 Estonia
 Faroe Islands
 Finland
 France
 Germany
 Greece
 Greenland
 Hungary
 Iceland
 India
 Ireland
 Italy
 Japan
 Korea, Republic of
 Latvia
 Liechtenstein
 Lithuania
 Luxembourg
 Malaysia
 Malta
 Mauritius
 Mexico
 Netherlands
 New Zealand
 Norway
 Poland
 Portugal
 San Marino
 Seychelles
 Singapore
 Slovakia
 Slovenia
 South Africa
 Spain
 Sweden
 Switzerland
 United Kingdom
 Uruguay

Automatic Excnange: 58 Bilateral Agreements to Send Information

the Isle of Man has signed bilateral agreements with 58 jurisdictions to automatically send information:

 Argentina
 Australia
 Austria
 Belgium
 Belize
 Brazil
 Bulgaria
 Canada
 China
 Colombia
 Costa Rica
 Croatia
 Cyprus
 Czech Republic
 Denmark
 Estonia
 Faroe Islands
 Finland
 France
 Germany
 Greece
 Greenland
 Hungary
 Iceland
 India
 Indonesia
 Ireland
 Italy
 Japan
 Korea, Republic of
 Latvia
 Liechtenstein
 Lithuania
 Luxembourg
 Malaysia
 Malta
 Mauritius
 Mexico
 Netherlands
 New Zealand
 Norway
 Poland
 Portugal
 Romania
 Saint Lucia
 Saint Vincent and The Grenadines
 Samoa
 San Marino
 Seychelles
 Singapore
 Slovakia
 Slovenia
 South Africa
 Spain
 Sweden
 Switzerland
 United Kingdom
 Uruguay

Further Information

FATCA

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).

FATCA Status in the Isle of Man
IGA in effect since 13 December 2013, Model 1

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.

Further Information