Introduction & Overview
Welcome to the Isle of Man. This small island, situated in the centre of the British Isles, is an internally self-governing dependent territory of the Crown and is not part of the United Kingdom. Tynwald, the Island's 1000 year old Parliament, makes its own laws and oversees all internal administration, fiscal and social policies. The Island has its own income tax and Customs and Excise services and it has long been a low tax area, enjoying total independence from the UK on matters of direct taxation. The Isle of Man enjoys a special relationship with the European Union and this relationship allows streamlined movement of goods between the Island and the EU.
The Economy
The Isle of Man economy has experienced over twenty years of consecutive growth, with a particularly impressive performance since the mid 1990s. It is estimated that the economy is expanding in the region of 5% per annum in real terms. Key sectors behind this performance have been financial and professional services, with banking a major contributor. The Government's intiatives to stimulate economic activity and population growth by increasing awareness of the Island's advantages has produced a significant return, through new residents and businesses. These measures have provided enhanced employment opportunities throughout the overall economy. The Island offers a sound and stable platform for businesses to flourish and is able to react swiftly and effectively to changing world markets.
Transport & Communications
The Isle of Man is linked to its immediate neighbours and to the rest of the world by excellent air, sea, postal and telecommunications systems. The transportation of goods and passengers is speedy and unhampered by Customs and Passport Controls as a consequence of the Isle of Man's Customs Union Agreement with the United Kingdom. Daily air and sea services operate throughout the year, while the 500 plus miles of Island roads are relatively uncongested. Telecommunications, operated through Manx Telecom, are of the highest standard, using the most modern digital technology. In addition, SURE mobile, a subsidiary of Cable and Wireless Group, also now offers mobile telephone services on the Island. In July 2008, Cable and Wireless was granted a landline licence by the Isle of Man Communications Commission, thus bringing a competitive edge to the telecommunications market.
Infrastructure
The Isle of Man has not, at the present time, discovered indigenous sources of coal, gas or oil and therefore depends on imports to supply its energy demands. Despite this, the Island's industrial and domestic users are provided with thoroughly modern supplies of electricity, gas and other fuels. With excellent educational, health and social amenities, the Isle of Man provides a unique quality of life that is appreciated and treasured by all residents both old and new.