Isle of Man Economy
Isle of Man economy has made its name as a leading and attractive center for financial services, telecommunications and other business sectors.
Isle of Man economy, with regard to taxation, exercises autonomy with matters concerning direct taxation for individuals and domestic Isle of Man companies. E-commerce is important to the development of Isle of Man economy, and has been supported by the government of Isle of Man.
Isle of Man economy is not dependent on funding from the European Union, nor does it contribute to EU funding, as the Island does not have member or associated member status of the EU. Isle of Man economy is involved with the EU according to Protocol 3, through which the Island is associated in the customs territory of the EU. Isle of Man economy benefits from the liberal movement of agricultural and industrial products between the EU and the Island.
Banking and insurance are important to the economy of Isle of Man. Banks operating within Isle of Man economy are mainly branches of parent clearing banks based in the United Kingdom. There are also many foreign and UK banks and branches of large building societies operating in Isle of Man economy/banking sector. Due to the international nature of Isle of Man banking within the Isle of Man economy, deposits are made in all major international currencies, even though the main currency is the Pound sterling.
Tourism was once one of the major sectors in Isle of Man economy. Tourist arrivals have experienced decline over the years, requiring tourism authorities to rethink new strategies for tourism. Tourism however continues to play an import role in Isle of Man economy. A similar account can be made of the agriculture, fisheries and forestry sectors in Isle of Man economy. These Isle of Man economic sectors are the traditional sectors of the Island but now play a less important part in the economy. Isle of Man however still depends on the jobs created by these sectors, thus the government has taken it upon itself to make a series of subsidies, loans and grants available to farmers and producers operating in Isle of Man economy.
E-commerce (e-business) and e-gaming have become two of the principal sectors in Isle of Man economy. Isle of Man has advanced facilities for telecommunications and its low tax regime, is able to attract investments in these areas.