Issuu

2024 EDITION

GOOD LIVING, GOOD BUSINESS in the Isle of Man

IT’S TIME TO START YOUR ADVENTURE

RELOCATING TO THE ISLE OF MAN

Time to experience a new way of working and a new way of living

“The incredible scenery brings a real feeling of space and freedom.”

SMALL ISLAND, BIG OPPORTUNITIES

THE INNOVATION CHALLENGE

Support for the Island’s entrepreneurial spirit

Launched to reward solutions in FinTech, Cleantech and AI

FROM THE ISLE OF MAN TO AFRICA, A WORLD OF OPPORTUNITY AWAITS. Embark on a career journey with purpose, vision, and unlimited possibilities.

APPLY NOW

Visit international.standardbank.com/about-us to view our latest vacancies

Standard Bank Isle of Man Limited is licensed by the Isle of Man Financial Services Authority with registered offices at Standard Bank House, One Circular Road, Douglas, Isle of Man, IM1 1SB. Registered in the Isle of Man No.4713C

WELCOME

A NEW WAY OF WORKING, A NEW WAY OF LIVING more

Welcome to magazine, designed especially to give you an array of information and insight into life on this beautiful Island. As well as its obvious natural beauty, the Isle of Man is a highly successful economic model, envied by many jurisdictions and countries around the world. Many organisations have enjoyed, and continue to enjoy, considerable success here, benefiting from the favourable economic conditions in which they operate, the various support available, higher than UK national average wages and a close working relationship between the private sector and various Isle of Man Government departments. It is the partnership between the Isle of Man Government and private sector companies and organisations which, over many years working together to achieve a common goal of increased prosperity, has helped the Isle of Man see continued economic growth year after year. Out of working hours - bearing in mind you’ll enjoy a short commute wherever on the Island you choose to live and work - quality leisure and family time will be yours in abundance, something that those who have already made their move value above all else. Take a close look through the following pages and discover how and why the work / life balance works so wonderfully well here in the Isle of Man.

KEITH

more magazine is designed and published by Keith Uren Publishing Limited 12 Manor Lane | Douglas | Isle of Man | IM2 2NX

CONTACT Keith Uren T: 01624 611100 | M: 07624 498740 | E: portfolio@manx.net

2024 EDITION

Business never sleeps. Neither does our support. When business continuity matters. Make sure your IT works around you.

Find out more business.sure.com Advisory & Design • Managed Services • Cloud Services • Cybersecurity • Telecommunications

WELCOME

FOREWORD The Isle of Man is a place of opportunity. We offer our residents an enviable quality of life and a place of economic security and stability. The Island’s economy is thriving because of our diverse, innovative business landscape and competitive tax environment, whilst our vibrant community is set in a beautiful UNESCO Biosphere, with sustainability and resilience at the heart of everything we do. If there is ever a time to choose the Isle of Man as a place to live and work, now is it. With the lowest crime rate in the British Isles, the Isle of Man is a safe place to live, with extremely low geopolitical risk and a highly stable Government. The Island offers an abundance of career opportunities at all levels with diverse local employers offering competitive salaries, making the Island a truly prosperous home for people and businesses to thrive. We pride ourselves on being an agile Government, rising to meet the challenges of the day and continually planning for the future through a bold longterm Economic Strategy which sets out the economic aspirations of this administration, and the community, into a single strategic approach, to provide a secure, vibrant and sustainable future for our Island and its residents. Secure – We have an Island where everyone feels safe, our economy is secure, our health and education systems support everyone, and we have housing food and energy, and transport security. Vibrant – Our Island is vibrant, diverse, and welcoming, providing excellent educational, recreational and economic opportunities for all, and our businesses are able to grow with confidence, accessing the skills and people required now and in to the future. Sustainable – We look after and nurture our Island and our resources, driving forward our local agenda towards a fair, inclusive and sustainable society and environment. The Economic Strategy is underpinned by Our Island Plan, which sets the course for the longer term delivery of our vision, through Government policies, strategic programmes and clear, measurable targets, to ensure we achieve our economic ambitions. Security in a world increasingly defined by uncertainty means providing our residents and businesses with the ability to be confident in their economic wellbeing. Vibrancy speaks to a dynamic ecosystem, where innovation thrives, opportunities are in abundance and communities flourish. Sustainability, is to not only care for our natural environment, but also to ensure we can continue to provide high-quality and affordable services for generations to come. If you are considering the Isle of Man as a place to live, work and do business, I sincerely hope this magazine will prove an informative resource to help you make what could be the most rewarding decision for your life and your career. For those of you who have already chosen to call the Isle of Man your home, but are perhaps looking for your next opportunity, I hope that the array of inspiring stories and useful insight will leave you feeling empowered to start a new chapter.

HON TIM JOHNSTON, MHK MINISTER FOR ENTERPRISE

2024 EDITION

INTRODUCTION

NOW IS THE TIME TO CHOOSE THE ISLE OF MAN The Isle of Man is part of the common travel area, allowing free movement between the Island, the UK and Republic of Ireland. If you are a British or Irish National relocating to the Isle of Man, the process is incredibly simple; you have a right to move to the Island and purchase property meaning that you could make your dream move within a couple of weeks. We also welcome those from outside of the UK and Republic of Ireland and our immigration system is clear and straightforward. There are a number of visa options for investors and entrepreneurs considering a relocation from around the globe. Locate Isle of Man provide a comprehensive and highly confidential service which supports and guides individuals and businesses through the process of relocating with a bespoke service which is tailored to you, no matter where in the world you currently reside.

FIVE REASONS WHY YOU SHOULD CONSIDER RELOCATING TO THE ISLE OF MAN . . . 1. DIVERSE AND INTERESTING CAREER OPPORTUNITIES The Isle of Man’s advanced infrastructure, skilled workforce and supportive Government make way for a thriving, ever-growing economy, and job market. The Island is home to many of the world’s foremost organisations, leading the way in many new and diverse sectors spanning: n Healthcare n Aerospace n Construction n Aviation n Shipping n Education n Esports n Education n Retail n Biotech/Med n Medicinal Cannabis n Engineering and Manufacturing n Creative Industries n Tourism and Hospitality n Food and Drink n Financial and Professional Services: (accountancy, compliance and more) n Tech: (eGaming, programming, computer engineering, web development) The Isle of Man has an award-winning financial and professional services sector, and is a renowned digital centre of excellence, with several leading eGaming global groups headquartered here. The Island’s digital sector has spearheaded a number of exciting and innovative industry digital initiatives including Blockchain, cryptocurrency, the Internet of Things, and latterly esports.

2024 EDITION

With over 1,800 job vacancies live at any one time and a 0.7% unemployment rate, the Island’s job market is buoyant, with many professional pathways and roles across a range of seniority levels available to individuals, couples and families considering a relocation. With several of the Island’s key sectors experiencing skills shortages, staff development and retention are vital for Islandbased companies. As a result, many Isle of Man employers are offering: n Relocation incentives n Fast career progression and graduate career pathways n Competitive salaries n Attractive benefits packages n Opportunities for further career and professional development. The Locate Isle of Man Talent Portal is an excellent place to start a job search for those considering a relocation to the Isle of Man. An online networking platform which connects and matches individuals with Isle of Man employers and recruitment agencies based on their skillset, the portal is free to use, and obligation-free. The Isle of Man is also a wonderful and supportive environment for start-up businesses. The local Government offer a range of financial assistance and support schemes, regularly investing millions into entrepreneurs and those setting up new ventures in the Island.

INTRODUCTION

2. AMAZING WORK-LIFE BALANCE

4. SUPERB LOCAL MANX PRODUCE

Measuring 33 miles long and 13 miles wide the Island is compact but home to a vibrant business centre and a stunningly diverse natural landscape. This means the average commute time is only 20 minutes. With a robust infrastructure across the Island and little overcrowding, there is ample space to breath and enjoy what the Island has to offer. With over 86% of employers adopting flexible working practices, residents have much more time to do what they love – whether it be exploring the great Manx outdoors or spending more time with friends and family. A typical day would start with a short commute to work, followed by lunch at a local spot enjoying the freshest seafood you can imagine, a 10-minute drive to the beach after work for a windsurfing or kayak session, ending with a glass of wine or a pint with friends at a local pub or wine bar. The Isle of Man is also the only entire jurisdiction in the world to be a named a UNESCO Biosphere, and it’s spectacular and diverse scenery proves it. Boasting 95 miles of coastline, 169 miles of public footpaths and 26 ‘Dark Sky Sites’, the Island is an active place with plenty of opportunities to indulge almost any interest – the perfect antidote to a hard day's work.

In the Isle of Man food lovers can feed their soul with beautiful Manx food and drink specialities! With over 40% of the Island uninhabited and 12 nautical miles of surrounding waters, the Island has plenty of space to grow and catch some amazing local produce. The Island is well-known for its locally produced cheeses, beef, kippers, and of course its national dish of Manx Queenies. Strict legislation means that many local delicacies are totally devoid of artificial additives, giving a full and fresh taste. The Isle of Man is also home to over 400 hospitality establishments offering a variety of cuisines and dining experiences. From relaxed seaside bistros, harbour side cafés and quirky pubs to fine dining restaurants, and vibrant cocktails bars, there’s something to cater to every taste. Many of these establishments champion the use of local produce, and you’ll find local meat, dairy, vegetables, beers, wines, and spirits feature across many of the Island’s local menus. The Island’s flourishing food and drink scene has also been recognised globally; in 2021, 18 food products made by seven different producers on the Island were successful at the world’s largest and most trusted accreditation scheme, The Great Taste Awards.

3. WELCOMING COMMUNITY

5. THE PERFECT BLEND OF TOWN AND COUNTRY LIVING

Ranked as the best place to live for expats in the British Isles, the Manx people are proud of their heritage, yet outward looking and progressive. The people are open, friendly, and often found conversing with total strangers. In fact, crime statistics in previous years have revealed the Isle of Man is one of the safest places to live in the British Isles. The Isle of Man’s close-knit and welcoming community affords its residents the opportunity to take part in a range of community-based activities and groups across the Island. From music and theatre and arts and crafts, to foreign language learning , there is something for all ages and interests. There are also over 50 sports and cultural activities in the Isle of Man, including a huge array of sports clubs to join and make new friends, covering all genres of sport. The Island offers both a progressive and straightforward work permit and immigration system for those considering a move from the UK and beyond. The Island nation proudly celebrates its diversity and welcomes relocators from all backgrounds and cultures - its largest non-British populations are South African, Filipino, Polish, and Bulgarian.

The Island really is the perfect blend of city life and outdoor living - affording residents the opportunity to experience a rewarding career within a beautiful natural setting. Residents can work in town but live in the countryside and have only a 20minute commute into the Island's business centre. Work-life balance on the Island isn't just about opportunities outside of work, but is reflective of a holistic Island lifestyle, from community and activities - to where you live. For those that prefer the country life, but would prefer to work in a town, then Douglas is only a short commute with all the major roads on the Island leading to it. For those that prefer living in a town, flats, and houses in the towns of Peel, Douglas and Ramsey give you great access to shops and restaurants, with all necessary amenities on your doorstep. With no property restrictions or stamp duty, the Island is home to a diverse set of properties ranging from quaint Manx stone cottages to large premium country and coastal properties – and everything in between!

FIND OUT MORE ABOUT RELOCATING TO THE ISLE OF MAN AT: www.locate.im OR CONTACT A MEMBER OF THE TEAM: locate.dfe@gov.im

2024 EDITION

INTRODUCTION

FOR YOU, YOUR FAMILY AND YOUR BUSINESS The Isle of Man is the natural choice for you, your family and your business, offering a unique combination of space to thrive, financial reward, simple taxation and a well-connected, safe community set within a sustainable UNESCO biosphere. Corporately rewarding

Financially rewarding

Offering a stable and secure jurisdiction with years of professional experience and a supportive, approachable Government, the Isle of Man is a truly first-rate environment in which your business can thrive. High quality, robust regulation and a pragmatic approach to supporting business means the Island is perfectly placed to meet and exceed the needs of your business within a diverse economy.

The Isle of Man is financially stable and politically progressive, offering a low taxation environment which is open, transparent and compliant with international standards. The Isle of Man is appealing to both individuals and businesses thanks to a financially rewarding system offering no capital gains, no inheritance tax, no corporate tax and low rates of personal income tax.

Personally rewarding

A place for business to thrive

The Isle of Man’s excellent infrastructure, safety and high standard of education and health care provide the basis for an exceptional lifestyle which is further enhanced by the Island’s stunning natural beauty and its friendly, welcoming community. Residents enjoy an enviable work-life balance and minimal commute times, ensuring you have more time to do what you enjoy.

The Isle of Man is a leading international business centre which is renowned for innovation, stability and professionalism. The Island’s mature and globally connected financial sector ensures that there is a comprehensive range of services on offer for those considering relocating their existing business or establishing a new operation in the Isle of Man.

2024 EDITION

INTRODUCTION

Commercial activity within the Island spans a wide range of sectors and a skilled workforce and supportive Government make way for a thriving commercial economy. As a ‘first mover’ in a number of areas of business and with a history of entrepreneurialism, the Isle of Man has a natural taste for innovation and collaboration. By investing and doing business in the Isle of Man, you are joining a community of like-minded individuals who think differently and get things done. The Department for Enterprise offers a wealth of support via business Grants and Assistance, and last year invested over £4.5m in local business. The Isle of Man has its own democratically elected Parliament and judicial system, a history of independence and culture of approaching things a little differently. Agile, forward-thinking and welcoming, the Isle of Man Government recognises that the most effective way to create an environment for businesses to flourish is through engagement with stakeholders and has long standing, positive relationships with the private sector. Alongside a tax cap of £200,000pa, the ‘Key Employee Incentive’ means that - in certain circumstances - individuals who are essential to the implementation and operation of a new business in the Island, will only be taxed on certain Manx-source income for the first three years of residence. There are no restrictions for new residents and investors when purchasing property, whether residential or commercial, and there is no stamp duty payable.

Key facts n Unesco Biosphere Status n A clear and simple tax regime n An accessible and accountable Government n A model of political stability, transparency and financial supervision n Best practice in international regulation and responsive to international needs n Tax agreements compliant with international standards n Exceptional Business Environment n Space to breathe, Space to thrive n Well connected n Low crime rates n Rated best place to live in British Isles* n Low income tax rates, no inheritance or wealth tax n 0% capital gains tax n Tax cap of £200,000 and Key Employee Concession n Financial Assistance for relocating businesses n Diverse investment opportunities for economically active n Join a community of innovators *source: HSBC Expat Survey 2019

2024 EDITION

LOCATE ISLE OF MAN

SET UP YOUR BUSINESS AND GROW IN THE ISLE OF MAN

International investors and businesses can feel confident they are operating in a forwardthinking and well-regulated jurisdiction where you will find a stable political system and strong economic development ethos, a skilled workforce, unrivalled technological and physical infrastructure and a gateway to the UK and the rest of the world. The Isle of Man has a pro-business government that strives to create an environment for businesses to flourish and has strong partnerships with the private sector which draws upon the Island’s expertise, creativity and connections. The Isle of Man is home to renowned international brands, start-ups and everything inbetween. Our demography and facilities offer businesses the potential to engage with a large local customer base as well as access new markets around the world. Strong links, physical infrastructure and technical facilities enable businesses to operate, develop and deliver to their customers worldwide.

Registering your business Most Isle of Man companies are formed under the Companies Act 1931, the Companies Act 2006, or the Limited Liability Companies Act 1996. Depending on what you are aiming to use the company for, each Act has a variety of advantages and disadvantages to consider. When relocating, your legal options include either incorporating as a new company in the Isle of Man, or establishing a branch of your existing company. Registering a company in the Isle of Man is simple and straightforward, however we would recommend speaking to an Isle of Man Accountant, Corporate Service Provider (company secretarial and administration services who are licenced by the

2024 EDITION

Financial Services Authority to undertake such work) or an Advocate to discuss your options. An Isle of Man company must have a registered office in the Isle of Man and anyone providing a registered office by way of business should be regulated by the Financial Services Authority (‘FSA’). The FSA is the primary regulator of financial services business in the Isle of Man and provides a framework of regulation and oversight which satisfies international standards.

Taxation Corporate: The Isle of Man offers plenty of tax benefits including no capital gains or inheritance tax and 0% corporation tax. All businesses will have to file an annual corporate tax return online. VAT & Customs: The VAT registration limit in the Isle of Man is £85,000 per annum and this is taken over a rolling period of 12 months, not just over your financial year. Income Tax Instalment Payments (ITIP): In the Isle of Man, ITIP covers everyone who receives remuneration and includes employees and office holders such as directors. Any remuneration is subject to ITIP and tax should be deducted in accordance with the employee’s tax code. If you employ one or more individuals you have to notify the Income Tax Division no later than 14 days from the point at which

LOCATE ISLE OF MAN

you begin to pay remuneration to your employee(s). You can do this by completing an Employer’s Registration Form (a T30i), which is for private employers and sole traders, a T30x for partnerships, a T30c for Limited Companies or T30p for pension providers. Personal: In the Isle of Man, your first £14,250 per annum is completely tax free. The next £6,500 is taxed at the standard rate of 10%. Anything above £20,750 is taxed at the maximum rate of 20% per annum. The Island also offers a Tax Cap for new and existing resident individuals of £200,000 per annum, specifically introduced for those who have annual income such that their tax liability would otherwise exceed the Tax Cap. Individuals who are resident in the Isle of Man for income tax purposes are able to benefit from the tax cap, and the maximum liability for a jointly assessed couple is £400,000. A valid tax cap will remain in force for five consecutive years. All new residents should complete form R25 Registration for Manx Income Tax as soon as possible after moving to the Island and will be required to complete an annual personal income tax return. Vehicle Tax/Licence Fee: To drive a vehicle on Isle of Man public roads, your car will require taxing, also known as the ‘Vehicle Licence Fee’. All UK, Channel Island, Irish or foreign registered motor vehicles brought into the Isle of Man must be reregistered in the Island at the earliest opportunity. You will also need to apply for a Manx driving licence. Property Taxes: There are no restrictions on purchasing property in the Isle of Man, no stamp duty and no inheritance tax,

so you can start searching for your ideal office space today.

Intellectual Property Rights For any business with patents, copyright and trademarks, intellectual property rights are of huge importance and the Isle of Man has strong intellectual property treaties to protect the Island’s vast business community. When relocating your business, it’s important to consider the legal implications to any intellectual property you currently own or have rights to. You can instruct a local law firm to assist with the transfer of any intellectual property to an operating entity in the Isle of Man. If you are based in the Isle of Man and wish to register a trade mark, patent or copyright you will need to contact the UK Intellectual Property Office.

Ship and Aircraft Registration The Isle of Man Aircraft Registry is specifically aimed at private and corporate business jets and helicopters. There are many benefits to registering your corporate aircraft in the Isle of Man, including the neutral nationality registration prefix ‘M’ which allows your aircraft to fly worldwide without constraint. The Isle of Man Ship Registry is one of the world’s leading registers of ships and super yachts.

Banking Many of the UK Banks have an international branch located in the Isle of Man. In most instances, you will be able to transfer your existing business or personal account to the Isle of Man.

2024 EDITION

LOCATE ISLE OF MAN

ISLE OF MAN ASSISTANCE AND SUPPORT

TO RELOCATE YOUR BUSINESS TO THE ISLE OF MAN

The Isle of Man Government offers a number of financial grants and schemes to help start, grow and relocate your business to the Isle of Man.

Micro Business Grant Scheme

employees and organisations working in the private or third sector, for people defined as an Isle of Man worker. Support covers a wide range of occupations including accountancy, childcare, construction, engineering, ICT and catering.

The scheme has been designed to give start-ups and early stage small businesses the necessary training, financial support and mentoring to get their business off the ground. Matched funding up to £6,000 available for all eligible businesses, with assistance of £15,000 for exporting businesses and child care providers.

FIND OUT MORE AT: www.iomdfenterprise.im/financial-support

Financial Assistance Scheme

National Insurance Holiday Scheme

The scheme is discretionary and can offer a generous package of support to qualifying businesses. This includes grants of up to 40% towards a range of capital and operating items including building works expenditure, plant and machinery, marketing, first year expenses, rent, training and efficiency measures.

The National Insurance Holiday Scheme provides a refund on National Insurance contributions, paid by individuals in the first 12 months of employment. The scheme is open to anyone who has not been a tax resident in the Isle of Man for the last five years, and who has moved to the Isle of Man to live and work with a gross salary of £23,000 or more. To qualify, the employee must remain in employment for a continuous period of at least 12 months; however there are no restrictions on the type of job supported by the scheme. The application should be made after the end of the 12 months to which the claim applies (but no later than six months after that date).

Business Improvement Scheme This scheme offers matched funding up to £5,000 and is designed to help businesses engage external consultants to undertake projects such as websites, quality accreditations, marketing and energy audits.

Employee Relocation Incentive The Employee Relocation Incentive provides a 20% grant of up to £10,000 to the employer, towards the cost of relocating an employee to the Isle of Man.

Vocational Training Assistance Scheme This scheme offers a grant of up to 30% towards the costs of training, course costs and exam fees and is available to both

2024 EDITION

Relocation expenses The Isle of Man Government also offers a benefit in kind for certain relocation expenses. The Isle of Man Income Tax Division will not tax certain relocation payments incurred by an employer as a direct result of moving an employee to the Island for work. This can be applied to up to £20,000 of ‘reasonable relocation expenses’, which include:

LOCATE ISLE OF MAN

n the direct costs of selling the person’s current home n the legal costs of acquiring a new home in the Isle of Man n removal expenses n indirect costs relating to the move, such as replacing carpets and curtains in the new home In addition to the £20,000 limit for relocation expenses, the exemption will also apply to costs met by the employer for travel between the person’s previous home and the Isle of Man in the first six months of employment. An employee who travels between the Isle of Man and a destination which is not their previous place of residence is subject to a benefit in kind charge. The exemption will also apply to costs met by the employer for the provision of temporary accommodation for the person in the first three months of employment.

Key Employee Incentive The Special Treatment of Key Employees (Key Employee Incentive) can be extremely beneficial to new arrivals to the Island, if they are an entrepreneur setting up a new business, or a key employee being hired to develop or expand a new or existing company. The incentive provides that an individual will only be liable to Manx income tax on Manx source income. In essence, only the individual’s Manx source employment income, including benefits in kind and rent arising from property in the Island, is subject to Manx income tax. This means that an individual’s non-Isle of Man source income (and certain Isle of Man source income such as dividends and interest) is not subject

to Manx income tax. The special treatment applies for a maximum of the first three years after the date of commencement when the relevant individual becomes resident for tax purposes in the Isle of Man. It will cease to apply if the individual leaves the employment of the new business or employer within the three year period. The special treatment is aimed at individuals who are or will be new residents and who are essential to the implementation and the operation of new business in the Island. This could be an entrepreneur setting up the new business itself or a key new employee that an existing business requires to move to the Island in order to expand or develop into a new area or market. The business must be establishing or developing itself in the Island and its activity be in the interests of the Island’s economy. Furthermore, the business must provide additional productive employment in the Island. This could be beneficial to those who have substantial income streams from global sources. Key workers and entrepreneurs must become Isle of Man residents, must be employed by the business on the Island and must be receiving a salary which reflects their key status. It must be noted that the key employee special treatment is granted at the discretion of the Assessor of Income Tax. Applications are handled directly by the Assessor; however, there are a number of on-Island intermediaries and advisors who are able to provide further information on eligibility.

FIND OUT MORE AT: www.locate.im

2024 EDITION

LOCATE ISLE OF MAN

WORK PERMITS: WHO NEEDS TO APPLY?

Anyone who is not classed as an Isle of Man worker, holds an Immigration Employment Document or falls under an exempted employment category, requires a full work permit. There are exemptions for a number of occupations and employments, and for certain temporary employments. Nationals from outside of the UK and Ireland who have an immigration employment document do not require permits. The application process An application for a work permit can be made by: n an employer; n a self-employed person; n the spouse/civil/co-habiting partner of an Isle of Man worker. (This permit must be renewed annually at a cost of £60). n the fee for a work permit is £60 and can be applied for up to five years. You should expect to have your application processed within two working days. n the Work Permit Office will issue a decision for every work permit application. If they decide: n to refuse to grant or renew a permit; or

2024 EDITION

n to grant or renew a permit for a shorter period than that applied for; or n to include a condition in a permit It will include a statement of the reasons for the decision and information about how an appeal to the Work Permit Appeal Tribunal can be made. Written notice of an appeal can be given to the Tribunal Clerk within seven days of the initial decision.

Partners The following are (upon application) entitled to an automatic permit: n The spouse, civil partner or cohabiting partner of a work permit holder or an exempt person, provided that person is in permanent, full-time employment (30 hours or more per week); n The cohabiting partner of an Isle of Man worker.

Renewing a permit If the employment is to continue past the date of expiry of the work permit, an application to renew a permit is needed. Usually you won’t have to complete a new application; the original permit includes a renewal slip which can be sent to the Work Permit Office.

If an employee ceases working for you If a permit holder ceases work, the Work Permit Office has to be notified within 14 days. The person responsible for notifying the Office depends upon the type of permit (i.e. automatic, selfemployment or standard work permit submitted by an employer).

SUPPORT

SECURING TOMORROW SINCE 1994

Since 1994, we’ve helped our clients enjoy freedom, flexibility, and success, all whilst protecting their wealth. From corporate interests to family ones, our extensive trust, legal, accounting, and industry expertise has meant peace of mind for those who choose to partner with us. Our commercial focus understands the need for robust trust and corporate frameworks when it comes to securing the wealth you’ve worked so hard to grow. It’s why our clients find peace of mind in our privately-owned firm that provides them with personalised, transparent, and flexible services in the Isle of Man and beyond.

The Fortress Group, 2nd Floor Exchange House, 54 - 62 Athol Street, Douglas, Isle of Man, IM1 1JD T: +44 1624 683000 • W: thefortressgroup.co.uk • info@thefortressgroup.co.uk Licensed by the Isle of Man Financial Services Authority (iomfsa.im).

2023 EDITION

LOCATE ISLE OF MAN

VISAS AND IMMIGRATION IN THE ISLE OF MAN

The application process

For Workers

Applicants must apply online from their country of residence for Entry Clearance for the Isle of Man. UK Visas and Immigration will, after some initial processes, then refer the visa application to the Isle of Man Immigration Service for a decision. While immigration rules are very similar to the UK, they are not identical, so it is important that you understand the process so, outlined below, are the main visa types that allow individuals to work, settle, and invest in the Isle of Man. Anyone from outside the UK and Ireland is required to go through the immigration process.

There are four routes which permit individuals to work in the Isle of Man, including: Isle of Man Worker Migrant visa, Isle of Man Worker ICT Migrant visa, Tier 5 - Temporary Workers, Tier 5 Youth Mobility Scheme (Temporary Migrants). You will need a job offer in place and a certificate of employment, or a certificate of sponsorship before you can apply.

For Businesses There are two routes to establishing your business in the Island depending on your circumstances. All applications must be endorsed by the Department for Enterprise before the immigration process begins. The Business Migrant - Start-up This route is for Migrants seeking to establish an innovative, viable and scalable business. Whilst there is no minimum investment requirement you will need to demonstrate the business is sustainable and you have the means to support yourself and any dependants. This category offers leave for two years and four months and does not lead to indefinite leave to remain. To achieve indefinite leave to remain, Migrant’s may progress to the Innovator route. The Department for Enterprise will maintain regular contact every six months with the Migrant to ensure reasonable progress is being made. The Business Migrant - Innovator This route is for Migrants with business experience seeking to establish, join or take over one or more businesses in the Isle of Man. Unless progressing from the Start-Up route, Migrants must have a minimum of £50,000 to invest in the business. Migrants seeking to establish a new business under this subcategory will have an innovative, viable and scalable business idea. Migrants seeking to join, or take over an existing business or businesses, will be required to demonstrate how the investment will be made and the Migrant’s plans for the business. This category leads to indefinite leave to remain. Again, the Department for Enterprise will maintain regular contact every six months with the Migrant to ensure reasonable progress is being made.

2024 EDITION

For Settlers There are five main routes you can apply under if you would like to settle in the Isle of Man. These include clearance as a spouse, civil partner, fiancé or family member. Other settlement visas include 'dependant', 'relative who'll provide long-term care', and Isle of Man/UK Ancestry'. For commonwealth citizens and those who have at least one grandparent who was born in the UK, the Ancestry Visa allows individuals with an ancestral tie to the UK to live and work in the UK for up to five years. This visa allows your family members to apply for a visa and join you in the Isle of Man.

Naturalisation and registration as a British Citizen You can apply for citizenship if you are over 18 and have one of the following for 12 months: Indefinite leave to remain in the UK or Isle of Man, ‘settled status’ (also known as ‘indefinite leave to remain under the EU Settlement Scheme’), indefinite leave to enter the UK or Isle of Man (permission to move to the UK permanently from abroad).

For Common Travel Area The Isle of Man, United Kingdom, Channel Islands and the Republic of Ireland collectively form a ‘common travel area’. This means that an applicant who has entered the common travel area and who has been through immigration does not require ‘leave to enter’ in any other part of the common travel area. To put this simply, travel between the Isle of Man and the United Kingdom is an internal domestic journey, so there is no separate immigration needed.

DIGITAL ISLE OF MAN

THE INNOVATION CHALLENGE Isle of Man launched its biggest-ever Innovation Challenge to find solutions for key issues facing business using FinTech, Cleantech, and Artificial Intelligence. Participating businesses from around The Challenge builds on the the world will develop and test creative achievements of the FinTech technology-based solutions to address Innovation Challenge and InsurTech challenges faced by companies in the Accelerator Programme in 2022 and Isle of Man and globally. 2023, which together attracted 160 The Challenge will this year see highly motivated and creative participants submit entries under three applicants from across the world. key themes: FinTech, Cleantech, and Lyle Wraxall, Chief Executive, Digital Artificial Intelligence. Isle of Man, said: “The Innovation The Challenge is a major part of the Challenge offers businesses from Isle of Man’s ambition to create an around the world a brilliant environment which nurtures entrepreneurship opportunity to take advantage of the business and innovation and where the businesses of the and innovation-friendly environment the Island future have the opportunity to thrive and grow. provides, and the collaborative approach of The Isle of Man, which is the world’s only government and regulators on the Isle of Man. UNESCO Biosphere nation, provides a perfect “The increased scope of the Challenge setting for the Challenge, with a strong demonstrates the vision and ambition of the commitment to both innovation and Isle of Man in wanting to champion and sustainability. Participants will benefit from the develop our capabilities in these cutting-edge Isle of Man’s agile regulatory environment and its sectors, and will allow participants to develop supportive business community, who value both technology-based solutions which respond to economic growth and development and some of the most pressing opportunities and conservation of the environment. The challenges businesses are facing.” designation of the Isle of Man as a UNESCO For additional information Michael Crowe, Chief Executive, Finance Isle Biosphere in 2016 recognised its distinctive of Man, added: “Expanding the Challenge to about the Innovation environment, culture, heritage, and economy, as include a wide range of themes exemplifies the Challenge or to submit well as the local population's commitment to diversity of the Isle of Man’s economy, and I am preserving and nurturing them. looking forward to seeing how the Challenge your entry, please scan The Innovation Challenge is being run jointly develops the solutions provided from the QR code above. by the Isle of Man Government’s executive participants. agencies for Digital, Finance and Business and will also involve “We pride ourselves on our supportive, collaborative business leaders from companies in the Island participating as approach to business, and we can’t wait to work with the judges and mentors. These Executive Agencies, part of the Isle of participants as we establish our leading position as an InsurTech Man Government's Department for Enterprise, are made up of a and FinTech hub for new ideas and innovators.” private/public sector partnership to promote and develop their Kirree Gooberman, Head of Business Development, Business sectors and deliver long term, sustainable economic growth for the Isle of Man, emphasised: “For the first time, this year’s challenge Isle of Man. will encourage innovators to work on finding solutions to issues The Challenge facilitates collaboration with local businesses, impacting our environment and the sustainability of business government agencies, and regulators to enhance solutions and gain operations, to explore solutions across all sectors of the insights for global readiness. Mentorship and support are available, economy and their supply chains, from food production through guiding innovators to success. Whilst networking opportunities to energy. connect participants with industry peers, potential clients, and “The Isle of Man is uniquely positioned to support this investors. Additionally, winners and participants receive added local challenge. We have a supportive environment for businesses to and international exposure, bolstering project credibility. trial innovative and creative new concepts before hitting the Businesses interested in participating have until the application wider market and, as the world’s only whole-nation Biosphere, deadline on 28 February 2024. The competition will culminate at a we have set ambitious net zero targets, including committing to finale event in summer 2024 at which finalists will have the total decarbonisation of our electricity by 2030. We recognise opportunity to present their solutions to an expert panel of judges collaboration between Government, industry and innovators is and industry. essential to meet the challenges of climate change."

2024 EDITION

FINANCE ISLE OF MAN

BANKING

INSURANCE

The Isle of Man has a strong and diverse banking sector that offers a highly developed infrastructure to support individuals and corporations in their global activities. We actively help both small private banks and large retail groups set up and flourish in the Island through our tailored support and established banking opportunities.

The Isle of Man has a long established insurance industry and is home to a number of renowned companies dating back over 40 years. These companies offer services to expatriates of other countries and local nationals around the world. The industry encompasses: Life, Captive, and General insurance brokering.

A reputation of excellence

Life Insurance Sector

Over decades, the Island has built an enviable reputation with a lower cost base than many jurisdictions and favourable tax treatment. The Island’s independent supervisory body, the Financial Services Authority, regulates banking to recognised international standards.

The Isle of Man is a leading international centre for life insurance and wealth management. The Island is a politically and economically stable jurisdiction with a regulatory framework that puts customer protection first. It is home to world-leading brands, providing premium investment and wealth management services to global clients across a wide range of products.

An alternative banking regime The Island’s Alternative Banking Regime (ABR) framework is designed to attract banking operations to the Island, in particular Private Banks, Foreign Bank branches, and Representative Offices. The ABR expands the existing Class 1 (deposit taking) banking licence to include: n Class 1 (1) – for the typical existing bank and any taking retail deposits. n Class 1 (2) – for non-retail deposit takers - those that provide services to a very limited class of individuals, and corporates. n Class 1 (3) – for Representative Offices of Foreign banks, not able to take deposits in the Island. Banks operating under the Class 1(2) and Class 1(3) are not protected by the Depositors Compensation Scheme. Disclosure and transparency rules are included within the full ABR framework. Corporate Income Tax on profits for retail deposit based businesses is set at 10%. All other banking activities are rated at 0%.

11 Banking Groups on-Island

Deposits in excess of £40 billion at 30-06-23

Alternative Banking Regime

2024 EDITION

Non-Life Insurance Sector The Island’s non- life insurance sector is predominantly made up of captive insurers and associated specialist insurance management companies, ranging from subsidiaries of the major international insurance broking and risk management organisations to local operations.

Captive Insurance The Isle of Man is recognised as being one of the leading centres for captive insurance and has attracted high quality captive business from all over the world. Captive insurance management is well-supported by an expert workforce, and the wider financial services sector.

Home to 13 authorised life insurance companies

Largest financial services sector on the Island generating 22% GDP £84bn in assets invested through Isle of Man Insurance companies at 31-12-22

FINANCE ISLE OF MAN

PENSIONS

FUNDS

The Isle of Man is a premium jurisdiction for establishing and managing international pensions and savings arrangements. Whether you are an organisation structuring a benefit plan for your employees or an individual saver, you will find an impressive array of professional pension administrators boasting a deep talent pool to service all pension and savings requirements. This, combined with a long-established, gold-standard legal and regulatory infrastructure delivers the optimum long-term savings proposition for expatriates and the internationally mobile. The Island’s vastly experienced pension companies deliver a range of pension solutions for international clients, both off-the-shelf and bespoke, mostly falling into one of the following categories:

The Isle of Man has developed a well-respected and forwardthinking funds sector which has operated for over 30 years. The Isle of Man prides itself on being able to work closely with client managers and fund investors alike, in many cases providing bespoke services specifically relating to individual funds.

Full range of Fund options

For employees of companies, affiliation groups and NGOs. The timing and delivery of benefits and contributions, as well as management of investments and currencies, can be tailored according to an international organisation’s own blueprint.

The Isle of Man fund options available include overseas schemes from popular fund jurisdictions, fully regulated retail schemes and private funds arrangements (‘exempt schemes’) that are not directly subject to regulation. Between these extremes is a range of funds subject to varying degrees of regulation geared to breadth of institutional and complex funds needs: n Complex multi-strategy hedge funds n Managed accounts n Funds of funds n Quoted companies n Private equity Funds can be administered in the Isle of Man whether they are domiciled in another jurisdiction or in one of the excellent local products on offer.

Personal Pension Plans

Award-winning wealth managers

For individuals who prefer, or need, to make their own pension arrangements, a wide range of product propositions exist on the Isle of Man, with high levels of flexibility and security built in.

Local regulation and experienced, mature sector staff ensure that you can expect a high quality service to rival anywhere within the global fund industry. The Island’s functionaries include globally recognisable names and boutique and specialist providers.

Group Pension Plans

Gratuity/Reward Plans The Isle of Man’s regulatory and tax system allows for long-term reward and incentive planning to be incorporated into a pension structure. Examples include end of service gratuities and bespoke executive reward schemes.

Home to 1,200 retirement benefit schemes of which over 180 are international pension plans

Why the Isle of Man for Funds n Demonstrably lower cost than competitors n No VAT on fees of fund administrators & investment managers (except for exempt schemes) n A simple & effective tax regime, 0% corporation tax n Full range of local fund options, and full choice of international equivalents (Cayman, BVI domiciled) n Incorporation, domiciliation & administration of funds all within one jurisdiction

Pension providers operate on a truly global scale and many schemes service multi-thousand, cross-border memberships

Current funds under management at £13.41bn at 30-06-23

Isle of Man awarded ‘Best International Finance Centre’ by ‘International Investment’ magazine in 5 out of the last 6 years.

High earning investment managers and fund promoters are incentivised by a tax liability cap of £200,000 per annum Compensations scheme for investors in authorised collective investment schemes if a fund manager or trustee defaults.

2024 EDITION

FINANCE ISLE OF MAN

FIDUCIARY The fiduciary services industry is a well-established sector on the Isle of Man and comprises of fiduciary, corporate, trust and administration services providers.

A sector designed for growth The fiduciaries industry significantly grew in the mid-1980s, after a series of events including the establishment of the FSC, the introduction of the Income Tax Act 1984 and the successful acquirement of ‘designated territory status’ under the UK FSA in 1988. The 1980s also saw significant growth in the captive industry and a rise in the Island’s national reserves. The sector remains a cornerstone of the local economy, accounting for c. 1,800 jobs on Island, and including over 70 licensed Corporate and Trust Service Providers who provide a full range of company and trust services.

Over 70 licensed Corporate and Trust Services Providers

PROFESSIONAL SERVICES The professional services sector on the Isle of Man includes organisations from several professions; predominantly legal and accountancy, but also includes compliance and advisory specialists.

Leading levels of expertise The professional services industry is a very well established sector on the Isle of Man, it is a cornerstone of the economy and continues to grow year on year. The expertise of the Island’s lawyers, accountants, auditors, tax advisers and other professionals offer full services in all aspects of company law, advisory and tax tax planning serving local and international clients for over 100 years. All the major international accountancy networks including a number of mid-tier accountancy practices are based on the Island. The Island is also home to many global law firms, with local practices consistently ranked in the tier one of legal directories.

We’ve got you covered Home to top international fiduciary businesses Cornerstone of the local economy, accounting for c. 1,800 jobs on the Island

n Home to leading law firms. n All of the major international accounting networks present on the Isle of Man, some well-known global firms including KPMG, and PwC n A simple & effective tax regime, 0% corporation tax for most companies n Lawyers are consistently ranked in the Tier One of legal directories such as Legal 500 and Chambers Global n Common law jurisdiction

All of the major international accounting networks present on the Isle of Man Lawyers are consistently ranked in the Tier One of legal directories such as Legal 500

Common law jurisdiction

2024 EDITION

LOCATE ISLE OF MAN

& QA

with KEVIN AMPHLETT, Entrepreneur

How long have you lived in the Isle of Man and what made you move here?

well as local artists. Julie and I are keen golfers and we are spoilt for choice where to play here! We are members at both Castletown and Ramsey, one a

I moved with my family to the Isle of Man from the Ribble Valley in Lancashire in 1998. We have five children, two of which were born in the Island, plus four grandchildren and one on the way! We chose this jurisdiction because over the years I had visited the Island several times on business and had always being attracted by its unspoiled

fantastic links course and the other a beautiful parkland course. With other great tracks at Mount Murray, Peel, Douglas, Rowany and Port St Mary the Island is a superb golfing destination.

Tell us a little about your business interests?

After education, I forged a career in Insurance, latterly founding a UK National specialist Healthcare brokerage, Chase Templeton Limited in 2002 alongside my wife Julie. We I’m passionate about successfully sold the business in 2017 and since then I have invested in various business cars and the Island provides me with the interests. AMACOR Capital, a consolidator in opportunity to use them the growing convenience retail sector in the North West of England is expanding fast as are to the full. I get to drive our ventures into the weight loss arena with quickly (but safely!) The Body Hubb on the Isle of Man and Alevere through incredible Nutrition ltd in the UK. Basing our businesses here works well scenery on unrestricted How would you describe it to strategically. We benefit from good internet mountain roads and speeds and fibreoptic cable. Plus the Island someone who had never been? whilst in town I have the gives me a great base from which to travel the Don’t expect San Tropez weather but when pleasure of knowing I world with direct links into major UK airports the sun shines on the Isle of Man there is no won’t be stuck in a and ferry services to Heysham, Liverpool, place in the world like it. Despite being an traffic jam Dublin and Belfast when I want to take my cars Island, you have so much space that you don’t away. It’s a great benefit to have The Private Jet feel claustrophobic. I’m passionate about cars terminal based at the airport in Ronaldsway as it enables me to and the Island provides me with the opportunity to use them to connect to smaller airports as required for certain business the full. I get to drive quickly (but safely!) through incredible meetings and holidays. scenery on unrestricted mountain roads and whilst in town I have scenery, quaint villages and rolling hills in some respects it’s very similar to the Ribble Valley. This incredible scenery brings a real feeling of space and freedom and of course we’re always near the sea; we enjoy the stunning coastal walks. I can’t deny the tax regime was a draw too. With zero corporation tax and no capital gains tax it is an ideal place to base myself while planning, growing and exiting businesses. The low crime rate and safety was another important factor when we decided to relocate as a family.

the pleasure of knowing I won’t be stuck in a traffic jam! The infrastructure has grown tremendously over my time here with great restaurants, caterers, bars and shops. We have two fabulous theatres with regular performances from big names as

2023 EDITION

What are your plans for the future? More of the same! Building new businesses and enjoying life with family and friends. I have no plans to move for sure!

LOCATE ISLE OF MAN

2024 EDITION

WEALTH MANAGEMENT

WEALTH MANAGEMENT, TRUST AND FOUNDATION SERVICES IN THE ISLE OF MAN

The Isle of Man offers an excellent jurisdiction in which to hold your assets in either a trust or a foundation.

by Phil Games, Director, Juristrust

Trusts The Isle of Man continues to be a leading offshore jurisdiction for trusts.

The Isle of Man offers a politically-stable, well-regulated and highly professional environment, making it an attractive location

A trust is formed when a person (the “Settlor”) places assets

to support wealthy families to achieve their goals through the

under the control of another person (the “Trustee”) for the

establishment and administration of trusts. Trusts are created

benefit of a person or group of people (the “Beneficiary”), or

with many objectives in mind, some being:

alternatively for a specific purpose.

n Wealth and asset preservation;

Assets settled in trust subsequently do not form part of the

n Succession planning;

Settlor’s estate and what follows is a separation of the legal and

n Protection of vulnerable beneficiaries;

beneficial ownership, as the legal title is held by the Trustee, who

n Tax planning; and

will manage the assets for the benefit of the Beneficiary or for

n Charity and philanthropy.

the specific purpose.

2024 EDITION

WEALTH MANAGEMENT Trusts in the Isle of Man have developed

decline to be involved in ownership of such

An Isle of Man largely in line with those found in England, and assets in which case it is the third party Foundation may be the fiduciary who might encourage the settlor to English cases are regularly referenced in the ideal solution for you create a PTC. Although the third party fiduciary Manx Courts. The highest court of appeal for the island is the Judicial Committee of the Privy may not necessarily sit on the board of a family and your family. The Council. use of Foundations can operated business, often the shareholder needs be for private wealth to make commercial decisions and the speed Private Trust Companies of response is likely to be quicker and less management, As mentioned above, the use of trusts in succession planning for cautious with a PTC. wealth management and estate planning Factors to consider in establishing a PTC are: entrepreneurs who wish means transferring legal control of trust assets n Importance of settlors understanding the their enterprises to to a third party, namely the trustee of the trust. obligations of the PTC continue for future The trustee of a trust holds the trust assets n How to manage issues of self-dealing generations . . . subject to the terms of the trust deed for the n Importance of the settlor not retaining benefit of the beneficiaries of the trust. Handing over ownership of assets to a third party fiduciary

control of the trust assets n Regulatory issues

with which there is no previous relationship is a huge leap of faith

n The Administration Agreement with the third party fiduciary

for individuals who wish to establish a trust structure. However

n What type of structure to use in establishing a PTC

by establishing a Private Trust Company (“PTC”), the trust assets can be owned and managed from an offshore environment with

Foundations

the Settlor, family and trusted advisors being part of the decision

An Isle of Man Foundation may be the ideal solution for you

making process in relation to dealings with those assets and

and your family. The use of Foundations can be for private wealth

distributions from the trust and at the same time, through an

management, succession planning for entrepreneurs who wish

administration agreement with the third party fiduciary, ensuring

their enterprises to continue for future generations, and

the trust is managed professionally.

charitable purposes. To a lesser extent they are used in

A PTC may not be appropriate for every trust and a popular

commercial transactions.

alternative is to include in the trust deed the appointment of a

Foundations have been around for many centuries particularly

person who can appoint and remove the trustee, often identified

in European civil law jurisdiction. There are currently several

as a Protector. However for some settlors, that will not be

hundred

sufficient comfort and they will want to have more control over

philanthropic and more than half of which have been established

the trust assets and who is to benefit from them.

since the 1950’s.

There are many other significant advantages to having a PTC, particularly where the trust is to own a family-operated business

thousand

foundations

Europe,

most

being

There are over 50,000 Private Foundations in Europe which together hold more than 200 billion Euros.

or a risky asset. For example, many third party fiduciaries may

2024 EDITION

WEALTH MANAGEMENT

. . . WEALTH MANAGEMENT, TRUST AND FOUNDATION SERVICES IN THE ISLE OF MAN Foundations for Private Wealth Management

services provider) which is a beneficiary of the

The Isle of Man is an Foundation. The Isle of Man Foundation can continue ideal jurisdiction to as an alternative to a family trust. indefinitely, and a succession plan is introduced The advantages of a Foundation over a Trust create structures for to ensure that the businesses continue into the are: wealth management. n The client may be more familiar with civil law There are many well- future with dynastic benefit for family rather than common law jurisdictions and thus established trust and members and future managers/employees of the business. understands a foundation better than a trust corporate services The entrepreneur can decide whether to put n The Foundation is a separate legal entity and providers who can the shares of the business into the Foundation the assets are beneficially owned by the provide these services, before or after their death. In some Foundation whereas with a Trust, it is not a and which are regulated circumstances it is better to do so before, so separate legal entity and the trustee owns the by the Financial there can be no issues over the estate, with legal title to the assets for the beneficiaries. Services Authority. forced heirship for example. n A Foundation can enter into contracts and Many wealthy families establish Foundations

relationships in its own right whereas a Trust must enter into those arrangements through the trustee.

Similarities of Foundations and Trusts

n A Foundation can continue indefinitely whereas in some

n Both Foundations and Trusts in the Isle of Man can ignore the

countries a trust must end within a period of 80 years to 150

forced heirship laws of other jurisdictions which are not

years.

enforceable in the Isle of Man

n A Foundation can sue in its own right whereas a Trust can only

n Both involve a transfer of the assets from the beneficial owner

sue through the trustee.

to the Foundation or Trust which generally remove the assets

n There is no requirement to put any assets in the Foundation at

from the estate of the beneficial owner. This is useful for estate

the outset whereas with a Trust it is generally a requirement that

planning.

assets be settled into the Trust, even a nominal sum.

n The Settlor of a Trust and Founder of a Foundation can include

n With a Foundation it is possible to have a mixture of interests

provisions to appoint and remove Trustees or Council Members.

for beneficiaries, non-charitable purposes and charitable purposes whereas with a Trust there can be no mixture. This means it is possible to create a Foundation for a non-charitable purpose, such as to hold the shares of a company and to add

Charitable Foundations Charitable foundations operate in a similar way to a charitable trust.

beneficiaries at a later date. n With a Foundation, a certificate of establishment is produced by the Foundations Registrar to show that it exists. No details of the Founder, Donor, Beneficiaries or specific assets held are

Ownership of assets for a purpose A foundation can be the equivalent of a purpose trust and can have as its objects the ownership of assets.

published. This can be important for contractual and banking

A foundation might, for example, be used to hold assets off

relationships. A Trust is a private arrangement and no such

the balance sheet of a borrowing company whilst a loan is in

certificate of its existence can be issued by a government body.

place so the assets are better secured for the lender.

Foundations for Succession Planning for Entrepreneurs

The Isle of Man is an ideal jurisdiction to create structures for

A Foundation can be beneficial for an entrepreneur who has

wealth management. There are many well-established trust and

created and owns a successful international business, and which

corporate services providers who can provide these services, and

on their death does not wish to have sold, but continue for the

which are regulated by the Financial Services Authority.

benefit of their family and those who have helped to make the business successful.

Juristrust

A Foundation can be established in the Isle of Man, the

Juristrust provides private individuals, international families,

purpose of which is to hold the shares of certain companies,

estates, trusts and family businesses with bespoke wealth

which own the successful business with the following provisions: n To ensure that the companies are managed in accordance with guidelines set out in the Rules of the Foundation. n The profits of the business pass to the Isle of Man Foundation. n The profits of the businesses are applied for re-investment into the businesses and/or part distributed to a Family Trust (set up by the entrepreneur with the assistance of an Isle of Man trust

management, wealth preservation or philanthropic solutions. It

2024 EDITION

was formed in 2011 as a subsidiary of well-respected law practice, Simcocks Advocates, and is licensed by the Isle of Man Financial Services Authority. Email enquiries@juristrust.im or call us on +44 1624 690300. www.juristrust.im

WEALTH MANAGEMENT

Peel Castle

Wealth management, estate preservation and philanthropic solutions for private individuals, international families, estates, trusts and family businesses. Contact us today for a bespoke, skilled service.

01624 690300 enquiries@juristrust.im

juristrust.im

Juristrust

For a full spectrum of wealth management, trust and foundation solutions

more juristrust.im

2024

EDITION

BANKING

STANDARD BANK OFFSHORE: NURTURING GROWTH, DIVERSITY AND INCLUSION IN THE ISLE OF MAN

Standard Bank sets a strong example of success in today's fastpaced global financial landscape, where institutions must adapt to evolving markets and changing demographics. The Bank, which has had a presence in the Isle of Man for over 30 years and employs over 220 people on the Island, is not only a leading provider of offshore international financial products and services but a champion of diversity and inclusion, both within its workforce and across the communities it serves. Standard Bank Isle of Man is part of the Standard Bank Offshore Group, which forms part of the wider Standard Bank Group, the largest African Bank by assets. It supports Africa’s growth by connecting the continent with international markets offering solutions in Banking, Investing and Fiduciary and has offices in the Isle of Man, Jersey and Mauritius, and representative offices in London and South Africa.

Lisa underscores the influence of the Standard Bank Group’s African heritage on its internal culture, noting that “the fact that it’s an African company makes a huge difference to the culture.” She goes on to describe the people as friendly, candid, and driven by a sense that “anything is possible”. This open and welcoming atmosphere sets the stage for employees to thrive. A sentiment which Lisa believes is reflected across the Isle of Man more generally; “The Island is also very open to future change, although it is small, it must think widely in terms of how it's going to survive into the future. It takes considered risks and isn’t afraid to lead from the front”. Lisa draws parallels between the Isle of Man and the broader United Kingdom, emphasising the diversity encapsulated by the Island. "It’s like a mini-UK all in one, with rolling mountains, beautiful beaches, stunning glens and a huge range of lifestyle,

Cultivating Careers Lisa Nelson, Chief Financial Officer at Standard Bank Offshore, brings a wealth of experience and enthusiasm to her role. Having joined the Bank in early 2022, she has witnessed the company's dedication to fostering a vibrant and diverse workforce firstWhen asked about her decision to join Standard Bank Offshore, Lisa shared, "I chose the Bank because I'd heard really good things about the company and the culture from people that worked here. Being part of a company that is growing with ambitious strategy was very enticing." Her choice highlights the Bank's reputation for ambition as well as providing a conducive environment for career growth.

EDITION

diversity mirrors the Bank's commitment to an inclusive culture, where everyone finds their place. Lisa, a female leader in the Banking industry with three decades of experience, reflects on the changing landscape. She acknowledges that "within Standard Bank, the approach to hiring

hand.

2024

cultural and sporting activities on offer”, she observes. This

is finding the best person to do the job, regardless of gender or background”. She praises the Bank's flexibility, especially for working parents and guardians, and notes the presence of many strong women in senior positions within the organisation. Lisa highlights the extensive training opportunities available, both in terms of professional qualifications and personal skills; “All jobs are advertised internally, so anyone can apply. Career

BANKING diversification is very much supported, so even

There are various support streams in place, but

The Island is also very our Diversity & Inclusion Action Group drives a open to future change, very thorough agenda. The consultative and although it is small, it educational forum communicates with the Diversity, Inclusion, and Impact business to help shape our strategy and must think widely in Lee Francis, Chief Executive and Island terms of how it's going to provide a voice for employees across all Head for Standard Bank Isle of Man, steers the survive into the future. It aspects of diversity and inclusion”. ship with a strong emphasis on diversity and Standard Bank doesn't merely pay lip takes considered risks inclusion. Lee's role involves overseeing the service to diversity and inclusion as Lee and isn’t afraid to lead highlights: “We are constantly challenging entire operation of Standard Bank Isle of Man, from the front a task that encompasses financial performance, ourselves around what else we need to do to if the role is outside of someone’s normal remit, they’re encouraged to go for it.”

regulatory compliance, governance, and more. However, his

make this place inclusive. It's not just about being invited to the

commitment to the Bank extends beyond its balance sheet, as he

party, but also ensuring colleagues are actively engaged and

seeks to nurture a thriving, inclusive community.

listened to and their ideas and feedback are actioned.”

Lee, who relocated to the Island from the UK in 2022 with his

The Bank’s contribution to diversity and inclusion as both an

husband to take up position as Chief Executive, believes in

employer and corporate citizen is evidenced through a series of

creating a culture “where everyone can bring their whole selves

recent initiatives. This includes becoming the first Bank to be

to work, where we encourage the acceptance of differences and

awarded the Diversity, Inclusion, Fairness, Equality, Respect and

individuality in how our people present themselves”.

Acceptance (DIFERA) kitemark from Liberate, the Channel

He continues: “Standard Bank Isle of Man is very much a

Islands-based equality and diversity charity. Other initiatives

people business, and we have a role in supporting colleagues.

include gender identity and neurodiversity training, hidden

Lisa Nelson, Chief Financial Officer, Standard Bank Offshore

2024 EDITION

BANKING

disability workshops, changes in parental leave

range of perspectives, driving innovation and

policies where colleagues now get six months

enabling the Bank to solve complex problems

Colleagues who feel safe and accepted at of paid adoption and surrogacy leave, and work are ultimately participation in LGBTQ+ events in the local community. happier people. They The Bank has also set itself the target to are therefore given increase balanced representation across the space to be focussed organisation, as Lee explains: “When it comes and better equipped in to equality, we are meeting our goals for an inclusive leadership diversity. Gender isn’t the only environment to exceed construct that we seek variety in, but we have customer expectations, exceeded our target of a male-female split with leading to more 53% to 47% on our executive team for the positive outcomes for Offshore Group.” the Bank's clients. Lee also understands the profound impact

effectively.” The Bank’s approach to diversity and inclusion also extends to clients, especially those in Africa, as Lee testifies: “Much of the Bank's offshore services cater to high-networth and ultra-high-net-worth individuals in Africa who are seeking secure financial solutions outside the continent. This approach not

only

contributes

economic

empowerment, but financial inclusion, enabling these individuals to safeguard their wealth and explore global opportunities.” Lee

envisions

promising

future

for

of a diverse and inclusive workforce on client interactions,

Standard Bank Isle of Man, with an emphasis on leveraging

“Colleagues who feel safe and accepted at work are ultimately

offshore solutions to enhance the Bank's wider client proposition

happier people. They are therefore given space to be focussed

in Africa: “Collaborations between the Isle of Man business and

and better equipped in an inclusive environment to exceed

our African counterparts are on the rise. Ultimately, we want to

customer expectations, leading to more positive outcomes for

provide accessible options for African individuals that live in more

the Bank's clients. Plus, a diverse workforce generates a wide

economically volatile regions.”

Lee Francis, Chief Executive and Island Head for Standard Bank Isle of Man

2024 EDITION

BANKING

Relocating to the Isle of Man Standard Bank takes notice of the relocation and immigration

similar experience and feedback to the Minister, whilst contributing a variety of real thoughts all the same.

options available to individuals internationally, embracing this to

One colleague contrasts her experience in the Isle of Man with

adopt a welcoming approach to recruitment from all corners of

the challenges she faced in South Africa, such as power outages

the Globe.

and the need for extensive private services. She values the work-

Lee Francis, adds, “The career opportunities that the Isle of

life balance and the short commute on the Island, offering a stark

Man offers, in what is a relatively small land mass, are

contrast to her previous lifestyle. She shares, "The convenience

exceptional. There is a high calibre of financial services,

and quality of life here are incomparable to what I experienced

corporate and other competition that has a lot to offer

back in South Africa."

individuals with corporate ambition and the appreciation for an excellent quality of life.”

"The safety here is noticeable, and the quality of air and the environment have significantly improved my health. The

“We are fortunate to have the opportunity to be on the Isle of

professional growth opportunities are abundant, versus low levels

Man, with its welcoming approach to immigration, as it allows us

of unemployment. Plus, the natural beauty of the Island makes it

the opportunity to develop our people from the whole Standard

a beautiful place to live," adds another.

Bank Group globally. This familial Group ethos really shows up

Lee, meanwhile, highlights the Island’s progressive and

here. Many of our colleagues have relocated from the African

straightforward work permit and immigration system, a process

continent, and we gave them the opportunity to sit down with

he experienced when making the move from Sussex to the Island

Jane Poole-Wilson, Minister for Home Affairs, to feedback on

for his role as Chief Executive: “It certainly made my transition to

what else can be done.”

the Island far easier - plus my husband received a work permit by

Standard Bank Colleagues, all having relocated from South Africa at various points over the past few years, noted much

default as a result.” Keeping with the Standard Bank family, one colleague shares his thoughts on the opportunity to stay with an organisation he has been with 17 years, “My family and I feel like tourists, there’s always something else to see and visit. Plus being part of such a welcoming community has been an incredible experience.” To round up, the final forum member adds an account from their family’s positive experience, highlighting the availability of international career opportunities and the political stability of the Isle of Man as advantageous. Finding suitable schools for her children was straightforward, and like other colleagues, has found the Island's community-oriented lifestyle a pleasant surprise. She reflects, "The Isle of Man's stability and sense of community have made it an ideal place for our family to thrive." To find out more about Standard Bank Isle of Man, its connection to Africa and its commitment to diversity and inclusion, along with the Bank’s latest vacancies, visit: international.standardbank.com/about-us.

The professional growth opportunities are abundant, versus low levels of unemployment. Plus, the natural beauty of the Island makes it a beautiful place to live

2024 EDITION

INVESTMENT

ANDY FINCH:

PLAYING THE INFINITE GAME Andy Finch is Chief Executive of Canaccord Genuity Wealth Management (International) Limited, with offices in Guernsey, Isle of Man and Jersey. He has been with the business more than 20 years and has experienced seismic change for the business he now leads.

It's not lost on Andy Finch that he took over the “We recruit the best people, and we invest in role of Chief Executive of Canaccord Genuity’s technology wisely. I fundamentally believe that The combination of international business in the Crown state-of-the-art systems diverse teams create better results. The Dependencies on 1 April 2020 but the veteran combination of state-of-the-art systems and and talented people of two decades of change and growth is no fool. talented people delivering the right outcomes delivering the right He has a forensic focus on creating a work creates a brilliant experience for our clients, which outcomes creates a environment that encourages personal and holds us true to our brand promise: build your professional endeavour, resulting in sustainable brilliant experience for wealth with confidence.” returns for clients. Canaccord Genuity has built its model upon our clients Andy joined Canaccord Genuity in 2002, four key values: Accountable, Aligned, Ambitious when the business employed around 30 people. There are now 182 and Approachable. For Andy Finch, now leading the charge, how staff based in the three Islands, working across diverse disciplines challenging is it to be consistently delivering against these objectives? including investment managers and client and technology services. “It’s all about human relationships and building long-term “I chose well to join a firm that would offer me a succession of relationships with our clients and partners. We embrace opportunities. We were small but we were in an expansionist period, technological change because it enables our people to be their best, the business wanted to develop and grow and that aligned with my not to replace how they interact with other people. own aspirations.” “We have three pillars to success,” he says. “People, clients, and Leadership is something Andy takes very seriously. “I think performance. I want us to be an employer of choice and an leadership is about moral courage, about doing what you know is investment manager of choice. Those are quite simple, honest right, rather than what’s easy. Simon Sinek has a philosophy that objectives. There is no secret sauce to great performance, just hard there’s a finite game, and an infinite game. The finite game is about work, and attention to detail.” what we are doing this month, this quarter, this year; and then there Ultimately, Andy Finch believes that culture is what defines a is the infinite game – the bigger picture. While in a business like ours business and those who lead it. “Culture is not a poster on a wall, it’s maintaining a focus on delivering in the here and now is vital, my not something that is decided in the Board Room, it’s the way you philosophy for life is to focus on the infinite game – the longer-term do things. Whether that is how we welcome and treat our clients, strategy. how we enable our people to achieve their aspirations, or how we Since Andy joined Canaccord Genuity the finance industry has engage with and support our Island communities, it’s who we are evolved and Canaccord Genuity has matured with it, with assets and what we do that really matters. I believe our culture is what sets under management growing by over 400%. So, how does a business us apart and will make us successful and, ultimately, will triumph in that is at the top of the crop stay there? both the finite and the infinite game.”

2024 EDITION

INVESTMENT

TOM RICHARDS:

SUCCESS FROM DYNAMISM AND INTUITION Tom Richards is Head of Wealth Management at Canaccord Genuity Wealth Management (International) Limited in the Isle of Man. A 15-year veteran of the finance industry, he joined the company in 2019, taking up his role in early 2023 and now leads the team providing wealth management on a local and global stage.

His new role leading the team is a great underpinned by technology. But ultimately, opportunity to build on the success of people buy people,’ he says. ‘We’re a Our aim is to have a Canaccord Genuity in the Isle of Man. He is relationship-led company and clients value mixture of that long term focussing on setting the tone and priorities being looked after by a team with both stability with a dynamic for his team for both the short- and longseasoned experience and new ideas. business model that term future of the business. “We live in a world of ever-advancing adapts to the Reinforcing and supporting the business’s technology. Human elements of control and four core values of accountable, aligned, environment around us, intervention are vital to manage that progress ambitious and approachable is, Tom believes, and ensure those technologies are working and our clients’ needs the way forward and getting the right team in for us. Policymakers will need to monitor and, place is crucial to their continued success. ‘If we look around in some areas, regulate those technologies, so they’re properly Athol Street, we have several people who have been with the controlled.” business for up to 20 years and that is both an incredible With successful Canaccord Genuity offices in Guernsey, the Isle achievement and part of our long-term success. Making sure the of Man and Jersey, Tom believes the islands all offer something core of the business, team and process is right gives us that stable slightly different but are in many ways complementary and base to continue growing, creating long term sustainability and collaborative, with each Island boasting economic growth and success.’ political stability, together with robust regulation. Tom is keen to recruit locally when he can, highlighting the In an ever-changing financial environment, Tom recognises there importance of community engagement as key to remaining a are challenges ahead and he needs to stay ahead of the curve. “Our trusted brand. But it is the cultural fit that matters, and Tom is not aim is to have a mixture of that long term stability with a dynamic averse to offering jobs to people from outside the immediate business model that adapts to the environment around us, and our wealth management sector if they have the right mindset and clients’ needs.” Tom says Canaccord Genuity is well positioned to complement the existing team. take advantage of the business opportunities out there. Retaining the human touch at a time of so much discussion about new technologies like AI (Artificial Intelligence) is also vital. Contact: TOM.RICHARDS@canaccord.com ‘Our portfolio management and stockbroking offerings are +44 1624 690120

2024 EDITION

INVESTMENT

IS BIGGER BETTER OR SMALLER IS BEST? Lee Penrose, Head of Business Development at The Fortress Group, based in central Douglas and within the Isle of Man’s burgeoning finance sector, asks how much more companies in the fiduciary industry can benefit from operating out of a transparent, wellregulated jurisdiction. In the case of The Fortress Group and many of its contemporaries in the Isle of Man, quite a lot it would seem . . .

Over my nearly 40-year career in the Isle of Man fiduciary sector I have been privileged to work in large firms (some owned by banks and other institutions) and privately owned small firms. As the years have gone by, I have met some of the most creative minds in the international legal and taxation fields and clients who have achieved great success and wealth in their chosen spheres, some of whom have been responsible for considerable employment. Most have looked to protect and support their families, and many have had generous philanthropic aspirations and desire to give something back to society. Of the smaller privately owned firms I have worked for, many were successful because of the energy, drive and ambition of the individual entrepreneurs and professionals who built those businesses. Sometimes these fiduciary businesses grew out of an accounting or law practice which enabled them to come across international clients and transactions where they could see an unmet need. As the industry grew some firms started to be set up by industry professionals who, like me, gained their knowledge and experience from working in the industry in various capacities and later saw an opportunity to run their own firms.

Things were, of course, simpler in the past! In the beginning almost anyone could set up a fiduciary business with almost no accountability but things had to change. Those changes were licensing and regulation. It is interesting to note that whilst most countries fiduciary systems are open to abuse, it is the offshore centres that have led the field in raising standards introducing regulations and minimum requirements that many ‘premier’ world economies, often the offshore sectors’ biggest critics, have still not put into place!

2024 EDITION

The emergence of international regulation with the need to focus on anti-money laundering, reporting and tax regimes has together with the pre-requisite requirements for well trained and qualified staff raised the financial and resources ‘entry bar’ so high (and with ultimate criminal sanction in some cases) that, quite rightly, there are now significant barriers to setting up a licenced and fully compliant fiduciary business. Whilst this has meant that it is now much harder for those looking to abuse the system these barriers to entry have also frustrated individual entrepreneurs and professionals who have the expertise and contacts to create well run fiduciary businesses and as a consequence new start-ups are now quite rare. But we dismiss this at our peril. Each new trust and or company structure creates work within a fiduciary firm for administrators, senior trust and company managers, fiduciary firm directors, compliance staff, accountants and bookkeepers. Then there are the lawyers and tax advisors whose work is needed at the establishment of a structure and for the various transactions, the local bankers and banking departments involved in processing the transactions of the structure. Then there is the Company Registry staff involved in company creation and maintenance and the IOM FSA staff involved in reviewing the Clients do need a licenced fiduciary firms involved. That’s apart choice of provider from the specialist sector staff employed in and I believe that areas like IOM Shipping, IOM Locate, the smaller firms provide Aircraft Register, the Gambling Supervision a vital and positive Commission etc. and, of course, we shouldn’t forget the airlines and hospitality sector contribution, without which clients and intermediaries enriching the quality could not be reached or hosted. of the Islands’ Every client structure set up contributes fiduciary services incrementally to all these areas and sector. cumulatively provides the secure employed

INVESTMENT

population and tax base that is the life blood to the Island’s vibrant economy and unique culture. Is the current regulatory and accountability regime achieving the right balance or are their unforeseen consequences? From an industry perspective there is strong evidence that the regulator would prefer there to be less licence holders in the fiduciary sector. The logic is simple - larger firms have more resources to comply with the various requirements of the regulations and codes, they will be concerned in preserving their own larger businesses and reputations and less licence holders reduces the number of entities for the regulator to oversee.

The move to bigger is better - investors agree but do clients? As a business model fiduciary work is quite interesting to potential investors. Fiduciaries in the main are in the business of administering structures, some of which are for specific transactions, but most involve transmission, protection and succession of wealth for very wealthy private and institutional clients. Each component of a fiduciary structure can be costed with accuracy. There are charges for taking on business, providing a Trustee (if needed), providing directors, providing registered

continued . . .

2024 EDITION

INVESTMENT

. . . continued IS BIGGER BETTER OR SMALLER IS BEST? office, registered agent, nominated officers, company ten others that don’t progress. This is costly in both time and secretaries. Then there are fees for compliance reviews, filing tax money. returns, VAT returns, filing annual returns and filing beneficial That is why existing books of business have so much ownership returns (where applicable). Finally, there are time attraction. Once these books of business are taken up it clearly charges, and these cover the myriad day to day operational will become far more difficult and costly to build a client base by transactions and activities of a structure which can generate acquisition so this phase of the PE model cannot continue significant fees. indefinitely as there is only a finite number of firms to buy. Making a simple investment requires money laundering checks, In many ways the advent of the bigger PE firms has been good often legal and tax advice, the administrator needs to understand for the industry. Arguably they do have the resources to invest, and control every aspect as does the board. The relevant and and often have whole departments focused, on high quality appropriate meetings have to take place and sometimes procedures and administration. They can also employ the best numerous drafts need to be reviewed and scrutinised. Then in and provided they are well managed they can provide a some cases the necessary reporting requirements need to be consistent and comprehensive service across multiple complied with and logged. All this takes time. jurisdictions which is an area where a smaller local business might Given the predictability of this “managed model” it is relatively struggle. Though to counter this many good smaller firms work easy for a potential investor to recognise that a fiduciary with a with a network of strategic partners across jurisdictions. “book of business” can generate predictable returns. But just as the smaller firm model has its flaws and drawbacks Growing firms by buying “books of business” and then so does the bigger PE firm model. centralising management, administration, compliance and regulatory costs in theory increases profitability by reducing a Bigger is not always better. firm’s overhead absorption rate. This is the financial logic to Conventional organisational theory has told us that when firms ‘bigger is better’ and has seen the appearance over the last few grow over 25 employees’ companies become hierarchical, and the years of what is known as private equity funded fiduciary services dream of a flat organisation where it is easy to know the clients, businesses or ‘PE firms’ with in some cases hundreds of the staff and the day-to-day business operations is over. employees. Managers are needed, work becomes departmentalised and The rise of PE firms seemingly complements the regulators its’ often difficult to give everyone the attention they deserve as perceived view that the fiduciary sector should comprise a the company grows. Management can become reactive and smaller number of much larger licenced firms. At the same time unable to see the complete picture leading to a drop in morale, many of the entrepreneurs and professionals that set up resentment in the teams and high staff turnover. There is a divorce independent and successful businesses in the 1980’s and 1990’s between ownership and control. Managing such growth therefore reached an age where retirement is becoming an attractive requires investment not just financially but also in changing option. Indeed, many owner managers of fiduciary companies, skillsets and mindsets. Clients’ interests can become lost in such with in some cases no succession plans in place, and facing situations. increasing compliance costs and an unceasing regulatory The attraction of the PE Model is a predictable return to environment have decided that it is time to retire and sell up their investors each year. Buying books of business fuels that growth. businesses. By creating a departmentalised factory floor style streamlined PE Firms initially with large war chests of cash from the seed administration operation that keep costs low by systemising say investors have been acquiring firms within the island and other business take on or bank account opening, this generates good jurisdictions voraciously over the last ten years. profitability. It’s an efficient “industrial” machine. Of course, there will come a point when there are no longer However, all business models must adapt over time, if growth quality independent books of business to buy. Generating by acquisition cannot continue to fund this model, and developing fiduciary business from scratch is very new business directly proves too expensive, expensive and time consuming. Building a then this will affect profitability and in times of I think in smaller pipeline involves meeting and working with inflation and adversity the returns required by less hierarchical introducers, spending on PR to raise awareness the PE investors can only be funded by owner managed of the firm, countless meeting and trips to increasing prices for clients and cutting costs identify and meet prospective clients. Internet often staffing. With staff considered an firms a customer promotion, conference attendance and in the overhead in some cases the impetus can be to centric culture is end meeting clients from different cultures and ingrained as there is hire cheaper less experienced staff and/or to persuading them that you are sensitive to their make the good staff work even harder. A a closer connection smaller number of larger employers is likely to needs and culture, so that you can be trusted between the to look after their significant interests, wealth exacerbate a contraction in employment on the directors, staff and and professional requirements. For every one Island and have serious economic implications client successfully taken on there will be at least of wider concern for the Island. the clients

2024 EDITION

INVESTMENT

Of course, all businesses large or small are driven by profit, but sophisticated cross border clients but maintaining this customer perspectives can be different. A small firm is reliant on building centric culture must be a constant priority. I think in smaller less the foundation of a long-term valued client base, therefore hierarchical owner managed firms a customer centric culture is judgements are often needed to ensure that pricing is fair and ingrained as there is a closer connection between the directors, reasonable and clients know they are valued staying for the long staff and the clients. term. However, in larger firms there is the danger when acquiring Clients need to feel assured that their interests are being a book of business that a client becomes a number or a fee looked after by people they know and who know them, likewise generating opportunity and the loss of that client relationship can in this situation it is easier to see the whole picture of a client be easily replaced with the next book acquired. I know that is a relationship and control the direction of the business. cynical view but unfortunately it has become regular discussion point with unhappy clients who have experienced from some PE Smaller is best? firms: All fiduciary businesses started off as small businesses at one 1) Higher prices point! 2) Poorer service Earlier I did highlight the issues that arose as the industry Clients will pay for good service, but they don’t want to feel grew and how these brought about regulatory and legislative they are just a cash generator. High staff turnover in some firms, change with a licensing regime. with often lower paid and inexperienced administrators being I have worked in larger firms and I have seen the benefits of recruited to plug gaps causes one of the worst gripes for clients greater resources, professional systems and international in that they have to periodically re-educate a succession of branding but my personal belief is that the fiduciary industry is changing relationship managers regarding their structure and pay a based on knowing our clients, developing good client for the time cost involved! relationships, understanding what we do, knowing what we are This fundamentally challenges the trust the clients’ place in doing and providing good service at reasonable cost. their service provider. A situation that is exacerbated further in There is social compact between the client and his service some firms where staff are remotely set targets to achieve say provider, the client should not be a just a number or a resource. 80% of chargeable time thus creating a climate of fear of missing Indeed, if a relationship is professionally well established it can billing targets rather than looking at the service the business is be interesting and mutually rewarding. In smaller firms I have actually providing for their clients. been able to experience a wide range of assignments over the With larger firms looking to build their international years and I think that gives me valuable and necessary relationships, high staff turnover, high costs and disenchanted experience. Will people like me with more generalised experience clients should be a concern – but even more should be the arise from firms where staff have been in stuck in a specialist regulatory implications. department or function for years I don’t know? If everything is systemised and homogenised the danger, as with any industrial system is that when things go wrong, they go Medium-sized firms? wrong on an industrial scale. Small firms are perhaps now not so small as when the industry If you have a perfect sausage factory you can make sausages emerged. Companies like The Fortress Group need to be large on scale but if you inadvertently insert a poisonous ingredient all enough to be able invest in the compliance functions, training your clients are affected. and systems needed to operate in this industry. In recent times we have seen some eye watering fines imposed In my view there is a better chance to develop a long term by the regulators. Indeed, the Jersey Financial Services more interesting and rewarding client relationship in a smaller Commission recently imposed a fine of £800k (reduced from a independently owned firm that has the resources to be potential fine of £1.6m) against a well-known PE owned firm as compliant, retaining a client centric culture through less layers it: “…did not respond adequately to the increased of hierarchical management and scale and complexity of the business following a departmentalism. It is easier to have a closer If everything is string of acquisitions...” over a number of years. relationship between the client in the firms. Such systemised and There have been other similar fines to other firms can truly know their customer. homogenised the firms in different jurisdictions recently, the cost of If we are to have a high-quality fiduciary which will eventually undoubtedly find its’ way to danger, as with service sector, clients do need a choice of customers. But apart from these fines there is the any industrial provider and I believe that smaller firms provide general risk in all bureaucracies of not seeing a vital and positive contribution, enriching the system is that serious issues until it is too late. quality of the Islands’ fiduciary services sector. when things go We all learn from experience and some PE firms Without them we stifle innovation and reduce the wrong, they go do have excellent management teams and a good sectors options for the future with the danger of wrong on an business focus, which tied with offices in various industrialising risk and placing the islands’ jurisdictions provides a more cohesive option for industrial scale. reputation in the fate of a handful of companies.

2024 EDITION

TECHNOLOGY

SURE BUSINESS IGNITES INNOVATION IN THE ISLE OF MAN 2007 proved a pivotal point in time for technology. Facebook and Twitter rose in popularity to dominate the social media market, Apple launched its now-iconic iPhone, and Google’s Android operating system was born, spawning a host of competitors. This also marks the year Sure arrived in the Isle of Man.

Managing your modern workplace The fibre network Budget restraints, team capacity and cyber itself links directly to criminals mean that IT management in organisations can fall by the wayside. The solution: Sure’s global equipping businesses with the right tools and infrastructure; From sophisticated fixed line and mobile support by utilising a co-managed IT provider. services to huge investment into its own fibre offering enterprises Sure understands that organisations can find network in 2017, Sure has evolved into a leading in the Isle of Man it difficult to be agile and scale effectively without IT solutions provider. Increasing its digital first-class, a full-throttle IT department; especially small and offering with an unmatched range of IT products medium-sized enterprises (SMEs), who might worldwide and services and acquiring partnerships with the suffer from too few IT personnel or lack of connectivity, very best in the technology industry. Sure’s enterprise-level IT tools. The introduction this purpose is at the heart of the organisation ‘to enabling them to use year of co-managed IT services means that connect our island communities for a better innovative services businesses of all sizes can benefit from end-tofuture’. and solutions with end support for IT workloads, and efficiency and ease. round-the-clock access to Sure’s experts. This is The future is fibre supported by an impressive arsenal of sophisticated services, Arriving as a mobile-only provider, providing much-needed choice to the island’s consumers in a previously monopolised telecommunications market, Sure has now transformed into so much more than a telecoms company.

In 2017, Sure identified and rose to the challenge to address the lack of choice and innovation in the business connectivity market. Sure expanded its team, developed a new range of products and services within its enterprise portfolio and, built out its own high speed fibre optic network for businesses on the island, which increased customer choice and experience exponentially. Sure has invested over £6 million in the Business to Business (B2B) fibre network to provide businesses in the Isle of Man with choice across a wide range of products and services and directly addressed and removed a key weakness and reliance of one historical incumbent telecommunication provider locally. The fibre network itself links directly to Sure’s global infrastructure; offering enterprises in the Isle of Man first-class, worldwide connectivity, enabling them to use innovative services and solutions with efficiency and ease. This key investment gave Sure’s business customers end-toend control, a reliable customer experience and access to Sure’s Cloud, Security, broadband, fixed and mobile solutions. Most importantly of all, the fibre network introduced competition and improved the islands Critical national Infrastructure. For relocation purposes, and with businesses spending more time in the digital sphere, it has never been more important to secure a future where, through technology, every business can respond better and quicker, and adapt to any challenges and opportunities presented.

2024 EDITION

including Multi-Cloud platforms, managed cybersecurity solutions, unified communication, network management, Cloud Voice and Microsoft Teams optimisations. The goal is to provide IT departments with solutions which allow our customers to free up valuable resources and take the hassle and time out of IT. It’s all about driving business efficiency and exceptional security - allowing businesses to achieve their ambitions with ease.

High-spec tech All this growth means Sure Business can now offer much more than just super-fast broadband and telephony. In our digital society, the volume of data being used and processed is greater than ever, and all this data needs a safe and secure place to live. Sure Business has expanded its digital solutions portfolio, investing in capabilities such as AWS EC2 and Microsoft Azure, all enabling security, availability and performance for your applications and data across your own IT estate. With Cloud becoming the preferred choice for safe compute and storage, Sure Business does not only offer private Cloud solutions, but flexible and scalable solutions such as Sure VCloud, giving on-island access to data so IT teams can focus on their applications. Looking ahead, with AI posing more new and more sophisticated threats to technology, Sure has turned its attention

TECHNOLOGY

to fostering relationships with high-profile partners, to bring its enterprise customers the best portfolio of services on offer.

Power in partnerships

We’ve seen Microsoft Teams rise to become the primary form of communication, so Sure Business made Teams integration a priority, tying this into the telephony network for seamless accessibility for all.

With already-established relationships with multiple market-leading partners including Mimecast and Trustwave, this year Sure Business partnered with highly regarded industry platforms, namely Cyber Tec Security, Deep Instinct and CultureAI. These strategic partnerships expanded Sure Business’ portfolio of cybersecurity products to provide its customers with high-level protection from cyber threats. Sure’s reputation enabled it to build a strong relationship with Microsoft, gaining the accreditation to use and install the full portfolio of licensed 365 products. In 2020, Sure noticed a shift in clients turning away from traditional corporate solutions to SIP-based and modern telephone lines and we saw Microsoft Teams rise to become the primary form of communication. Going forward, Sure Business made Teams integration a priority, tying this into the telephony network for seamless accessibility for all. Another notable exclusive partnership was secured with industry heavyweight Hewlett Packard Enterprises (HPE). Sure Business is the exclusive Service Provider partner in the Channel Islands and Isle of Man to offer HPE’s public Cloud services, providing guaranteed data sovereignty, simplified regulatory compliance and competitive costs. Businesses now benefit from the highest level of data privacy, and access to premium products that would usually be out of reach. Sure recently brought two of the leading Chief Technical experts of Hewlett Packard to the Isle of Man and the Channel Islands for their Technology Trends event; giving the audience a keen insight into what’s next in Sure Business’ strategy for the year ahead, and showcasing the skills of HPE’s Chief Technologists. High quality, enjoyable and informative events have been a key focus for Sure, and something that will continue into 2024.

Spotlight on service

To deliver all these solutions and products, you need a great team. And over the last fifteen years Sure Business has expanded to fulfil the growing technology needs of Isle of Man. With a global presence secured already as part of the Beyon Group, a technology group headquartered in Bahrain and working in the Middle East and beyond, Sure Business was once a company of just 15 employees, but now has grown to over 50 local staff in the Isle of Man, and over 350 staff globally, with an ambition to grow even further. Expanding services is all part of a grander scheme to give the best client experience. Sure’s call centre focuses on delivering great service with efficiency, with 85% of queries answered within 30 seconds. In recognition of the increasingly sophisticated IT needs of its clients, Sure Business has focused on expanding its consultancy services by hiring experts in specific areas of IT, giving them a team of specialists in independent areas with a wealth of knowledge. Team development is also of high importance, that’s why Sure created the 1-1-1 learning pledge; giving employees the chance to do one hour of learning every week across the year, via two digital learning platforms. A free resource, staff can access anything from technical courses such as Cloud solutions to soft skills like people management. Investing into a larger and skilled team means that local enterprises benefit from in-depth consultation from their experts and round-the-clock IT support, with access to an unmatched offering of products and solutions. Sure Business is more than just a provider of voice and data services. From their ICT experts and state of the art datacentres to their Cloud and cybersecurity solutions, their mission is to enable local businesses to thrive in today’s global marketplace, and keep our islands connected for a better future.

2024 EDITION

OPPORTUNITY

JOIN THE SURE TEAM IN THE ISLE OF MAN As Sure continues to expand and develop as a business entity and as a telecoms innovator, it has never been a better time to get involved and embark on one of the many opportunities available at Sure Isle of Man.

The Isle of Man – home of the world-renowned ensure that spectators don’t miss any of the TT race and the namesake of the Manx cat – I am originally from a action. lies between Ireland and the north of England. Tim Ewing moved from Durban, South Africa city and have lived in With a population of 85,000 and an area of in 2021 to take on the role of account director at several locations 227 miles, the island combines the bustling Sure Isle of Man. across the UK and nature of modern life, with the tranquil lifestyle “I moved during the pandemic from a red-list the world and I can country and spent four weeks in quarantine and of rural living. Sure has proudly called the Isle of Man its proudly say that I eight months living here before my family home since 2007 and directly supports the arrived – but it was all worth it,” he said. love living on the island’s thriving economy - in particular its “I have family here – my brother lives here island and the digital sector - and its local community. Sure is and my parents spend their summers on the opportunities it has a telecommunication and IT services provider, island. I’ve been in telecoms my whole career, given me to develop so when an opportunity arose to move to the part of the Beyon Group which operates in my career and fourteen jurisdictions across the globe. Over the island with Sure I jumped at the chance. Things years the team at Sure has grown considerably contribute to the are relaxed and safe here, which I love. I forget and it has proven to be a business that not only to lock my car occasionally, something I would local community. develops local talent but also attracts never have dreamed of in South Africa.” technology experts to the island, as was the case for South Tim relocated with his two children and wife. “The kids Africa-born account director Tim Ewing, Andy Winslade from adjusted to life here with ease, they’re already developing a South Wales, and chief executive Mike Phillips, who relocated Manx accent. It’s a safer environment for them and the schools from the north-west UK. are second-to-none.” The low crime rate and stable economy of the Isle of Man He said that Sure supported him through the whole make it an ideal place to live and raise a family, and to develop relocation process: “They gave me all the time I needed to get and build a career. As a small jurisdiction, the Isle of Man’s here and settled; they said if I needed six months to finally get telecoms and IT sector is able to be innovative and dynamic in here then that was no problem. Whenever I needed letters for a its approach, while delivering the services needed for a modern visa, or anything else issued by my employer, those documents economy and jurisdiction; Sure leads the way in this area. were in my hands the same day. As well as providing mobile, “The work/life balance is a great broadband and landline services to aspect of the company – if you need the island’s community, a key focus to work from home that’s accepted of the Sure team is directly and understood; they’re keen to supporting organisations of all sizes help you work in the way that suits in the wide and diverse range of you best. Sure sells work-from-home business sectors across the Isle of solutions, and they actively reflect Man. Over its 16 years on the island the changes we’re seeing in the the Sure team has created a world with flexible working.” comprehensive range of products, Professional services consultant solutions and services that keeps Andy Winslade relocated to the Isle Tim Ewing Andy Winslade the island connected, supported of Man from South Wales nearly and competitive in a global market. Sure, also sponsors and eight years ago, bringing with him more than 30 years of provides its key expertise the Isle of Man TT races – an annual experience in the telecoms industry. event that attracts thousands of racing fans from around the “My job is to chat with customers about the solutions that globe each year - powering the races with cutting-edge Sure has to offer and to help customers get the right service, technology to enhance safety measures for participants and essentially I am a trusted advisor to our customers,” he said.

2024 EDITION

OPPORTUNITY

Mike Phillips “I enjoy what I do and the people here are great. Sure is growing as a business and with that comes new opportunities. It is a very trustworthy telco to do business with and the team are very passionate about providing good service, everyone wants to do the best they can. “From a work/life balance point of view, living in the Isle of Man is wonderful. It’s a great place to live, it’s safe and friendly and everyone is always happy to help and have a chat.” Sure Chief Executive Mike Phillips relocated to the Isle of Man 23 years ago, at a time before Sure existed and there was only a single telecommunications provider. Moving originally from Salford and having lived in various locations across the north-west of England, Mike was seeking the combination of career advancement and a safe and secure environment to start a family.

Mike compared the island to the Lake District in nature and said it’s a very different lifestyle compared to living in inner-city Manchester. “I am originally from a city and have lived in several locations across the UK and the world and I can proudly say that I love living on the island and the opportunities it has given me to develop my career and contribute to the local community. The island is community and family oriented but mixes that with the presence of leading global organisations, small businesses and a landscape that encourages and supports innovation and progression. Having initially moved here for what I anticipated was three years in 2000 I think that it says it all about what the island has to offer and its attractiveness. Whether you love beaches being on your doorstep, walking in glens through, or the adrenaline-fuelled excitement of the TT and easy links to the UK and further afield, the island has much to offer. “The island has a strong economy and an even stronger sense of identity and community, you couldn’t really ask for anymore.” Mike has been with the Sure team for nearly 15 years, “Having worked in technology roles across many sectors including manufacturing, finance, and telecommunications it has been fantastic how Sure and the island has enabled me to develop my career. I get to work with talented friends and colleagues delivering our solutions and supporting our community, coupled with being able to play a leading role in the development and provision of local telecommunication services with both government and industry.”

Current Sure job opportunities can be found at https://careers.sure.com/careers

Peel Castle, on the west coast of the Island

2024 EDITION

INVESTMENT

SUSTAINABLE ALPHA WHAT DOES IT MEAN? For nearly three decades, Capital International has sought to make money work better and to generate strong investment returns for our clients that are sustainable over time. These objectives are manifest in our investment philosophy and process that we call ‘Sustainable alpha’. This investment philosophy and process has evolved over the years based on our By David Long, experience of what actually Chief Investment works, both in the good times Officer, and through economic Capital International downturns and financial crises. This is a process and approach Group that has demonstrably delivered strong investment returns consistently over time. From our investment research and forecasting, we observe that the companies that tend to deliver superior long-term returns for our clients exhibit two consistent characteristics. Firstly, they create tremendous customer value, often using innovation and technology to transform the markets they operate in. This is what we describe as the thrust forces driving the business forward. We of course also look at external factors: Are its products or services sufficiently in demand? Does it have a competitive advantage? Is the market it operates in growing? Fundamentally we seek strong, growing businesses, but that alone is not enough. Secondly, in order to maintain a world class performance over time, a great company, just like a great athlete, must keep in shape.

To achieve this, a company must seek to consistently minimise the resources it consumes such as energy, raw materials and operating costs. We see these as the drag forces that can pull a company downward. In our view, it is only by consistently reducing these drag forces whilst increasing the thrust forces, that a company can propel itself to success and generate returns not just for today, but sustainable returns for the future. History is littered with yesterday’s growth stocks that ignored drag forces. Led by overpaid executives that believed their own press, recklessly spent other people’s money and took for granted their temporary dominance in a particular market. All too quickly they became bloated, spendthrift, behind the curve or just plain lazy. The best executives, and indeed the best investors, live by the ancient Persian adage; ‘this, too, shall pass’. Knowing that the things that drive your success today are temporary and that markets are constantly changing, generates awareness of trends, a focus on productivity growth and financial prudence, as well as encouraging innovation to embrace the opportunities that change offers. It should be no surprise that good management, strong governance, healthy motivated staff, a strong value proposition and increasing productive efficiency are fundamental characteristics of the high performing businesses that deliver strong investment returns. These characteristics are also, of course, the very definition of sustainability and strong environmental, social and governance practices. Profitability and sustainability are not mutually exclusive concepts and the companies that will perform best over the long

Businesses that fulfil human needs, respond to change and innovate to create renewed value and increased productivity are the drivers of human prosperity. These are the businesses that will deliver the best returns to investors.

2024 EDITION

INVESTMENT

term are those that are committed to operating sustainably, constantly striving to improve efficiency and driving positive change. We also need to be honest. We cannot simply flick a switch and divest from all sectors that fail to immediately meet arbitrary sustainability criteria. Right now, without fossil fuels, we cannot heat the millions of homes through harsh winters. Without industrial farming, we cannot feed the world’s 8 billion people. It is a false choice to think we can or should disinvest from crucial industries on which our prosperity depends. This will actually create poverty, exploitation and suffering. Or, worse, lead to nationalism and even conflict. The exact opposite of the outcome we seek. Instead, we need to encourage and champion iterative change, a process that’s incredibly powerful and overwhelmingly positive. Embracing innovations and technologies that create the

sustainable solutions of tomorrow while constantly improving efficiency, reducing resource intensity and driving up productivity. Hard working people and successful businesses are not the enemy of prosperity, they are the source of it. The reverse is also true. Businesses that fulfil these human needs, respond to change and innovate to create renewed value and increased productivity are the drivers of human prosperity. These are the successful businesses of tomorrow and these are the businesses that will deliver the best returns to investors. Interestingly, when targeting sustainable investment returns, it’s the direction of travel for a business that is critical, not necessarily the starting point. Some of the best opportunities can be found in historically ‘dirty’ companies that have strong natural demand and are committed to the journey of developing better innovative, sustainable solutions and increasing efficiency. So whilst our aim is to invest in assets that deliver sustainable profitability, it is not about virtue investing or green washing. We do not take an exclusionary approach to asset selection. To the contrary, we believe that all sectors are required for prosperity; a company doesn’t have to be perfect in terms of sustainability today but what we are looking for is clear evidence of and a commitment to progress. This investment approach targets returns that are sustainable, not only for our clients, but also for society and the environment too. It’s the ultimate win-win scenario. In essence, Sustainable alpha is about identifying companies that can consistently increase the value they create, whilst reducing the resources they consume. Quite simply companies capable of creating more from less – a perfect recipe for profitability. Find out more about our investment philosophy here: www.capital-iom.com/investment

Our core strategy: creating more from less

Scan the QR code to learn more, or visit: www.capital-iom.com/investment

Disclaimer: The views, thoughts and opinions expressed within this article are those of the authors and not those of any company within the Capital International Group (CIG) and as such are neither given nor endorsed by CIG. Information in this article does not constitute investment advice or an offer or an invitation by or on behalf of any company within the Capital International Group of companies to buy or sell any product or security or to make a bank deposit. Regulated investment activities are carried out on behalf of Capital International Group by its licensed member companies. Capital International Limited and Capital Financial Markets Limited are licensed by the Isle of Man Financial Services Authority. Capital International Limited is a member of the London Stock Exchange. CILSA Investments (PTY) Ltd (FSP No. 44894) and CILSA Solutions (PTY) Ltd (FSP No. 6650), t/a Capital International SA are licenced by the Financial Sector Conduct Authority in South Africa. All subsidiary companies across both jurisdictions are represented under the Capital International Group brand.

2024 EDITION

CORPORATE BANKING

WHY IS IT SO DIFFICULT TO SET UP A CORPORATE BANK ACCOUNT? Corporate banking can be tricky. Not only can opening an account be a long-winded and labour-intensive process, but even once your account is up and running, the technology on offer and the service you receive can often seem sub-standard. There are a number of obstacles that anyone who has ever tried to open a corporate bank account will likely be all too familiar with: the waiting, the endless admin, the clunky technology, and finally, the lack of support and guidance throughout the entire process. With the aim of remedying these pain points, Capital International Bank has been designed to deliver a better, faster banking solution to underserved and underwhelmed corporate clients. Let’s now unpack some of the key issues with the current provision of corporate banking services and explore how Capital International Bank is leading the way amongst providers.

“The Slow No” The “slow no” is something many corporates will have experienced in their efforts to get a bank account up and running. Imagine filling in endless forms, submitting a mound of paperwork and waiting weeks or even months for a decision - only to then be told that you will not be able to open an account. You’ve essentially wasted a significant amount of time to end up back at square one. This process can certainly be frustrating but more importantly costly, with unnecessary time wasted on admin and your access to a banking solution for your business significantly delayed. At Capital International Bank, we are able to let you know within 24 hours of speaking to our team: n Whether we are able to progress your application. n How long the bank account will take to open. n What the likely cost of the account will be. With this initial pre-application eligibility check, we make sure not to waste your time. It’s very simple: if we are unable to take on your business, we will let you know within 24 hours.

2024 EDITION

A Lengthy Onboarding Process The corporate banking onboarding process can be very time consuming, not only in terms of waiting for a decision, but also with regard to the back-and-forth that comes with submitting the necessary documentation. Our aim is to make opening an account with us a seamless and simple process. We strive to continue to provide an efficient onboarding process that has fast turnaround times with no need to fill in paper forms, provide wet signatures or post documents around the globe. Our dedicated team of Relationship Consultants ensure that you are guided through the onboarding journey. We make sure that you have all the necessary information and feel comfortable to submit the correct documentation first time round.

Struggling to Open an Account with a Regulated Bank Due to the difficulties associated with opening a bank account, corporate clients often turn to Electronic Money Institutions (EMIs) to facilitate their day-to-day cash management activities. EMIs are able to provide a reasonable temporary solution for businesses, however there are a few things that an EMI simply cannot offer that a regulated bank can. For example, with an EMI, you cannot hold an account in your own name and your money is instead held in a segregated account. Furthermore, to make payments through an EMI, you need to remit funds to a ‘main account’ for further credit to the account reference. Capital International Bank is the first ever bank to be licensed and regulated under the Isle of Man Financial Services Authority’s (FSA) Class 1(2) Alternative Banking Regime. The Isle of

CORPORATE BANKING Man operates as an offshore Category C rated jurisdiction alongside the likes of Jersey and Guernsey and is home to several large and well-known financial institutions. Capital International Bank is regulated by the Isle of Man FSA. This makes us a licensed, regulated bank, not an EMI. Our clients therefore benefit from holding accounts in their own name and making direct payments out of their own account.

Outdated Technology Corporate banking platforms can be old-fashioned with a user experience that is far inferior to what is available in the personal banking world. Through other great online experiences, clients have rightly come to expect easy-to-use apps and instant processing from any service they sign up to. It’s known as the “Amazon effect” and it's driving significant digital transformation in finance. Built from scratch by our in-house development team, Capital International Bank offers clients a modern and easy to use digital platform specifically designed around the needs of corporates. From completing applications and transacting foreign exchange, to remitting payments through the platform, every interaction has been carefully considered and tested to make money management easier for businesses.

Poor Customer Service Everyone knows how frustrating it can be to get in contact with a business that seemingly does not want to be contacted. First of all, there’s finding the contact details on their website, then there’s waiting in a phone queue for hours only to speak to someone who passes your query on to another department! At Capital International Bank, we pride ourselves on being a digital bank with a human touch. As part of the onboarding process, all of our clients are assigned a dedicated relationship consultant who they can contact to discuss any problem they might be experiencing.

Why Your Banking Relationship Should Be a Net Positive Despite the current interest rate environment, corporate account interest rates still remain an area of challenge. Companies are often required to lock up any excess cash for long periods on fixed term deposits in order to generate a return, requiring often complex

treasury management calculations and a degree of liquidity risk. The account offering at Capital International Bank provides an interest-bearing solution for current account cash deposits, allowing clients to earn a return on operational cash without locking this up for long periods. Many clients are currently able to generate interest returns from their account balances with Capital International Bank, more than offsetting any account fees or payment charges, with minimal effort required. The return on your banking relationship extends beyond just the financial – at Capital International Bank we plant two trees for every account opened: environmental sustainability is critical to our mission. We have set an ambitious target of becoming carbon neutral by the end of 2025. We will achieve this by delivering annual reductions in our carbon emissions and through targeted support for local sustainability projects.

Are You Looking for a Corporate Bank Account? Why not save yourself from the “slow no”, the endless waiting and the clunky technology? The team at Capital International Bank are happy to discuss how our service may be able to benefit your business. For more information, scan the QR code below or contact us directly via: cib-bd@capital-iom.com or call +44 1624 654200 to speak to one of our team to find out whether you are eligible for an account with us.

Our Banking Offering for Individuals In addition to corporate banking, we are now able to offer our banking services to individuals who meet our ‘Restricted Depositor Criteria’ which requires applicants to possess liquid assets in excess of £500,000 or currency equivalent. Our modern banking platform provides access to our suite of banking services, including fiduciary deposit solutions which allow individuals to maximise their return on cash balances through interest-bearing call accounts and fixed-term deposits. We offer an ideal point of diversification to an individual’s existing portfolio of banking providers, allowing fiduciary access to Arated counterparty banks through a single relationship and no requirement to invest or lend. To find out more about our offering for individuals, please don't hesitate to get in touch.

Scan the QR code to learn more, or visit: www.capital-iom.com/bank

Capital International Bank Limited is a wholly owned subsidiary of Capital International Group Limited (www.capital-iom.com) a privately owned financial services group based in the Isle of Man. Capital International Bank Limited is licensed by the Isle of Man Financial Services Authority and operates as a non-retail, restricted deposit taker under a Class 1 (2) licence. Deposits are not covered by the Isle of Man Depositors’ Compensation Scheme and terms and conditions apply. Capital International Bank is the trading name of Capital International Bank Limited. Capital International Bank Limited is also licensed by the South African Reserve Bank Prudential Authority to conduct the business of a Representative Office in South Africa.

2024 EDITION

SHIP & SUPERYACHT REGISTRATION

THE FUTURE OF SUSTAINABLE SUPERYACHTS Since the dawn of the superyacht in the early 20th century, the industry has been synonymous with opulence and grandeur—a reputation that rarely includes environmental considerations. But superyacht builders and buyers have not ignored Net Zero objectives. In fact, many builders are now channelling intense focus toward sustainability.

by Ed Leigh, Client Services Director, Yachting & Aviation at IQ-EQ in the Isle of Man

Traditional building practices are increasingly being replaced by eco-friendly alternatives, ranging from zero-emission propulsion systems to the use of recycled textiles onboard. The result? Superyacht owners in search of a ‘greener’ solution currently enjoy an abundance of sustainable choices. Here, we explore how luxury superyacht builders seek to balance the pleasures of marine travel with planetary wellbeing.

Electric power

Hydrogen power Hydrogen power is another trailblazing technology that is gaining traction. Dutch firm Sinot Yacht & Architecture Design was responsible for the first hydrogen-powered yacht. Aqua is run entirely on liquid hydrogen stored in two 28-tonne vacuumed tanks, though backup diesel generators can power the vessel if needed. Four of the world’s largest builders are also developing hydrogen fuel cells for marine use: Lürssen, Baglietto, Tankoa, and Feadship. Unlike gas-powered combustion engines, the only byproduct of hydrogen fuel is water. With no harmful outputs, hydrogen power seems like a dream come true—though there are challenges. Hydrogen power is currently behind diesel and electric motors in both output and efficiency, and safety concerns are still very real. Hydrogen is highly flammable, requiring massive speciality tanks for its storage that occupy a huge amount of interior space.

Battery-powered yachts, once a pipe dream, are now an Sustainable design and interiors enticing reality. Dutch yacht builder Feadship pioneered the use Beyond alternative power sources, other sustainability of electric power in the 83.5-metre Savannah, the world’s first fully initiatives in the superyacht industry extend to construction and electric and emission-free superyacht. By eliminating fossil fuels, design. Modern yachts are being built lighter and with more fuelelectric power offers owners the dual benefits of silent cruising efficient design than their traditional counterparts, which and a significantly smaller carbon footprint. Savannah uses minimises environmental impact for even diesel-powered Feadship’s Breathe propulsion system, which enables five different engines. Optimised hull shapes and lightweight materials reduce operation modes, from diesel and diesel-electric drag and fuel consumption. combinations to fully electric power. The yacht Recycled textiles used to create luxurious Modern yachts are boasts a 30-tonne lithium-ion battery bank being built lighter and interiors are another key trend, as yacht owners capable of holding a million watts of electricity. with more fuel-efficient resist the idea of sailing the oceans while Another hybrid superyacht, the 106-metre surrounded by materials that contribute to its design than their Oceanco creation Black Pearl, is one of the decline. Materials like hemp, cotton, and traditional largest and most ecologically friendly sailing recovered ocean plastics are being transformed yachts in the world. She can cross the Atlantic counterparts, which into high-end upholstery, curtains, and carpets. without burning any fossil fuel thanks to her The explorer yacht Yersin was constructed minimises three 70-metre carbon masts on the world’s environmental impact from 95% recyclable materials, including largest DynaRig sailing system and an innovative recyclable resin decks that substituted wood for even dieselpropulsion system that harvests kinetic energy for a more sustainable alternative. Yersin’s icepowered engines when under sail. classed hull has been coated with a non-biocide

2024 EDITION

SHIP & SUPERYACHT REGISTRATION

The battery-powered ‘Savannah’

The hybrid sailing superyacht, ‘Black Pearl’

The hydrogen-powered ‘Aqua’ silicon antifouling layer, while the yacht’s dynamic positioning minimises the impact of the anchor when dropped. Clearly, superyacht builders are not shying away from the latent possibilities in sustainable construction. And where largerscale vessels have led the way, smaller boats are sure to follow. Taking care of your luxury assets is crucial to preserving their value and enhancing their worth. Our specialist team create bespoke holding and leasing structures as well as providing a comprehensive range of support services, from vessel registration to commercial chartering and other administrative concerns specific to yacht ownership.

At IQ-EQ, a leading global investor services group, we have an expert team in the Isle of Man that specialises in yacht owners maximise the potential of their investment. Our well-established technical expertise allows us to create bespoke commercial or private ownership structures for clients’ aircrafts. Key services also include financial reporting, aircraft finance and leasing, and tax and VAT compliance. For more information on sustainable initiatives, or to discover how IQ-EQ could support your ownership needs, please don’t hesitate to get in touch. Contact Edward.Leigh@iqeq.com or visit iqeq.com

2024 EDITION

SHIP & SUPERYACHT REGISTRATION

ISLE OF MAN SHIPPING REGISTRY The Isle of Man Ship Registry is one of the world’s leading registers of ships and superyachts. A British register providing the very best in service to its clients; it is the flag of choice for owners looking for quality and partnership from a Flag Administration.

Based in offices in Douglas, Isle of Man, the register is run by a team of professionals dedicated to providing the very best in service. Backed by sophisticated electronic systems, the register is able to register ships quickly and efficiently to suit all time zones and has on-line systems to smooth the processes for clients. An ISO 9001 and 14000 certified organisation, the Ship Registry operates efficiently and consistently to exceed the standards expected of a modern Flag State. With its in-house technical expertise, the register provides advice and regulatory oversight for the ships and yachts on the register, in a pragmatic and commercially sensitive manner. This partnership working and service-culture is what attracts clients to register more of their ships in the Isle of Man. Our portfolio of clients includes many of the world’s blue chip ship owners and prestigious super yachts. With 24/7 response and a growing network of surveyors in key locations the Ship Registry provides a swift response to allow owners and managers to keep their ships operating in a competitive global industry. Backed by a Government which strongly supports the maritime sector, the Registry is operated on a cost-neutral platform, allowing its fee structure to be extremely competitive. The Isle of Man really does offer high quality and superb service at a low cost.

Key principles The Isle of Man ship register has built its reputation as one of the world’s leading registers on three key principles: n Excellent service n High quality n Low cost The long history of political and financial stability on the Isle of Man and OECD “white-listed” jurisdiction makes it beneficial to register ships on the Isle of Man. The Isle of Man Ship Registry accepts almost all vessel types, including merchant ships, offshore vessels and private and commercial yachts. Fast, professional service at low cost makes the Isle of Man an ideal choice for ship and yacht registration. In addition, the Isle of Man offers the full range of professional maritime services to assist with the registration, ownership and management of vessels and crew.

Key principles n Pragmatic approach to regulation with a focus on finding solutions and building relationships n Response time to technical/registration queries is normally within same day

2024 EDITION

n Local Representatives in key markets including Japan, China, Hong Kong and Greece n Technical expertise in-house with survey and policy teams on hand for consultation and reliable advice n Network of surveyors in key survey locations around the World n Simple regulations applying international convention standards with no additional requirements. n Digital Certification meaning original certification can be onboard within minutes

Simple, competitive fees n Consolidated annual fee which covers all normal inspections, consultations, certifications and dispensations. n Seafarers Documents– Simple online application process and fixed fee per endorsement. Normally processed and sent out within a week (no mandatory seaman’s book or other fees).

Flexibility to meet your needs n Out-of-hours registration to suit shipyard times/closing meetings anywhere globally n Demise/Parallel Registration- the Isle of Man enables parallel registration with other states, both demise-in and demise-out registration to provide flexible solutions for owners. n Wide range of qualifying owners – including many types of Company, Limited Partnerships and individuals. n Remote inspection technology approved for class statutory/annual surveys and flag state inspections. n 24/7 emergency response by Principal Surveyors (key decision makers)

How IQ-EQ can help you IQ-EQ specialise in tailored services to create bespoke commercial or private holding and leasing structures for aircraft, yachts and classic cars. n Asset registration (private and commercial) in multiple jurisdictions n Financial reporting n VAT administration n Issuing pre-paid crew cards n Organising insurance to protect your assets n Managing crew employment and payroll n Assisting with re-fits n Commercial chartering activities For details on IQEQ’s full range of bespoke services, visit iqeq.com

AIRCRAFT REGISTRATION

2024 EDITION

DISTILLERY

FYNODEREE LAUNCHES INAUGURAL MANX WHISKEY CLUB There is much that makes the Isle of Man an enigmatic and unique place to live and visit. Boasting outstanding natural beauty, fascinating Celtic and Viking history, and an agricultural heritage for producing fine Manx barley, it is also superbly suited to the production of ultra-premium single malt whiskey. This exciting provenance is to be channelled into Ushtey Bea Fynoderee - Isle of Man Single Malt Whiskey, a new spirit to be launched and crafted by The Fynoderee Distillery. The distillery is known for its range of awardwinning gins, rums, and vodka, many of which feature local botanicals, as well as for bringing fascinating elements of Manx folklore to life through its labels and brand story. The grain-to-bottle whiskey programme will

take this celebration of Manx provenance to a

global audience. Everything we do is inspired by the promotion of our Manx Manx purity from grain to bottle Last year, The Fynoderee Distillery, founded culture and widening by local couple Paul and Tiffany Kerruish in 2017, appreciation of those opened their first trial cask of a new whiskey aspects that make our which had reached the landmark age of 3 years, Island and our 3 months and 3 days - the minimum aging period community so special they are adopting for their whiskey programme.

Founders of The Fynoderee Distillery, Tiffany and Paul Kerruish

2024 EDITION

DISTILLERY This extra minimum time in the barrel is a homage to the Island’s ancient triskelion symbol, the Three Legs of Mann, and a nod towards the famous Manx Gaelic expression: ‘Traa dy Lioor’. Following successful trials, resulting in what is believed to be the first legal whiskey ever produced on the Island, the couple have now started full-scale production of their Ushtey Bea Fynoderee – Isle of Man Single Malt. (Ushtey Bea is the Manx Gaelic expression for whiskey.) In 2021, the distillery commissioned the Island’s firstever crop of Laureate Barley, a distiller’s grain with a proven track record for making high-quality malt spirit. Grown on a coastal farm on the fossiliferous limestone peninsula of Scarlett in the south of the Island, the yield exceeded 50 tonnes. With no malting house on the island, the grain was sent to Warminster Maltings, who have specialised in malting grain for over 160 years. During Paul and Tiffany’s visit to see the progress of the grain, the couple were overjoyed to be told by owner Robin Appel that it was among the finest produced anywhere in the UK that year.

Mythic origins Simultaneously, the Fynoderee team have been perfecting the design, build and installation of a dual copper pot still system, the only one of its kind in Europe, which will be used exclusively for producing the whiskey. The dual copper pots are named ‘Huginn and Muninn’ after a pair of mythical ravens that sit on the Norse God Odin’s shoulders. They fly all over the world, returning to him with a wealth of information and insight. In old Norse these names translate to ‘Thought’ (Huginn) and ‘Memory and Emotion’ (Muninn).

Spirit of the Island For co-founder and Marketing Director Tiffany Kerruish, this has never been just about producing a whiskey: “Our island family roots date back through the centuries and bringing the unique Isle of Man story to an international audience has always been uppermost in our thoughts, as well as using this as an opportunity to actively promote and uphold the strategic visions of our precious Biosphere. “Our whiskey programme will enable us to further our contribution through community involvement activities that

celebrate our culture, heritage, and unique sense of place. “Everything we do is inspired by the promotion of our Manx culture and widening appreciation of those aspects that make our Island and our community so special.”

The Fynoderee Founders Whiskey Club The Fynoderee Distillery has now launched the Fynoderee Founders Whiskey Club, guaranteeing members access to the first-ever taste of Ushtey Bea Fynoderee – Isle of Man Single Malt (expected in 2026) alongside a range of further exclusive benefits, including: n One 70cl bottle of Ushtey Bea Fynoderee – Isle of Man Single Malt Whiskey: a once-ina-lifetime opportunity to become the owner of a First Release bottle numbered from 101 to 1,100. Each numbered bottle will be presented in 2026 in Fynoderee Founders Whiskey Club ‘First Release’ commemorative packaging. Club members will also receive an additional 2 x 5cl miniature bottles to enjoy a celebratory dram. First Release bottles will be ready at the earliest in 2026. n A Member's Welcome Pack containing a Wooden Membership Card and a signed and numbered Limited Edition Mounted Artwork Print by renowned Manx artist and Fynoderee bottle label designer, Julia Ashby-Smyth. The Welcome Pack also includes a £50 Voucher and a sample of Fynoderee’s first-ever malted Manx barley. n 10cl Bottle of New Make Manx Malt Spirit fresh from the stills. n A place for a member and guest on one of The Fynoderee Distillery’s scheduled Whiskey Tours. n Because their whiskey is ageing in oak barrels, and in line with their commitment to Isle of Man Biosphere Partner pledges, The Fynoderee Distillery will be working with The Manx Wildlife Trust to plant one native tree for every Fynoderee Founders Whiskey Club Member. n 10% lifetime discount on Fynoderee Distillery Spirits and Regular Founders Club Updates plus advance pre-release notifications and invitations to all future Fynoderee Whiskey events. Full details of the whiskey programme and the opportunity to join the Fynoderee Founders Whiskey Club can be found on their website at www.fynoderee.com/whiskey

2024 EDITION

EVENT

THE GREATEST MOTORSPORT SHOW ON EARTH

For two weeks starting at the end of May each year, the Isle of Man transforms from a tranquil island in the middle of the Irish Sea to one of the loudest, fastest and most exciting places in sport as it hosts the Isle of Man TT Races.

2024 EDITION

EVENT

Whilst millions have heard of the notorious the flow of new riders who wish to take up the motorcycle road races, few have had the chance Nowhere in the world challenge of the Mountain Course guarantee the to truly experience the spectacle firsthand. can you experience TT a special place in Manx culture and society. It Unlike most motorsport events, the racing takes corporate hospitality is also a major boost to the tourist economy of place on public roads that are closed to traffic while inches away from the isle. just 30 minutes prior to the action taking place. Since its inception, the TT has also attracted bikes passing by at The speeds are mind-boggling, the danger some of the world’s most talented motorcycle phenomenal speeds. racers, from golden era legends like Geoff Duke, levels are high and yet spectators can also watch only inches away from the incredible action at Guests can have a Giacomo Agostini and Mike Hailwood to 90s many points around the 37-mile Mountain reserved seat right at stalwarts Carl Fogarty, Steve Hislop and Joey Course. It is truly unique and often described as the heart of the action Dunlop. Today, topping the list of elite road racers “the greatest motorsport show on Earth”. at a selection of prime are Michael Dunlop and Peter Hickman. In 2023 The TT can trace its origin back to 1904 when the pair both lapped the course at an average locations around the speed exceeding 135mph with Hickman setting a motor racing first took place on the island in the course form of the Gordon Bennett time trial for cars. new lap record speed of 136.36 mph on his Over the next few years motorcycles would be introduced into the Superstock machine. These incredible speeds on narrow country format with the first TT for motorcycles taking place in 1907. Since roads which wind through villages and towns with no run off then, the event has seen a number of changes including the present a legendary spectacle that ignites passion in fans who incorporation of sidecars, course changes and developments to make the pilgrimage from every corner of the globe.

Feel the speed At the Isle of Man TT, getting close to the racing is an experience like no other. Nowhere in the world can you experience corporate hospitality while inches away from bikes passing by at phenomenal speeds. You can literally feel the whip of the air as they hurtle past.

improve safety. Despite these changes, the spirit of the event remains the same, earning it the reputation as one of the last great motorsport events, a reputation which attracts 40,000 fans to flock to the island each year. It’s often said that no-one in their right mind would create a modern event like the TT with so much inherent danger for the competitors - 155 riders have died in TT events since 1907 - and where the course restricts travel for over 20,000 residents whenever the roads are used for racing. But history, tradition and

Guests at Milntown - VIP hospitality and a viewing platform where the bikes go by at 140mph

Duke Travel guests enjoying hospitality and a stunning viewing position at one of the fastest parts of the course following the descent from Creg-ny-baa and on the way to Hillberry.

2024 EDITION

EVENT

THE GREATEST SHOW ON EARTH

guests can have a reserved seat right at the heart of the action at a selection of prime locations around the course, courtesy of Duke Travel Whilst the TT has plenty of great spectating spots, the top spots attract lots of fans who begin arriving hours before to secure their place on the hedges, Now guests can have a reserved seat right at the heart of the action at a selection of prime locations around the course, courtesy of Duke Travel. All locations offer reservable premium viewing, toilets (male and female), parking and catering facilities whilst transfers from hotels can also be arranged.

Bespoke Turnkey Solutions Whilst you can fly guests in and back to see one raceday, either by scheduled or charter flights, most guests want to soak up some TT atmosphere and broaden their TT experience away from the racing with, for example, a lap of the course by coach with a racer as guide. Duke Travel can arrange everything from

accommodation and dining experiences, to gin tasting, steam train trips and e-bike hire ensuring your guests enjoy every minute of their stay.

The Isle of Man TT with Duke Travel Duke Travel is an Official TT Travel Partner with the knowledge, connections and over 40 years’ experience of the TT to ensure your participation is seamless and extraordinary. For more information or to discuss your tailored corporate hospitality package, contact Duke today on +44 (0) 330 088 8434 or head over to www.duketravel.com/hospitality. Join us at the Isle of Man TT, and your guests will experience the event they will never forget.

With ‘on-location’ dining and bar experiences provided, guests of Duke Travel are left to enjoy the races in enviable comfort

2024 EDITION

Memorable hospitality experiences at the Isle of Man TT EVENT

Milntown Victory Cafe

Hillberry

Black Dub

Duke Travel - the experts for everything TT • Dedicated experts on hand throughout the whole process • Bespoke turnkey solutions to meet your requirements

To 昀nd out more contact our expert team call +44 (0)330 088 8434

email info@duketravel.com or visit duketravel.com/hospitality

BOOK NOW

• An unrivaled range of hospitality viewing locations • Oﬃcial TT Travel Partner with access to a wide range of accommodation

2024 EDITION

PROPERTY

AFFORDABLE ISLAND LIVING FROM A PROPERTY MARKET FULL OF CHOICE You might be forgiven for believing property prices are unattainable to many on a beautiful UNESCO Biosphere Island that is a so well connected by a short flight to and from key locations throughout the UK. However, in 2022 the average property price was just over 20% above the UK average - and 13% above the average in England - at £347,119 ISLE OF MAN AVERAGE PROPERTY PRICE (£) Dec-12 Mar-13 Jun-13 Sep-13 Dec-13 Mar-14 Jun-14 Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Dec-17

253,410 250,666 249,029 242,983 243,711 241,274 240,290 243,131 246,957 244,408 245,793 247,967 248,461 250,888 248,892 247,045 247,373 248,031 247,357 249,160 250,219

Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22

253,948 256,759 259,479 258,530 260,850 265,898 263,355 265,843 266,648 266,869 273,007 285,064 294,126 302,989 315,155 328,747 334,239 339,392 346,946 347,117

ISLE OF MAN DISTRIBUTION OF HOUSE PRICES 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 2013

2014

2015

2016

Under £250,000 Between £250,000 and £500,000 Between £500,000 and £750,000 Between £750,000 and £1m £1m and above

2024 EDITION

2017

2018

2019

2020

2021

2022

2022 saw a continued shift in proportion of houses being sold, with an increase in the number of properties being sold in the £250,000 to £500,000. This category now accounts for 64% of all house sales, up from 58% in 2021, and 51% in 2020.

PROPERTY

HOUSING STOCK The 2021 Isle of Man Census also provides some information regarding the number of houses by property type, number of bedrooms and geographical location. The census also provided an estimate of the level of vacant properties that exist on the Island. It was estimated from the 2021 Census that the Isle of Man has 42,915 residential properties, of which 37,220 were occupied. This represents a vacancy rate of 13%, or 5,695 properties which was a slight decrease from the 2016 Census figure of 15%. These figure include flats, houses, and cottages used as holiday accommodation, but excludes hotels and other commercial properties.

Self storage is a great solution for business and home users

OCCUPIED HOUSING STOCK, BY PROPERTY TYPE, 2016 AND 2021 CENSUS YEAR

DETACHED HOUSE

SEMI-DETACHED HOUSE

TERRACED HOUSE

FLAT

OTHER

TOTAL HOUSEHOLDS

2016

13,964

7,667

7,630

6,078

424

35,763

2021

14,119

8,715

7,405

6,441

539

37,220

Convenient, secure and flexible indoor units to suit a wide range of storage needs - available 24/7

It was estimated from the 2021 Census that the Isle of Man has 42,915 residential properties, of which 37,220 were occupied. This represents a vacancy rate of 13%, or 5,695 properties which was a slight decrease from the 2016 Census figure of 15%.

LOCATION, LOCATION, LOCATION Location is everything and you want to make sure you choose the right town or village for you. On the east coast, you'll find Douglas, Laxey and Onchan, which are the largest residential areas on the Island with short commute times and regular public transport. You'll find the south boasts some of the best beaches and scenic spots around the old fishing towns of Port Erin, Port St Mary and Castletown. The growing town of Peel on the west coast of the Island boasts some of the most idyllic sunsets and new contemporary style housing estates properties on offer. In the north of the Island there are smaller villages outside of the town of Ramsey, such as Kirk Michael, Jurby, Andreas and Bride, which are perfect if you enjoy the quieter life.

At 33 miles long and 13 miles wide, here on the Isle of Man you'll find the average commute time is about 20 minutes - often less so you won't have to worry when it comes to the distance from your new home to the childrens’ school or to your new place of work. Many locals walk or cycle to work and enjoy the active lifestyle the Island has to offer. Whilst so much property for sale and buying information is available online, there is no substitute for seeing everything the Island has to offer in person. Why not book a short visit to explore this beautiful Island and arrange to take in a few property viewings while you are here? Whatever your budget, there is a home waiting for you in the Isle of Man, with many financial advantages to take into consideration when making your move.

Advance reservation online or phone 640040 In a great location opposite the airport Sizes from 16 sq ft up to 600 sq ft Bulk storage units and pallet racking available 24/7 access via pin code at the main door CCTV Security Packing materials, locks & accessories for sale Automatic lighting in every unit Ample loading area and parking Undercover loading bay and freight lift Free use of trolleys

Easy to use online space calculator that visualises how your stuff will fill a unit

Reserve your space now - half price for first 4 weeks! Peel, on the west coast of the Island

640040 www.bigred.im info@bigred.im more 2024

EDITION

Big Red Ltd., Big Red Building, Ronaldsway Industrial Estate, Ballasalla, Isle of Man IM9 2AA

PROPERTY

ISLE OF MAN ESTATE AGENTS BLACK GRACE COWLEY 51 Victoria Street, Douglas, Isle of Man, IM1 2LD. T: 01624 645555 | blackgracecowley.com

CARTER MOON 55 Victoria St, Douglas, Isle of Man, IM1 2LA. T: 01624 626123 | cartermoon.com

CHAPMAN CHARTERED SURVEYORS 30 Athol Street, Douglas, Isle of Man, IM1 1JB. T: 01624 623127 | chapman.im

CHRYSTALS 31 Victoria Street, Douglas, Isle of Man, IM1 2SE. T: 01624 623778 | chrystals.co.im

COWLEY GROVES 18 Victoria Street, Douglas, Isle of Man, IM1 2LQ. T: 01624 625888 | cowleygroves.com

DEANWOOD 37 Victoria Street, Douglas, IM1 2LF. T: 01624 620606 | deanwood.im

GARFORTH GRAY 27 Athol St, Douglas, Isle of Man, IM1 1L. T: 01624 667788 | garforthgray.im

GRAYS ESTATE AGENTS 2 Patrick St, Peel, Isle of Man, IM5 1AZ T: 01624 678876 | graysestateagents.com

HARMONY HOMES 36 Victoria Street, Douglas, Isle of Man, IM1 2LB, T: 01624 616200 | harmonyhomes.co.im

MANXMOVE The Old Bakery, James Pl, Douglas, Isle of Man, IM2 6HD T: 01624 645555 | manxmove.im

PLUM PROPERTIES 14 Tynwald Street, Douglas, Isle of Man, IM1 1BG T: 01624 820600 | plumproperties.im

PRIME REAL ESTATE 18 Hope St, Douglas, Isle of Man, IM1 1AQ. T: 01624 616717 | primerealestate4u.com

PROPERTYWISE St. George’s Chambers, 1 Athol Street, Douglas, IM1 1LD. T: 01624 645555 | propertywise.co.im

2024 EDITION

CHAMPION HOUSE TO LET 2 modern office suites in a great Isle of Man location

In January 2024, two first floor suites will become available at our prestigious Champion House offices in Tromode, Douglas. Situated in an established business park, in landscaped grounds adjacent to the Millennium Wood, the modern building is accessible within 20 minutes by car from Castletown, Peel and Ramsey. Avoid the morning queues and traffic lights into central Douglas, and add an hour or two each week to leisure time in our beautiful island!

Suite A 1,504 sq ft (140m2) | Suite B 1,449 sq ft (135m2)

From £12.50 per sq ft p.a. Parking spaces £400 per car p.a. Both suites can be converted to provide a 3500 sq ft suite with exclusive front access.

PPD

PPD PROPERTIES CHAMPION HOUSE TROMODE DOUGLAS ISLE OF MAN IM4 4RL T +44 1624 640031 M +44 7624 431007 e: mail@peterduke.com

NEW HOME

THE FUTURE OF TV IS HERE Leading lights in the world of TV continue to bring new dimensions in entertainment and viewing experience to our homes. Extraordinary advances in viewing technology mean that staying in is the new going out. Waltons are the Isle of Man’s leading stockist of Samsung, LG, Sony and Philips with stock to go, all-Island delivery and installation.

From that large box in the corner to the ultra-slim wall panel, it is hard to believe the extent to which our TV viewing has changed in a very short space of time. Smart TVs you can talk to that are also compatible with Google home devices; wirelessly connected to gaming controls and,, of course, available with a host of apps for streaming unthinkable even a few years ago. The TV was, to a large extent the heart of the home and it still is, despite changes in our lifestyle, but in a different way. The TV must now be able to perform a multitude of tasks to become fully integrated to the demands of the viewer. It must immerse the gamer in the game, present the viewer with pin sharp high

resolution pictures with the blackest of blacks and the most vivid colours. The TV needs to whisk the kids off to the world in which the animated feature they are watching is set, play music on command and so on. It must be said, manufacturers such as Samsung and LG have made this possible with incredible speed but, at the same time, developed the aesthetics, encasing this amazing technology into the thinnest of stand alone or wall mounted panels and up to enormous sizes too with no lack of picture quality, broadcast with sound quality which pretty much puts you in the picture. With expertise and experience dating back decades, Waltons is the smart choice for your smart TV.

For TV and audio visit www.waltons.im

2024 EDITION

For a room with a view, visit the experts in TV sales and installation

Waltons, the Isle of Man’s largest stockist of TV from the world’s leading manufacturers

www.waltons.im 14 Cooil Smithy, Isle of Man Business Park, Braddan, IM2 2QA T: 01624 614536

NEW HOME

HOME ON THE RANGE

A recent addition to the extraordinary big name appliances offered by Waltons in Douglas is Rangemaster cookers, Britain’s number one range cooker manufacturer. With a Rangemaster at the heart of the kitchen, the kitchen is always the heart of the home. That's why you'll find a Rangemaster in more homes than any other range cooker.

When you buy a Rangemaster, you’re joining a family. Today, the functions demanded have changed at Rangemaster but their principle of creating, beautiful market leading appliances built by hand in Royal Leamington Spa continues to underline their success. When you purchase your Rangemaster cooker from Waltons, you can be assured that the same quality of service and attention to detail makes for a seamless purchase, delivery and installation process. Rangemaster is Britain's best loved range cooker brand. They made the world's first range cooker in 1830 on the very same site in Royal Leamington Spa where they continue to design and manufacture their 90, 100 and 110cm range cookers. A range cooker is at the heart of the home, helping to create memorable family moments and a Rangemaster cooker is the essential ingredient to the perfect kitchen. Every component of a Rangemaster cooker is tested to the highest standard giving you perfect results whether cooking from the hob, oven or grill (or all three!). Rangemaster is the latest household name to join the Waltons family and adds to Waltons’ huge selection of kitchen and laundry products, small appliances, TV and audio.

2024 EDITION

NEW HOME

For TV, audio, laundry products and kitchen appliances, visit www.waltons.im

2024 EDITION

AND FINALLY . . .

BEFORE YOU GO . . .

Some food for thought about the beautiful Isle of Man

higher average annual salary on the Isle of Man than the UK

of residents say they have an excellent quality of life

Safest place to live in the British Isles

locate.im gov.im Visit

for more information

2024 EDITION

Crafting innovative home appliances that celebrate sophisticated lifestyles

Waltons, your exclusive Isle of Man Miele stockist www.waltons.im 14 Cooil Smithy, Isle of Man Business Park, Braddan, IM2 2QA T: 01624 614536

INTERNATIONAL BANK