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Visa Opportunities in the Isle Of Man (Part of the British Isles)

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  2. Visa Opportunities in the Isle Of Man (Part of the British Isles)

Economic activity in the Isle of Man is poised to grow as the government targets £1 billion in public and private investment until 2032 under its ‘Our Island Plan’

The Isle of Man government is reporting progress in its plan to double the size of its economy and to create and fill 5,000 jobs by 2032, underscoring its potential as an attractive destination for businesses.

Employment in the island nation in the Irish Sea midway between Great Britain and Ireland grew 2 percent or by 700 in the year ending the third quarter of 2023, the government said in its first Economic Strategy annual report since the programme was approved in November 2022.

An average of 1,300 job vacancies were listed on the Job Centre each month in 2023 with the government approving 1,483 work permits and nearly 500 visas during the period, according to the report published in December. Some 33 business migrant applications were also approved.

The government of the Isle of Man, a 53 kilometre by 22-kilometre island nation with a population of about 84,000, is targeting £1 billion in public and private in-vestment until 2032 under its ‘Our Island Plan’ to double the size of its economy to £10 billion.

The new economic strategy also aims to develop infrastructure and services to serve a population of 100,000 by 2037 as well as generate over £200 million of additional annual income for the government by 2032 to reinvest in services and quality of life.

According to the report, government-owned Manx Development Corporation is pur-suing 170 homes and commercial developments while the Island Infrastructure Scheme has pledged support to three private brownfield development sites.

By 2026, the government aims to have created and filled 1,800 jobs, built 1,000 new homes and welcomed 2,500 new residents. Tax revenue has already in-creased by £40 million versus a targeted rise of £75 million by 2026.

As support to the plan, the government also launched the FinTech Innovation Challenge in 2022 as a joint venture between the Department for Enterprise, the Isle of Man Financial Services Authority and Deloitte to help FinTechs develop businesses and promote the Isle of Man as a test bed for innovation. The Challenge attracted over 80 applications from 20 countries.

These businesses then spent six-weeks at workshops, in mentoring and studying the local market that enabled them to refine their solutions for the Isle of Man. Some 94 percent of participants expressed their desire for this event to be held again in the future.

The entries also included those from businesses already established on the Island. SQR has already launched their winning product that quickly and seamlessly verifies clients’ identities and compliance with their monitoring system that provides safer gambling strategies.

Part of the British Isles, the Isle of Man is widely known as a low-tax jurisdiction with zero corporate tax and personal income tax capped at 20 percent. That compares with the U.K.’s highest personal income tax rate of 45 percent. The island has its own parliament, government and laws with the U.K. only responsible for its international relations. Per capita income was $79,300 in 2022 compared to the U.K.’s $48,890, according to World Bank data, and its agriculture and manufactured products have free access to the European Union.

The Isle of Man has an innovator programme that could enable you to set up a company on the island. It also offers sole representative visas and Skilled Worker visas.

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