The Isle of Man is a jurisdiction that offers a good tax system and a unique relationship with the UK due to the fact that it is a British Crown Dependency. Investors who relocate here for business purposes may also be interested in obtaining Isle of Man residency after having spent some time on the island.
Some of the issues one should take into account before moving to this location include the general taxation regime, the conditions for employment or family reunification (for those applying for these routes) as well as the general Isle of Man company formation process, in case of interested investors.
Obtaining Isle of Man permanent residence is ultimately the goal for those interested in relocating here and our team can assist you if you are ready to take this step, after having lawfully lived in the country for some time.
We recommend seeking proper advice on how to obtain Isle of Man residency from our experts before you decide to move. This is a way of making sure that you have an approach that will suit your needs, depending on the chosen immigration route.
Understanding the Isle of Man residency requirements before applying is recommended in all cases.
Our team is also available to answer particular questions about Isle of Man residency by investment.
| Quick Facts | |
|---|---|
| Who can apply |
Individuals who have been residing in the country |
|
Minimum residence before application |
5 years |
|
Maximum period out of the country |
No more than 450 days during the 5 years prior to the citizenship application |
| Proof of financial means | Yes |
| Mandatory documents | Valid passport Filled in forms Proof of financial support Proof of English knowledge (in some cases) |
| Other documents for application |
Permit-specific documents (related to investment, employment, study, family reunification, etc) |
| Mandatory interview for application |
No |
| Options for investors | Business Migrant – Innovator Visa |
| Minimum investment requirements | Investment funds of at least £2,000,000 for a Tier 1 Investor visa |
| Application fees (approx.) | £1,277 for the Tier 1 Entrepreneur; £1,623 for the Tier 1 Investor; Other fees according to visa type. |
| Time needed to obtain permanent residence (approx.) | 5 years |
| Option to reunite with family (bring family to IoM) |
Yes |
| Possibility to apply for citizenship | Yes, under the UK rules |
| Dual citizenship permitted (Yes/No) | Yes |
| Reasons to reside in the Isle of Man |
Good work environment Business-friendly regime Quality of life Proximity to the UK and EU |
Table of Contents
What is the Isle of Man residency general application process?
Individuals who are allowed to enter the United Kingdom are also permitted to enter the Isle of Man, and in addition to this, nationals from the European Economic Area are permitted free access.
Foreign nationals who need to apply for an Entry Clearance for the Isle of Man when they are interested in starting the process for obtaining Isle of Man residency can do so from a British Embassy or another diplomatic office in their country of origin.
There are several types of visas that are suited to those who intend to work in the Isle of Man and there are also visas that target investors. As part of the general Isle of Man residency requirements, the applicant will need to select a type of visa and then provide the supporting documents.
Are there residency options for investors?
Understanding the differences between the visa types if essential before application and we recommend getting in touch with one of our Isle of Man company formation agents, especially if you are ready to apply for an investor visa if:
- you make an application for a Tier 1 Investor visa and are able to invest at least £2,000,000 in investment funds;
- you have business experience and are able to invest at least £50,000 in a business; this is a common option for Isle of Man residency by investment;
- you need assistance with the investor or business visa application and the payment of the application fees (£1,021 for the business migrant innovator visa or £363 for the business migrant start-up visa).
We recommend reaching out to our specialists for updated information on the fees and the conditions set forth by the Isle of Man Government for these investment programmes and the general Isle of Man residency requirements in these cases.
The business migrant innovator visa can lead to an indefinite leave to remain in the country, the Isle of Man permanent residence and you can discuss your available options with one of our agents, should you wish to apply for this visa.
Other vias are available for those who wish to obtain Isle of Man residency, including the graduate entrepreneur visa or the exceptional talent visa. Spousal or civil partner visas also apply.
What are the Isle of Man residency requirements for tax purposes?
Once you obtain a visa that allows you to reside in the Isle of Man, as well as after you gain Isle of Man permanent residence, you should be mindful of the steps needed to also become a tax resident. Some of the following issues are relevant:
- Determine the residency position: an individual is considered a tax resident once he has spent 6 months in the country; the position is also determined if there is a clear intention to spend a large part of the year in the country, over the course of several years;
- Register for tax purposes: once you decide to reside, you need to register with the Income Tax Division as soon as possible; our tax experts can help you during the course of this essential step for Isle of Man residency;
- Submit the tax return: once registered, you are assigned a tax number and will need to submit the annual tax returns by October 6th following the end of the tax year;
- Consider your position: investors as well as employees who relocate to the Isle of Man should be well aware of how their tax status changes in their country of origin.
Our tax experts will be able to give you personalised information about the Isle of Man residency requirements for tax purposes if you reach out to us and provide details on your particular situation. Foreign nationals who obtain Isle of Man permanent residence adjust to a different set of regulations as well as a different lifestyle. We recommend that those interested contact us before they immigrate in order to make sure that they have complete information on the application requirements and details on what is expected of them once they arrive in the country.
If you are interested in relocating to the Isle of Man permanently, our team can provide you with complete solutions on all matters concerning company formation and relocation, as well as the taxation of your business or your personal income. please feel free to discuss all accounting and taxation matters with our CPA in the Isle of Man.
Isle of Man Residency by Investment in 2024
Investing in the Isle of Man can result in obtaining a visa for this purpose, in case of non-EEA nationals who qualify. Entrepreneurs can choose to obtain Isle of Man citizenship by investment first by applying to one of the Tier 1 visas or the Business Migrant visas and then observing the conditions to remain in the country for a minimum period.
Our Isle of Man company formation agents list the options available to business migrants and can help those interested apply for the visa and, once they are in the country, handle all of the company incorporation steps.
What is the Isle of Man investor visa?
Moving to the Isle of Man is attractive for investors, given the simple and fast company formation options, as well as the fact that there is no applicable corporate income tax.
Several investment routes are possible, and they are designed to meet the needs of innovators and start-up founders, as well as those who can make a substantial investment in the country, and then apply for Isle of Man citizenship by investment.
Our Isle of Man company formation specialists list the main types of visas available to those who wish to invest in the country:
- Business migrant start-up: for those who wish to open a company in the Isle of Man and are endorsed by the Department for Enterprise;
- Business migrant innovator: for investors who are also endorsed by the Department of Enterprise and have at least £50,000 in investment funds before they begin the incorporation process;
- Tier 1 Investor: for high net worth individuals who are able to make a substantial investment of at least £2,000,000;
- Tier 1 Entrepreneur: for those who have already obtained an Isle of Man investor visa and are ready to reapply.
Two other Tier 1 visas are available for graduate entrepreneurs and for exceptional talent migrants.
Applying for a visa is only the first step for those interested in obtaining Isle of Man citizenship by investment. Investors should time the application date to suit their travel plans. Applications can be submitted at the earliest three months before the planned travel.
If you are first interested in other options apart from obtaining the Isle of Man investor visa in 2024, we can give you information about how to move your business to the Isle of Man. This is a process during which an existing business is essentially relocated to the Isle of Man, and it benefits from all of the business advantages here, among which 0% corporate income tax and easy management.
What are the requirements for obtaining Isle of Man residency by investment?
Non-EEA nationals can apply for the Tier 1 investor visa mentioned above. Having the minimum prescribed investment amount for the chosen type of visa is key to the success of the application. The investment funds are verified and the applicant will need to provide adequate proof.
Apart from the evidence of having the investment fund, when applying for a visa that will grant Isle of Man residency by investment, the applicant will also pay certain fees:
£1,277 Tier 1 Entrepreneur application for an initial grant of leave or an extension of leave as main entrepreneur applicant;£1,623 Tier 1 investor main applicant application for an initial grant of leave or an extension of leave;£1,277 Innovator application to switch into the Start-up route or extend it;£2,389 Innovator application for indefinite leave to remain in the Isle of Man as an innovator;Different other fees apply for residency for other purposes, such as those for worker migrant, study, or for family members who wish to settle with a partner or a person already settled in the Isle.
The business migrant innovator visa is valid for 3 years and those interested in Isle of Man residency by investment can apply for a further renewal of 3 years. This visa is dependent on the endorsement provided by the Department of Enterprise and it may be withdrawn should this cease to apply.
How does one ultimately acquire Isle of Man citizenship by investment?
The Isle of Man allows applicants to register as a British citizen through naturalization. If eligible for this process, the applicant will effectively have the same rights and privileges as a British-born citizen, including being able to apply for a British passport.
The main requirements have to do with the residential requirements, and it is favourable for those having Isle of Man permanent residence in 2024. Foreign nationals can apply if they have lawfully lived in the UK for 5 years.
Our team can help you apply for Isle of Man citizenship by investment. Contact us for more details.