The Isle of Man offers good opportunities for doing business as well as a good quality of life. Those who are interested in moving to the Isle of Man access an international business center, that encourages innovation and professionalism and, at the same time, offers opportunities for a harmonious work-life balance, close to nature.
Working, starting a business or reuniting with family members who already live here is simple when following a few guidelines.
Our team of Isle of Man company formation experts lists the main types of visas that allow you to work or start a business and remain for long-term purposes in the Isle.
Table of Contents
The types of visas for those who relocate to Isle of Man
There are many types of visas that allow the holder to work in the Isle of Man and there are also visas suited for those who wish to open a start-up business or for high net worth individuals.
| Quick Facts | |
|---|---|
| Visa requirements for entering the Isle of Man |
For some non-UK, non-EEA foreign nationals |
|
Types of temporary residence permits |
Work Study Business |
|
Residence for investors |
Under the Business Migrant schemes |
| Minimum investment amount | At least £50,000 in investment funds for opening a new business under the Business Migrant Innovator Visa |
| Time needed to obtain the temporary residence permit (approx.) | 3 months from starting the application to arrival (for the worker migrant entry clearance) |
| Dependants can join the permit holder (Yes/No) |
Yes |
| Documents needed for residence permit application |
Identification documents |
| Financial requirements | Yes |
| Living requirements | No more than 450 days spent outside of UK in 5 years or more than 90 days outside of UK in the last 12 months |
| Minimum time in the country before obtaining permanent residence | 5 years |
| Conditions for citizenship | Minimum 5 years |
| Naturalization requirements | Proof of knowledge of English, Welsh or Scottish Gaelic Pass the life in the UK test Intend to continue to live in the UK Proof of good character |
| Ciitzenship by descent | Yes. Subject to conditions |
| Visa free travel to other countries with UK passport (approx.) | > 100 |
| Reasons to move to the Isle of Man | Good business environment and low taxes Good quality of life High quality of life and good work-life balance |
Our Isle of Man company formation specialists lists the main types of visas for work and business for those interested in moving to the Isle of Man:
- Worker migrant visa: for non-EEA nationals who have found a skilled job in the Isle of Man; the application process starts once the employment is approved and the visa is valid for 3 years;
- Intra-company migrant visa: foreign nationals can relocate to the Isle of Man if their company is transferring them to a company branch located here; the job can be filled in for maximum 5 years;
- Investor visa: for high net worth individuals who are able to made a significant investment of at least 2,000,000£; the validity period is for 3 years, with the option to extend or to settle;
- Business migrant: two categories of visas are available in this category, the one for the start-up and the one for the innovator; our team can give you more details about the differences.
The application for this type of visa, as all applications submitted to the Immigration Service, is subject to careful consideration in case of all applicants who wish to immigrate to Isle of Man.
Certain conditions apply for the Investor visa and, depending on the amount invested, the high net worth individual who obtains this visa can apply for settlement under a special regime. Investors who are interested in moving to the Isle of Man and obtain this visa can:
- Invest the minimum amount of 2,000,000£ in either active and trading Isle of Man companies or in Isle of Man Government bonds; one cannot invest in companies primarily engaged in property investment, management or development;
- Apply to settle after 2 years when the investment has a value of 10,000,000£;
- Apply for settlement after 3 years if the investment amounts to 5,000,000£;
- The holder can work or study.
Please keep in mind that there are various routes for moving to the Isle of Man and the visas presented herein are only part of those available. We encourage you to reach out to our specialists if you need more details.
The Isle of Man, the United Kingdom, the Channel Islands and the Republic of Ireland are a common travel area. There is no separate immigration formality for travel between the Isle and the UK.
Moving to the Isle of Man – routes to settle
There are five ways in which a foreign national can settle in the Isle of Man:
- As a spouse or partner: both partners need to be 18 or over and the partner needs to be a British citizen or have a permanent residence status; the partners need to be in a relationship for at least 2 years at the date of the application; when using this route for moving to the Isle of Man, the partner who applies must intend to remain here permanently live with his/her spouse;
- As a family member: when the said family member is a British citizen or has an indefinite leave to remain status;
- As a fiancé: when the applicant plans to marry a British national or an Isle of Man permanent resident within 6 months;
- As a relative: application as the dependant of an individual who has obtained a Tier 1 visa (investor, entrepreneur or migrant), a Tier 4 visa or a Worker Migrant visa.
Settling in the Isle of Man is also possible based on ancestry (either Isle of Man or UK). Our team can give you more details if you wish to immigrate to Isle of Man. We can help you understand the visa application process (when needed), as well as the requirements for remaining in the country for long-term purposes and, ultimately, indefinitely.
Moving to the Isle of Man from certain other countries
Moving from the United Kingdom to the Isle of Man is particularly easier, compared to other options. UK nationals have no immigration barriers when they choose to relocate to the Isle of Man, however, they will need to apply for and obtain a work permit in some cases.
A Social Security Agreement is in place between the Isle of Man and the UK, meaning that the contributions paid by a UK national while he or she was living in the United Kingdom will be considered for the working age contributory benefits in the Island. These conclude the incapacity benefit, the and other allowances and support payment plans.
UK nationals who move to the Isle of Man also benefit from the fact that their contribution to the National Insurance Contribution in the UK for state pension will count for the Isle of Man pension, which is separate from the UK one.
When moving to the Isle of Man from another country apart from UK, a reciprocal agreement may be in place with the individual’s country of origin as regards to state pensions. These are agreements that the UK Government has concluded with other countries and they are designed to protect the interests of workers so that they may be exempted from having to pay national insurance contributions both in their country of origin and in the Isle of Man when they choose to move here.
The countries with which the UK has signed social security agreements (that also apply in the Isle of Man) with are the following: Austria, Barbados, Belgium, Bermuda, Bosnia and Herzegovina, Canada, Chine, Croatia, Cyprus, Denmark, Finland, France, Germany, Greece, Iceland, Ireland, Israel, Italy, Japan, South Korea, Luxembourg, Malta, the Netherlands, New Zealand, Norway, Portugal, Serbia, Slovenia, Spain, Sweden, Switzerland, Turkey, the United States of America and others. In some cases, the agreements only cover the liability for national insurance contributions and in some other cases, such as in case of the United States of America, the agreement only contain provisions for limited benefits. At the time, the Isle of Man has not signed these types of agreements with countries like Poland, Romania or Estonia, among others. Interested individuals should reach out to our team of company formation experts in Isle of Man and immigration specialists to find out more details.
Tax obligations after moving to the Isle of Man
When moving to the Isle of Man, an important advantage is that the individual income tax rate is quite low. Likewise, there is no corporate income tax for those who open companies (for almost all types of income). Understanding the particular taxation requirements, and the rules that apply in your case (based on your type and amount of income) is easier with the help of our accountants in Isle of Man.
Once a foreign national has decided to relocate to the Isle of Man, he or she will need to comply with the tax laws. This means not only taking into account the applicable corporate and income tax rates, it also includes registering with the Isle of Man Income Tax Division. This is a mandatory step that should take place as soon as possible after the relocation, even if the individual has little or no income when the submission is made. All new residents in the Isle of Man are required to register for tax purposes.
Individuals can choose to be jointly and severally liable for tax purposes in the Isle of Man if they are married or in a civil partnership. Once the registration is complete, the Income Tax Division issues a tax reference number. In case of individuals, the tax return is submitted by the 6th of October following the end of the tax year.
Obtaining a National Insurance Number is also a needed step and individuals who relocate to the Isle of Man can do so at the Tax Office by filling in a special form. The National Insurance Number is mandatory for all those who will work (as an employee or as a self-employed individual), as well as for those who intend to claim benefits or make voluntary contributions.
Moving to the Isle of Man as an employee can mean that the person will receive a refund on the National Insurance Contributions paid during the first 12 months of employment. This is possible under the National Insurance Holiday Scheme, and it is available to those who have not been an Isle of Man tax resident before (or in the last 5 years) and who will relocate to work as an employee who will receive a gross salary of £21,000or more. Another condition for qualification is for the employment to last at least 12 months.
Companies that relocate an employee to the Isle of Man can also benefit from a special incentive: they can receive a 20% grant (up to £10,000) towards the cost of relocating an employee, on his first year salary (when the minimum salary is £25,000). This is granted 1 year after the successful recruitment of the employee, when the company cannot find a suitable local employee.
You can find out more about the tax obligations immediately after relocation from our team of tax specialists.
The small Crown Dependency has much to offer. Contact us today if you need assistance for relocating purposes.