As a self-governing Crown Dependency, the Isle of Man is neither part of the UK nor a member of the EU. The Island is also the world’s oldest uninterrupted democracy; the roots of its parliament, Tynwald, go back to the year 979. Over the past decades, the Isle of Man has repositioned itself as a successful offshore finance and e-commerce centre. A review by the International Monetary Fund has shown that the Isle of Man is a well-regulated jurisdiction, another factor that helps the island attract a growing number of businesses. The Island has a AAA rating from Standard and Poors and Aaa Moody's sovereign credit rating.
The Island has enjoyed 21 years of unbroken economic growth with its real growth averaging almost 10% per annum between 1997 and 2002. The economy continues to expand at an impressive 5% per annum in real terms.
The key sector that continues to drive this growth is the financial services sector and typically the banking sector generates around a quarter of the Island's gross domestic product..
Firms moving to the Isle of Man recognise the island as a secure base, built on political stability, low taxation and a firmly established fiscal and regulatory environment independent of the UK. The Isle of Man’s growing economy is fully supported by a modern infrastructure. It is also one of the few international finance centres where Government’s objectives for economic growth are matched by the physical space and labour resources needed to sustain them.
In addition to the introduction of new investment and taxation vehicles designed to maintain and develop the Island’s status as one of the premier offshore locations, the Isle of Man Government has implemented a dynamic zero-tax strategy. To encourage further inward investment, the Government has initiated a strategy and provided funding to establish the Isle of Man as a leading e-commerce platform.