Intrigued by the help the Fynoderee founders received, I set up a meeting with Michael Crowe, Chief Executive of the Finance Isle of Man Executive Agency, to find out more. “There are many incentives for people to set up businesses here, such as funds for start-ups and relocation,” explained Michael. “Residents enjoy low taxes, pay no capital gains tax or inheritance tax. New residents receive all their National Insurance back after a year and the employee relocation incentive of up to £10,000 is attractive to many.”
Being able to approach officials to help business start-ups is also a bonus. There’s no painstaking wait to get hold of the right government or non-government official and you could be put in touch with the right person within hours of entering your business query which they see as a “bespoke concierge business service”.
And it’s not just the middle-aged who are lured to pursue careers on the island. The young tech-savvy generation has been persuaded to launch their professions here too. Much of the Isle of Man’s economy is based around technology companies, so they are encouraged by the government to set up their headquarters there. There is no doubt the Isle of Man is a leader in the digital world.
Its e-gaming sector is made up of global market leaders and has over 200 digital companies who call the island home. With that in mind, there are plenty of places for youngsters to start developing their coding early on.
But not everyone wants to start their own organisation. Jobs on the Isle of Man are plentiful and there’s a real shortage of accountants, nurses and teachers. Again, the government offers an impressive relocation package for those with the right skill set who want to move across to further their careers. There’s never been a better time to get employment in the Isle of Man. With 90 per cent of businesses recruiting in the next 12 months, finding your ideal job is promising.
House prices are lower than most parts of the UK and there is no stamp duty or inheritance tax. The average property price hovers around £300,000, so your money goes a long way. With so many people priced out of the market in England, the Isle of Man can be the ticket to help you get your foot on the property ladder.
One of Britain’s greatest living inventors, Dr. John C Taylor OBE, was drawn to the Isle of Man because of the excellent quality of life. Amongst other things – an inventor, designer, entrepreneur, philanthropist and pilot – Dr. Taylor is best known for inventing a thermostat control which switches off a kettle once it starts boiling.
Today he’s the owner of the Arragon Mooar Estate which extends to 282 acres. I was taken around the red sandstone house by Dr. Taylor himself. Completed in 2014, the 23,000 sq ft bespoke architectural masterpiece reflects the owner’s passion for perfection and pursuit of innovation.
Classically Palladian in system, Arragon Mooar is built in an elliptical design (including glassware and crockery). “A round top house would have been too easy,” stated Dr. Taylor, adding “I never like to do what other people have done.” The estate is currently for sale, so if you have a spare few million, love the idea of privacy and want to enjoy 360-degree lush views, now’s the chance.
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