The Isle of Man, being a self-governing British Crown Dependency, has its own Government and laws but is inextricably linked to the UK through our shared history, community bonds and economic partnerships.
The Isle of Man has strong business, cultural and historical ties with the United Kingdom and is committed to continuously improving on those foundations. Recent economic uncertainty has underlined the importance of global cooperation and the need for countries, large and small, to develop even closer working relationships.
The Government enjoys a very positive working relationship with the Ministry of Justice, which is responsible for the UK Government’s relationship with the Isle of Man and the other Crown Dependencies.
The Isle of Man is not part of the European Union (EU) and is not bound by EU laws and pays nothing into, nor receives nothing from, any EU funding. However, under Protocol 3 which was negotiated when the Uk joined the EU, Isle of Man companies are allowed free trade in agricultural and manufactured goods with EU members.
The Isle of Man strives to be a model of political stability, democracy and transparency, with a strong track record of complying with global standards. A series of independent well regulated centre for international finance and other industries. The Island has long been committed to international standards of tax transparency and helped develop the OECD template for tax information exchange agreement (TIEA). Since then, the Isle of Man has remained at the forefront of efforts to put in place tax co-operation agreements, signing 25 TIEAs (Tax Information Exchange Agreement) and four double taxation agreements thus far.
This commitment to openness was recognised by the G20, with the Isle of Man earning a place on the OECD ‘white list’ of countries. Responding to evolving world standards, the Island moved to the automatic exchange of tax information on savings, under the EU savings Directive, in 2011.