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A brief background to the Isle of Man

The Isle of Man, situated in the centre of the British Isles, is a self-governing, dependent territory of the Crown, which is not part of the United Kingdom. The Island is 33 miles (52 km) long, 13 miles (22 km) wide and covers an area of 227 square miles (588 sq km), of which 40% is uninhabited. The current population is in the region of 85,000.

Tynwald, the Island's 1,000 year old Parliament makes its own laws and oversees all internal administration, fiscal and social policies.

The Island has its own Income Tax and Customs and Excise services and it has long been a low tax area enjoying total independence from the UK on matters of direct taxation. There is low corporate and personal tax and no capital transfer or inheritance tax. As a consequence, the Island has developed into a flourishing modern-day international finance centre.

Financial services now constitute the largest single sector of the Isle of Man’s economy. With the rapid growth of the Island as an international finance centre came the need to strengthen the Island’s image and reputation, with such activities being properly supervised and effectively regulated. This task fell to the Financial Supervision Commission (FSC) and the Insurance and Pensions Authority (IPA), set up by Tynwald in 1983 and 1986 respectively. In November 2015 the FSC and IPA merged to form the Isle of Man Financial Services Authority (FSA).

The FSA is charged with developing and operating systems to protect the interest of depositors, investors and policyholders and also the good name of the Isle of Man.

With its well-balanced and stable economy, the Isle of Man provides a secure base for international banking and other financial services.