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Obtain Isle of Man Residency

Updated on Monday 11th October 2021

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Obtain Isle of Man Residency.jpgThe Isle of Man is a jurisdiction that offers a good tax system and a unique relationship with the UK due to the fact that it is a British Crown Dependency. Investors who relocate here for business purposes may also be interested in obtaining Isle of Man residency after having spent some time on the island.
 
Some of the issues one should take into account before moving to this location include the general taxation regime, the conditions for employment or family reunification (for those applying for these routes) as well as the general Isle of Man company formation process, in case of interested investors.
 
Obtaining Isle of Man permanent residence is ultimately the goal for those interested in relocating here and our team can assist you if you are ready to take this step, after having lawfully lived in the country for some time.
 
We recommend seeking proper advice on how to obtain Isle of Man residency from our experts before you decide to move. This is a way of making sure that you have an approach that will suit your needs, depending on the chosen immigration route.
 

What is the Isle of Man residency general application process?

 
Individuals who are allowed to enter the United Kingdom are also permitted to enter the Isle of Man, and in addition to this, nationals from the European Economic Area are permitted free access.
 
Foreign nationals who need to apply for an Entry Clearance for the Isle of Man when they are interested in starting the process for obtaining Isle of Man residency can do so from a British Embassy or another diplomatic office in their country of origin.
 
There are several types of visas that are suited to those who intent to work in the isle of Man and there are also visas that target investors. As part of the general Isle of Man residency requirements, the applicant will need to select a type of visa and then provide the supporting documents.
 

Are there residency options for investors?

 
Understanding the differences between the visa types if essential before application and we recommend getting in touch with one of our Isle of Man company formation agents, especially if you are ready to apply for an investor visa if:
 
  • - you make an application for a Tier 1 Investor visa and are able to invest at least £2,000,000 in investment funds;
  • - you have business experience and are able to invest at least £50,000 in a business;
  • - you need assistance for the investor or business visa application and the payment of the application fees (£1,021 for the business migrant innovator visa or £363 for the business migrant start-up visa).
 
We recommend reaching out to our specialists for updated information on the fees and the conditions set forth by the Isle of Man Government for these investment programmes. The business migrant innovator visa can lead to an indefinite leave to remain in the country, the Isle of Man permanent residence and you can discuss your available options with one of our agents, should you wish to apply for this visa.
 
Other vias are available for those who wish to obtain Isle of Man residency, including the graduate entrepreneur visa or the exceptional talent visa. Spousal or civil partner visas also apply.
 

What are the Isle of Man residency requirements for tax purposes?

 
Once you obtain a visa that allows you to reside in the Isle of Man, you should be mindful of the steps needed to also become a tax resident. Some of the following issues are relevant:
 
  1. Determine the residency position: an individual is considered a tax resident once he has spent 6 months in the country; the position is also determined if there is a clear intention to spend a large part of the year in the country, over the course of several years;
  2. Register for tax purposes: once you decide to reside, you need to register with the Income Tax Division as soon as possible; our tax experts can help you during the course of this essential step for Isle of Man residency;
  3. Submit the tax return: once registered, you are assigned a tax number and will need to submit the annual tax returns by October 6th following the end of the tax year;
  4. Consider your position: investors as well as employees who relocate to the Isle of Man should be well aware of how their tax status changes in their country of origin.
 
 
Our tax experts will be able to give you personalised information about the Isle of Man residency requirements for tax purposes if you reach out to us and provide details on your particular situation.
 
Foreign nationals who obtain Isle of Man permanent residence adjust to a different set of regulations as well as a different lifestyle. We recommend that those interested contact us before they immigrate in order to make sure that they have complete information on the application requirements and details on what is expected of them once they arrive in the country.

 

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Call us now at +44 1624 620212 to set up an appointment with our business consultants in the Isle of Man. Alternatively you can incorporate your company without traveling to the Isle of Man.

As our client, you will benefit from the joint expertize of local lawyers and international consultants. Together we will be able to offer you the specialized help you require for your business start-up in the Isle of Man.

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