Isle of Man Offshore Account

The Isle of Man (IOM) is situated in the Irish Sea and is a self-governing Crown Dependency. The Isle of Man has developed from its traditional agricultural economic base into a prominent Offshore Financial that today has nearly 54 banks, which are mainly branches or subsidiaries of some of the leading clearing banks based in the United Kingdom including foreign banks that generally offer private banking services to non residents of the Isle of Man and British expats.

Offshore banking and investing in the Isle of Man are regulated by the Investment Business Act of 1991 and the Financial Supervision Commission which was created in 1988. Providing that Isle of Man offshore accounts are well managed, offshore banking to be carried outside of the island through a bank that is registered locally.

One of the major benefits of holding an Isle of Man offshore bank account is that domestic banks offering offshore bank accounts may be exempt from income tax on all or a portion of its profits or earnings.

Holding an offshore bank account in the Isle of Man gives the sense of security and credibility that comes with keeping funds or assets in a country with strong political ties with the UK. Isle of Man offshore accounts are also guaranteed additional security by being located in a country with a stable and growing economy.

Isle of Man offshore banking provides effective means by which Isle of Man offshore accounts can be easily managed and consulted via updated internet banking systems, which enable people or entities with Isle of Man offshore bank accounts to process payment and withdraw funds globally. This characteristic makes IOM offshore accounts flexible, convenient and reliable offshore banking are two of the main aspects of IOM offshore banking.

The strict offshore polices that govern IOM offshore account holding are additional features that attract large numbers of potential IOM offshore banking clients. Offshore accounts in the Isle of Man are compliant with international standards that seek to ensure that offshore bank accounts in Isle of Man are safe so as to protect the owners of these accounts. These rules also ensure that the assets placed in IOM offshore accounts are not related to or derived from illegal financial activities.

Isle of Man offshore account holders are granted a high degree of privacy in their banking transactions and are given various means of asset and investment management that are offered by the different IOM offshore bank account providers.

The process of opening an IOM offshore bank account is relatively simple. People wishing to hold an IOM offshore account are normally required to produce notarized copies of their passports, certified banks references and proof of address. In the case where an IOM bank account is being opened in the name of an offshore company, these documents along with authenticated copies of the company documents are a standard requirement.

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