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Isle of Man Banks

When a person thinks of the Isle of Man, banking is one of the first things that comes to mind. The Isle of Man has developed into an attractive jurisdiction for finance and with this comes banks. All major United Kingdom high street banks are represented on the Island and a number of major international banks are also present. The Isle of Man is the most international of the crown dependencies attracting investment from all over the world renowned for its customer service, image and reputation.

Banking has been in existence in the Isle of Man for over 200 years. The Isle of Man Banking Co Ltd was the first company to be registered with the Companies Registry in 1865. Strong government support and incentives have led to almost three decades of continued growth.

The Isle of Man does have a reputation as a tax haven, making it a much sought after location when it comes to banking. However it has an AAA sovereign rating from Moody’s and AA+ from Standard and Poor. The Financial Stability Board also ranked in 2011 the Isle of Man in the top tier group of jurisdictions for the adherence to banking and insurance regulatory standards. So although it does have numerous tax advantages this does not mean that standards are poor, quite the contrary, regulations regarding banks are very tight on the Isle of Man and getting an account there is no longer an easy matter. This is important for the Isle of Man’s reputation throughout Europe.

The Isle of Man’s banking sector is diverse and highly developed to enable it to offer all services that clients may need.

The Isle of Man does operate a Depositors Compensation Scheme to compensate people for losses should a bank in the Isle of Man fail. However, its continued growth, diversity and economic and political stability have meant that it was able to mitigate the recent global financial crisis and come through relatively unharmed, even providing much needed liquidity to the UK financial markets.

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