Isle of Man
The Isle of Man has a population of approximately 80,000 made up of a mixture of backgrounds and nationalities.
It is a well established international finance centre with economic stability, low taxation and a modern and flexible infrastructure. Over the last few years, the Isle of Man government has legislated to increase inward investment through the use of tax efficient vehicles.
The island has proved particularly attractive to e-commerce companies and has developed a substantial film finance industry.
Law Firms
The Isle of Man has approximately ten commercial law firms advising companies and individuals worldwide on commercial law. The firms focus on all the principal commercial practice areas and some have been advising clients for over 100 years. The firms are able to provide a wonderfully relaxed working environment (with average hours being 8.30-6.00) whilst still providing access to high quality offshore work.
Isle of Man (Manx) law is closely based on English law and work in the top firms will have a strong cross-border flavour. Foreign lawyers are able to practice as registered legal practitioners but are not permitted to undertake conveyancing, litigation or probate unless they re-qualify as an Advocate.
Work Permits
All British and Commonwealth citizens require a work permit (unless they are ‘local’ or have lived on the island for five years), although British citizens do have the right to live on the island. The Isle of Man is not part of the EU.
Remuneration and Benefits
Salaries are generally competitive with UK commercial rates and are around 10% less that London City rates. Firms will, however, match London levels for top-tier candidates. Bonuses start at around £5,000 to £10,000 per year, with signing bonuses being rare. Firms will also pay a reasonable relocation allowance.
Income tax at the higher rate is 18% and National Insurance contributions are capped at 10%.
Lifestyle
The Isle of Man lies midway between Ireland and England. Its picturesque collection of seaside towns provides former city-dwellers with an enviable pace and quality of life.
Anyone can purchase property on the island and there is a good range of cheap, good quality rental accommodation available. The government has also recently been encouraging the building of new houses to assist with increases in immigration.
The education and healthcare systems are the same as in England. There is almost no unemployment and crime rates are incredibly low.
Residents enjoy amenities such as the theatre, cinemas, modern hotels, health clubs, a casino and nightclubs, in addition to many pubs and top-class restaurants. There is a large choice of outdoor activities including golf, fishing, rambling, motorcycling and a full range of watersports.
Getting There
Daily flights connect the Island with London and most other mainland airports as well as the Channel Islands. There are also regular car ferry links to Liverpool, Heysham and Ireland.
For further information on the legal market and job opportunities in the Isle of Man please contact your nearest Taylor Root office:
London:
Guy Adams E: guyadams@taylorroot.com T: 020 7415 2828
Dubai:
Shane Morton E: shanemorton@taylorroot.com T: +971 4 319 7601
Hong Kong:
Michael Luckett E: michaelluckett@taylorroot.com.hk T: +852 2973 6333
Sydney:
Sandra D'Souza E: sandradsouza@taylorroot.com.au T: +61 (0)2 9236 9000
Melbourne:
Tim Fogarty E: timfogarty@taylorroot.com.au T: +61 (0)3 8610 8400
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