In recent years – with the rise of the Isle of Man as an international business centre and our increasing involvement with global issues – we have started to deal directly with other governments and organisations, raise our profile and represent ourselves.
We actively engage with nations as a member of the British-Irish Council and the OECD Working Group on taxation (among others). We maintain contacts with legislators and administrators in Europe and Washington.
The Isle of Man has also joined the IMF’s Small States Network for Economic Development as its first Associate Member and have pushed forward a major initiative to leverage the Isle of Man’s financial sector expertise to benefit other small states.
The United Kingdom has acknowledged through a formal agreement that the Island has its own identity and its own distinct and legitimate interests on the world stage which may differ from the UK’s.
The Ministry of Justice is very supportive of our wish to develop our international personality, recognising that it is underpinned by our key aim of maintaining and further developing a prosperous economy to support the Island’s social and cultural aspirations.
We were one of the first international financial services centres to make a commitment to work with the OECD on improving transparency and the exchange of tax information.
Since signing a Tax Agreement with the United States in 2002, the Isle of Man has continued to demonstrate its commitment to meeting the obligations of the global economic community.
A number of external bodies, including the International Monetary Fund and OECD, have confirmed that the Island’s defences against money laundering comply with the highest global standards and that it co-operates fully in combating international financial crime.
OECD Secretary General, Angel Gurria characterised the Isle of Man as a model of openness and cooperation towards other jurisdictions.