Recruitment Search Isle of Man
The Isle of Man is a self-governing British dependency, located in the Irish Sea between Great Britain and Ireland. It is home to around 83,000 people, 27,000 of whom live in the capital, Douglas. It is famous internationally for the Isle of Man TT motorcycle races.
Isle of Man Employment facts
The Isle of Man has 41,636 employees and an unemployment rate of just 1 per cent. Its GDP per capita is a massive 79,331 according to the World Bank.
Major industries and employers on Isle of Man
There are 12 managed sectors of industry, led by insurance and online gambling, which each make up 17% of its income. They are followed by ICT and banking, which produce 9% each. Major employers include the medical and health sectors, finance and business services, construction and retail. Aerospace manufacturing along with food and drink production are also significant employers, incorporating laser optics, plastics, electronics and precision engineering, while tourism, fishing and agriculture have massively declined.
The Isle of Man has attracted international business due to its status as a low tax economy, which enjoys zero stamp duty, capital gains tax, inheritance tax or wealth tax. The top rate of income tax is 20%, and there is a tax cap of £125,000 per person.