Isle of Man: A guide to the property market
Shane Magee from Chrystals Estate Agents in the Isle of Man gives a quick overview of the island’s diverse property market and its particular tax system
The Isle of Man is at the centre of the British Isles but it is not part of the United Kingdom. Extending to over 227 sq miles and with 100 miles of dramatic coastline, the island offers stunning rural scenery and a safe family environment. It has a population of around 85,000, a diverse economy and is known for its low taxes.
The Isle of Man has the oldest continuous Parliament in the world, which remains agile and makes quick decisions. As an international business centre there is no capital gains tax (CGT) or stamp duty. Income tax is set at 20 per cent with a cap of £125,000 per annum. Corporation tax is zero per cent, except for banks, property trading companies and larger retail operations. A £50million enterprise fund has been set up to encourage entrepreneurs to invest and move to the island, which excels at attracting niche businesses. The Isle of Man operates a highly successful private jet register, a super yacht register and has a wide ranging financial services industry. There is a rapidly expanding e-gaming and e-commerce sector and the island has an overall GDP of £4.32billion with a growth rate of 4.50 per cent (2014).
There is a wide variety of residential property to choose from, including newly built homes with NHBC warranties, through to character properties with sea and country views. Starter homes in Douglas can be bought from £175,000 and there are also plenty of purpose built apartments on offer from £150,000. The average property price is under £300,000.
Buyers can choose from town or village locations. More individual country properties are usually in excess of £500,000 but come with acreage and expansive open views. OnTheMarket.com will provide buyers and tenants with a great variety of homes to view. Our most exclusive residential listing is currently priced at £30million and is a new country estate, just south of the capital, and set in 112 acres. It is offered off-plan.
Isle of Man property market purchases are not restricted and anyone from the UK can reside on the island.
Chrystals – founded in 1854 – is the longest established Isle of Man agent. Our experienced staff guide new residents to find their perfect island home whether it be to buy or to rent.