Isle of Man gov gets social The Isle of Man is trying to tempt back departing graduates with a bit of Web 2.0 social networking magic. The tax haven's government has set up a social networking site called manxgraduates.im for employers looking for staff, or to promote their firm, as well as attracting back new graduates. The idea is that Manx grads will …
...I thought that the Isle of Man has some of the strictest regulation against criminal abuse in the world, which has been specifically designed to keep out "hot money". There are no banking secrecy laws, and tax information sharing agreements with a whole host of countries.
Additionally, my understanding (though I may be wrong) is that KSF IoM collapsed when the British Government seized the assets of KSF UK (using anti-terrorism legislation). KSF IoM was solvent at the time, but had £555m deposited with KSF UK which precipitated the collapse. I'd guess that the rightful return of the held monies is not what most people would consider a bailout...
"So is the island planning a move away from its core money laundering industry and into technology?"
I hope not - it wasn't long ago that the government switched to an all-Windows shop for some completely lame reason. FAIL.
http://www.computerweekly.com/Articles/2005/07/19/210905/isle-of-man-government-consolidates-on-windows-platform.htm
Good grief, some 'journalists' seem completely incapable of writing about the Isle of Man without making the same old 'tax haven' and 'money laundering' cliches.
The fact is that the IOM finance industry is probably better regulated and more open (to appropriate authorities) that the majority of Wall Street or the square mile in London!
"So if the Isle of Man is strictly regulated and not a tax haven at all, why do all those companies base themselves there? The weather?"
The corporation tax rate is very low... that does not make it illegal, simply competitive.
If a person or business is legitimately domiciled in IOM, and therefore taxed there, why should any other tax authority be able to say there's anything wrong? The bigger economies of this world can't have the free market they want in one area, and stop smaller economies competing with them in areas where they can.
Bike race? Are you f**king kidding me?! The Island practically doubles it's population every year for one of the greatest events in the motorsport calendar and we're calling it a 'bike race'?!! What a goon of a journalist! P.S. Might wanna do some reasearch about the so called 'bailout'. It was daylight robbery!
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