The Isle of Man: A Compelling Destination of Choice for Owners

For superyacht and aircraft owners looking for the perfect destination to register their high-value assets, the Isle of Man is an excellent choice. This small but influential island, located between England and Northern Ireland, offers political and economic stability, favourable tax laws, and world-class registries. We hear from Mark A Hagan, Director of Equiom Tax Services Ltd on why this 33-mile-long island is an ideal location for managing high-value luxury assets.

Mark A Hagan: As the global landscape for luxury asset ownership continues to evolve, the Isle of Man, renowned for its favourable business climate, strong political and economic stability, and robust legal framework, emerges as a premier jurisdiction of choice for superyacht and aircraft owners. It provides a burgeoning hub of industry-specialist consultants; and world-renowned aircraft and yacht registries providing a secure and reliable environment for individuals seeking to invest in high-value assets.

The Isle of Man offers an attractive tax landscape for businesses, through its ‘zero/ten’ regime in which the majority of companies are subject to tax at a rate of 0%, unless they have income from certain sources such as banking, retail or income from Isle of Man properties, which is subject to positive rates of tax (which were initially set at 10%, hence the zero/ten regime name).

Additionally, the island being OECD 'white-listed' further enhances the accessibility to financial services at a lower cost. Plus, it is free from capital taxes, including capital gains and inheritance tax, making it an attractive location for luxury asset owners. Home to the second largest European-based registry for private and corporate aircraft; the Isle of Man is recognised as a centre of excellence for global Business Aviation and renowned for providing high regulatory standards with exceptional customer service. Furthermore, following a recent information technology update, Isle of Man Aircraft Registry clients may access key documents appropriate to their relationship with the Aircraft Registry, 24/7, whilst also enjoying enhanced personal data security.

‘The Isle of Man Aircraft Registry offers specialised registration of private/corporate aeroplanes and helicopters, and transitional aircraft then subsequent safety regulatory oversight’, commented Simon Williams, Director of Civil Aviation at Isle of Man Civil Aviation Administration. ‘We also strive to provide exceptional customer service and facilitation of tailored customer solutions, delivering “Safety with Service”’.

Meanwhile, the Isle of Man Ship Registry has built its reputation as one of the world’s leading registers on three key principles: great service, low cost and high quality. Offering a suite of modern and cost-effective survey packages to facilitate registration; the Red Ensign Ship Registry has long been the destination of choice for merchant and commercial vessels but is increasingly appealing to private vessels and particularly superyachts.

‘Fast, professional service at low cost, coupled with a full range of professional maritime services makes the Isle of Man an ideal choice for ship and yacht registration’, shared Cameron Mitchell, Director, Isle of Man Ship Registry.

Managing luxury assets such as yachts, private jets, and high-value properties involves navigating complex regulatory, tax, and legal landscapes. Equiom, offer tailored solutions for commercial and private ownership, including entity establishment, asset importation, regulatory compliance, crewing and financial services to ensure your luxury assets are protected, optimised, and compliant with all necessary regulations. Our specific expertise in yachting and aviation helps you enjoy these assets while maximising their value and minimising risks. With offices in numerous international finance centres including the Isle of Man, Equiom operates as a truly global entity, offering a comprehensive suite of professional services. With a rich history of dynamic evolution, Equiom is a trusted partner in navigating the intricate realms of yacht and aircraft ownership.

The Isle of Man offers access to a diverse talent pool with specific expertise in luxury asset and corporate ownership. This specialised knowledge ensures owners benefit from top-tier services and support in managing their assets effectively. It’s therefore clear to see why the Isle of Man stands out as a jurisdiction that combines stability, high regulatory standards, legal certainty, and a wealth of industry-specialist consultants, making the Island a compelling option for superyacht and aircraft owners seeking a trusted and efficient environment to manage their luxury assets.

If an interested client has any questions or concerns about registering their high-value assets in the Isle of Man, don’t hesitate to contact Mark A Hagan, Director of VAT, Equiom Tax Services Ltd, David Shefford, Director of Client Services, Equiom Isle of Man, or Scott Le Cornu, Head of Equiom Crewing, Equiom Marine & Aviation Services (Jersey) Ltd.

This article has been carefully prepared, but it has been written in general terms and should be seen as broad guidance only. This article cannot be relied upon to cover specific situations and you should not act, or refrain from acting, upon the information contained within this article without obtaining specific professional advice. Please contact Equiom to discuss these matters in the context of your particular circumstance. Equiom Group, its partners, employees, and agents do not accept or assume any liability or duty of care for any loss arising from any action taken or not taken by anyone in reliance on the information in this article or for any decision based on it.