Tag: Isle of Man
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PFIC Problem for Americans with Offshore Investments
WARNING: U.S. Persons who Purchased a Retirement Plan, Savings Plan issued from the Isle of Man, Dublin, Guernsey or U.K. Life Insurance Company are holding a British Style Life Policy (lump sum or savings plan) which requires annual reporting as a PFIC and suffers annual taxes on the growth of 36.9% and huge annual penalties…
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RBC Wealth Management named Best Private Bank in the Channel Islands
RBC Wealth Management has continued its recent award success by being named the Best Private Bank in the Channel Islands at the 2012 World Finance Banking Awards. World Finance’s judging panel used a wide range of criteria to decide the recipients of the 2012 awards. These included assessing each firm’s performance, the variety and clarity…
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Isle of Man at the China Offshore Summit
THE Isle of Man will be promoted as an international business centre at an event in Shanghai in October. Representatives from The ILS Group, Department of Economic Development and Capital International will attend the China Offshore Summit event on October 26 and 27. They will take part in a half day seminar event called The…
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Isle of Man to cap income tax
THE Isle of Man is planning to increase its already large number of tax exiles by imposing a cap on income tax. [box]The Irish Sea island, famous for its annual TT motorbike race, is keen to attract high net worth individuals who want to reduce their income tax liabilities.[/box] Treasury Minister Allan Bell said he…
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Isle of Man Business Barometer Paints Optimistic Picture
Accounting firm KPMG has released the latest set of findings from its Isle of Man Business Barometer, which indicate that business in the jurisdiction continued to see improved performance during the third quarter of 2004. “The encouraging trends from the first half of the year are continuing, with over 85% of business reporting steady or…