Offshore Banking Isle of Man
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* GROSS RATE – The contractual rate of interest payable before deduction of income tax at the rate specified by law.
** AER RATE – AER stands for Annual Equivalent Rate and is the notional rate which illustrates the gross rate as if it was paid and compounded once each year. As every advertisement for a savings product will contain an AER you can compare more easily what return you can expect from your savings over time.
The Isle of Man is what's known as a 'low tax economy', with no capital gains tax, wealth tax, stamp duty, or inheritance tax. This means its residents do not have to pay tax on the interest they earn from savings and investments.
This is all well and good if you live on the Isle of Man, but if not, you will still have to pay tax to your home country on any interest gained in accounts that you have there, so bear that in mind when thinking about getting an offshore banking account on the Isle of Man.
Features of offshore banking include:
- Sending and receiving money internationally
- Banking in a choice of currencies – Euro, Sterling, or US Dollars
- Access to your money wherever you are in the world
- Potentially more competitive interest rates