A self-governing island of just over 200 square miles in the Irish Sea, the Isle of Man has been populated for over eight thousand years. Its separate governance from the United Kingdom (foreign affairs is still the UK’s responsibility) has allowed the island to craft a unique identity, a mixture of quaint rural life and a cutting-edge economy, which coupled with its generous fiscal regime has become a magnet for wealthy British citizens.
One of the Isle of Man’s selling points for new residents is its low-tax economy, somewhat similar to a number of Channel Islands economies, with no capital gains tax, wealth tax, stamp duty or inheritance tax, and a top rate income tax for 20%. The largest amount of income tax payable by an individual is £100,000, effectively meaning that any earnings above £575,000 per year are not taxed. This is a big attraction for high net worth individuals who benefit from an idyllic place to live, close proximity to mainland Britain and Ireland, and a generous taxation regime.
Unsurprisingly, then, offshore banking represents much of the island’s economy, followed by burgeoning manufacturing and tourism sectors, which receive much encouragement from local government. Companies also benefit from zero taxation, apart from banks.
A charming seaside feel, beachfront promenade and horse-drawn trams beautifully characterize the capital, Douglas. The island’s countryside can be windswept and rugged, yet be the setting for exquisite homes lavished in landscaped gardens and astonishing sea views.
For incoming luxury property buyers, the choice often lies between a newly built fantasy home and a traditional country estate. As far as new-builds on the island go, Modena House is among the most spectacular. On the market from Deanwood Estates at £4.75m, the seven-bedroom property was completed in 2007 to an exceptionally high standard. Spanning 15,000 square feet and set amidst two acres of parkland, the home enjoys a perfect location in the island’s capital, Douglas. Signature features include a world-class security system, state-of-the-art outdoor entertaining areas and specially commissioned artwork throughout.
A more rustic luxury retreat is on offer from Deanwood for £3.5m. This Georgian, double-fronted home was built in around 1800 and has since been extended in a sympathetic manner within its 6 acre site in Kirk Michael. As well as its seven bedrooms and four principal reception rooms, special features of the home include a library, office, four en-suites and picture-perfect fruit bearing gardens. The home retains complete privacy, surrounded by 43 acres of unspoilt countryside.
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