Isle of Man woos Chinese investors

Updated 2017-08-01 10:00:56 Global Times

A senior official from the Isle of Man said on Monday in Beijing that the territory hopes to attract more Chinese investors by serving as a gateway to the EU.

Steven Beevers, head of special projects with the Department of Economic Development from the Isle of Man, said that Chinese multinational companies that already have a presence in the UK or EU, manufacturing or trading companies that do not currently have a presence in the UK or EU and are seeking to enter the UK or European market, and supply chain and logistics companies may benefit from locating in the region.

Situated in the center of the British Isles, Isle of Man is a self-governing dependent territory of the British Crown. It is not a member of the EU but has full EU market access for manufactured and agricultural goods.

There is no corporate tax. For individuals, the income tax rate ranges from 10 to 20 percent, with taxable income capped at 120,000 pounds (7,380) per person, Beevers said.

Chinese companies account for about 10 percent of the investors, behind those from the EU and UK. But there are some starts-up and high-technology companies that are mapping out operations there.

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