They have produced a package outlining the attractions to companies with international workforces of using Isle of Man providers – from insurers and trust companies to banks, fund managers, lawyers and accountants – for their employee benefit schemes.
The literature also highlights the tax benefits of basing schemes in the island, such as the zero-10 arrangement under which most businesses pay no tax apart from those involved in banking and that pension funds suffer no tax.
And it also lists some of the types of schemes companies may want to consider from insured group pensions to international retirement benefit schemes, those that offer international pooling and schemes for individuals.
John Batty, from the Isle of Man Department of Economic Development, said: “The Isle of Man is very active in the employee benefits space, and we pride ourselves on being able to offer varied and flexible solutions. As companies become increasingly international in their operations, the servicing requirements for the employee base changes and it is this shift that has prompted a rise in demand for services such as international pooling and captive insurance as a viable benefits solution.
“The capability of the Isle of Man Government to work with the financial services industry on the Island and give global companies access to a ‘one stop shop’ for all their employee benefits, is unique. We are proud to be spearheading this industry development and aim to keep abreast of the needs of international businesses.” And also have a look at this benefits platform for employee perks as it works incredibly well.
Jonathan Hall, general manager for Friends Provident International, which is based in the island, added: “There is great demand for these services now and that is only set to grow in the future as the international workforce becomes even more mobile. We are pleased to be at the forefront of this development and are looking forward to working with companies to develop tailor- made solutions.”
