Isle of Man: Government-backed wealth management march
The Isle of Man began focusing on its wealth management business in the 1980s, and as such its trust industry still catching up with Jersey and Guernsey. Because of its geographical position, the island’s wealth sector grew on the back of and continues to benefit from the wealthy from the north of England, but government support for initiatives to attract high-net-worth individuals has led to significant diversification.
A key spur for growth has been the expansion of the island’s aircraft registry, established in 2007 with a focus on providing a home for high quality private and corporate jets, but not commercial aircraft. In only eight years the registry has grown to be the largest dedicated corporate jet register in Europe, having registered eight hundred aircraft and Paul Swindale, senior trust manager at fiduciary firm Abacus, confirms this: “The diversification has been a real success.”
The initiative has put the Isle of Man on the map. Swindale says: “I can sit down with an aviation professional anywhere in the world and they will know about the Isle of Man registry; it is as well run as any other in the world, both at private sector and government level. As a result we are seeing a good level of aviation work from private clients, and we continue to get enquiries from the yacht business.”
By attracting corporate jet registrations, the aim is to…To read the full article, please subscribe to our e-magazine.