Isle of Man
The Isle of Man has its own government, known as the Tynwald, which is one of the oldest continuous parliamentary bodies in the world, established in 979 AD. It has its own laws, regulations, and legal system separate from the United Kingdom. The capital city of the Isle of Man is Douglas. It is the largest town on the island and serves as its administrative, commercial, and financial center. The Isle of Man has a population of approximately 85,000 people. The majority of the population is of Manx descent, with English being the predominant language spoken. The Isle of Man has a diverse economy with sectors such as offshore finance, e-gaming, tourism, and manufacturing playing significant roles. It is known for its favourable tax environment and is home to numerous international businesses. The currency used on the Isle of Man is the Manx pound (IMP), which is at parity with the British pound (GBP). Both currencies are widely accepted on the island.
The Isle of Man has a strong financial services sector, with a reputation as an offshore financial center. It attracts international businesses and professionals in the finance and legal sectors.
The official currency is the Manx pound (£), which is divided into 100 pence, or pennies. It comes in the same denominations and sizes as the pound sterling, and both currencies are pegged at a rate of 1:1.
UK notes and coins (whether from banks in England, Scotland, or Northern Ireland) are universally accepted on the Isle of Man, but Manx notes and coins are not generally accepted in the UK. To assist those travelling, the ATMs at the Sea Terminal in Douglas and the Isle of Man Airport both issue Bank of England notes only.
Information and Communication Technology (ICT) and software development companies thrive on the Isle of Man. These businesses offer a range of services, including software development, IT consultancy, cybersecurity, and data management. The Isle of Man has a strong professional services sector, including legal firms, accountancy firms, and consultancy services. These companies provide specialized services to businesses and individuals on the island and internationally.
Isle of Man in Precise:
Capital: Douglas
Language: English, Manx Gaelic
Currency: Manx pound
Time Zone: GMT+01:00
Major Exports:
- Tweeds
- Herring
- Processed shellfish
- Beef
- Lamb
Major Imports:
- Timber
- Fertilizers
- Fish
Top Exports Partners:
- UK