The Isle of Man has made great progress in recent years in gaining international recognition as a centre of excellence and maturity in financial services. In fact the Isle of Man has emerged as the new ‘Celtic tiger’ following record economic growth in the past few years. GDP grew by 10.5% and GNP by 13.5% in real terms during 1998/1999.
The financial services industry witnessed the greatest economic expansion, growing by 21% and now accounts for 42% of Manx source income. The Island’s financial services sector is diverse with the main activities being banking, life and captive insurance, fund management and trust and fiduciary business. These activities are supported by a professional services sector that boosts international accountancy practices and a wealth of experienced legal firms.
