Isle of Man 'too bureaucratic' for Dubai company

A wealth management company says it didn't set up in the Isle of Man because it would have involved too much paperwork.

Nomad Capitalist provides tax, immigration, asset protection, and investment strategy services and has offices around the world, with headquarters in Dubai.

But in a Youtube video, chief financial officer Rusudan Abdushelishvili explains although the firm wanted zero corporation tax and good banking infrastructure, the company decided there was too much bureaucracy on the Island.

She says the company would also have needed to have local directors involved in the business, which ultimately led to the firm scrapping plans to incorporate here.