Increased Tax in UK Forces Wealthy Residents to Relocate, Isle of Man Popular Choice
According to the experts the Isle of Man’s housing market has been in a poor but stable condition throughout the 2-year duration of the UK recession.
Business is down 50% on what it was for the 10 years prior to the downturn, with housing markets all across the UK in a similar state.
The Island however is experiencing some positives of the crisis, with the prospect of a large number of high net wealth individuals leaving the UK and relocating to new jurisdictions.
The reason cited for this is the increased taxation in the UK, with people earning over £150,000 required to pay 50% of their earnings back to the taxman.
The tax cap on the Island is also a very attractive prospect to these individuals and already top end properties have been snapped up by people making the move, with Bishopscourt going recently for £5 million.
Cowley Groves Chairman David Creane has said he expects to see an influx of top end customers move to the Island over the next couple of years.