Information - The Isle of Man

Set in the Irish Sea, roughly equidistant from the north of England, south-western Scotland and Northern Ireland, the Isle of Man is a Crown Dependency - part of the British Isles, but not the UK.

Wearing its Celtic heritage proudly, one thing that sets it apart from many islands is that this one has space - and space not only for rambling and riding high-powered motorbikes (in the world-famous TT road races), but also for business. It even - unusually in this day and age - has space for people. The Manx government doesn't create obstacles for those who want to relocate there. This is a place that welcomes not just new business but the people required to run it.

The Isle of Man's finance sector has been growing for decades, with ever-increasing sophistication transforming the economy, although not the fabulously wild landscape.

The island's success and popularity are down to a combination of its physical beauty, its relative size and its closeness to the UK. Its 572 square miles are home to approximately 80,000 people.

Banking and funds make up some 23% of the economy, with insurance accounting for 13%. Many of the major players in the trust world are represented here. The island even has a film industry, having marketed itself as a place where movies can be made, including co-financing deals, and has reaped the benefits.

The Manx government clearly agrees that the island's location has much to do with its success - promotional material has been known to refer to it as "at the centre of the UK". You can get to London in an hour and it's easy to fly to Manchester, Liverpool, Dublin and Edinburgh. In that sense, it is a hub.

The Isle of Man was recognised as the "leading offshore centre" in the City of London's second Global Financial Centres Index (September 2007) and has frequently won similar awards.

The fact that its property prices are not big news is a plus. While in parts of the UK and the Channel Islands they can be astronomical, the Isle of Man, which is broadly in line with prices in the north-west of England, presents a less daunting prospect to those looking to get on the property ladder.

In the Isle of Man there is no general capital gains tax, turnover tax or capital transfer tax, and there are no stamp duties. Apart from VAT, the only significant tax is income tax, which is levied at a maximum rate of 18%.