The Isle of Man
The Isle of Man is situated at the geographic centre
of the British Isles in the middle of the Irish Sea midway between
England, Scotland, Ireland and Wales. It is about 60 minutes by
air from all major British centres. It has a land area of 221 square
miles (572 square kilometres) and is some 30 miles (40 kilometres)
long and 9 miles (14 kilometres) wide. It has a population of approximately
70,000.
Whilst the Isle of Man is a dependency of the British Crown, it
is not part of the United Kingdom nor is it within the jurisdiction
of the United Kingdom. The Island is self-governing and the island's
Parliament, Tynwald, is reputedly the oldest established legislature
in the world - dating back over 1,000 years.
The legal system of the Isle of Man in many ways mirrors that of
England and Wales but there are many unique aspects of the Manx
legal system which offer advantages to Manx residents as well as
overseas individuals and companies. The Island possesses its own
courts and appeals lead ultimately to the Judicial Committee of
the Privy Council.
When Britain joined the European Community (now the European Union)
a special status was negotiated for the Isle of Man under Article
227 of the EC Treaty. The Island is an associate member of the EC
but is not subject to many aspects of the Treaty of Rome. Its special
status does however offer many economic and fiscal advantages.
The Isle of Man is a respected, and well known offshore financial
centre being both politically and economically stable and subject
to strict and efficient regulation by the Isle of Man Financial
Supervision Commission. The Manx legal system has developed to encourage
financial flexibility whilst maintaining strict confidentiality.
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