Fiscal Services Limited

Bank Deposits

Interest arising on bank deposits in the Isle of Man is payable gross to non-residents. The Isle of Man Government has introduced a Depositors' Protection Scheme similar to that in the United Kingdom. However, there is one major advantage to the Isle of Man arrangement compared to the United Kingdom in that the cover offered by the Isle of Man Government extends to non-residents. Clients who are introduced to banks located in the Isle of Man will be required, by the banks, to agree to a status enquiry report. This will involve the Manx bank contacting your present bankers to establish how long you have held that account and confirm that the account has been managed in a proper manner. A certified photocopy of a client's passport is also requested, plus proof of the Beneficial Owner's address.

Please note that to be compliant with the EU Savings Directive, in the cases where bank accounts are in the name of an individual not resident on the Isle of Man tax either has to be deducted at source or a schedule of interest paid to the non-resident be provided to his country of tax residence. Isle of Man incorporated companies however, receive any deposit account interest gross.

In adiition to sterling, funds may be held on deposit in a number of currencies including:-

• US Dollars
• Canadian Dollars
• Euros
• Swiss Francs

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