Why Invest in the Isle of Man?

Why invest in the Isle of Man? A secure harbour for global investors Throughout this document, where we refer to ‘plan’ or ‘plan holder’, this collectively refers to policy or account and policyholder or accountholder respectively, depending upon the type of plan that Quilter International Isle of Man provides.

1. Stability and prestige circumstances, such as sharing with designed to strengthen investor – Located in the Irish Sea, between trusted third party suppliers or when protection by imposing greater England, Scotland, Wales and required by law, court order or controls on the capital levels that an Ireland, the Isle of Man is a self- regulation. This could be to provide insurer must hold to prevent their governing dependant territory of services, to prevent and detect crime, insolvency. fulfil anti-money laundering or other the British Crown. It shares a head – The capital levels are linked to the regulatory requirements or where of State, Queen Elizabeth II, and the insurer’s risk profile and an insurer data is required to be disclosed under British Government is responsible must always carry a surplus of agreements to exchange information, for foreign relations and defence. It capital to ensure it can meet its such as the U.S. Financial Account Tax is neither a part of the UK nor of the obligations to plan holders, even Compliance Act (FATCA) or the OECD European Union. It has an in adverse circumstances. independent legal system and Common Reporting Standards (CRS). – Insurers have a duty at all times follows the model of English Law. 3. Investor Protection under the Act to notify the Isle of Man – According to Moody’s, it has a risk When clients invest through a regulator (the Financial Services rating Aa3 (meaning high quality reputable product provider like Authority) if their capital resources fall and subject to very low credit risk). Quilter International Isle of Man, there below, or are expected to fall below, are a number of safeguards in place to – The Isle of Man is one of just 31 the capital requirements. help protect their money, in the countries to be rated as compliant unlikely event that the provider – There are considerable powers that by the Organisation for Economic becomes insolvent. the regulator can use to exercise Co-operation and Development scrutiny and impose additional (OECD) in their 10th anniversary One thing to remember is that a measures on an insurer if required. report (published in November protection scheme is important when 2019) on countries adopting things go wrong. Investors can be – A plan holder’s creditors get priority international standards on tax reassured that Quilter International ranking over other creditors when an transparency.* Isle of Man is a well-run, successful insurer seeks to wind up its operations. company. – The Isle of Man Financial Services – No insurance company which Authority (FSA) regulates the Island’s Capital adequacy carries on long-term business shall be wound up voluntarily. insurance and pensions market. – All Isle of Man authorised 2. Confidentiality and security companies carrying on insurance – The insurer’s assets to the value of business in or from the Isle of Man its technical provisions are available The Isle of Man Law and Regulations must comply with the following Isle only for meeting the obligations of ensure that financial services of Man Insurance (Amendment) Act the insurer in relation to its long- companies may only share data with 2017 requirements, which are term business. third parties under certain

Sources: * http://www.oecd.org/tax/transparency/global-forum-10-years-report.pdf Quilter International 3

Statutory compensation scheme 4. Virtually tax free jurisdiction for 6. Mitigating probate – In the unlikely event that Quilter non-residents By placing an investment in a trust International Isle of Man is unable Quilter International Isle of Man is not or making a nomination, it can to meet its liabilities, plan holders currently liable to income tax, capital remove the requirement to engage are protected under the Isle of Man gains tax or corporation tax on funds in sometimes lengthy and costly Life Assurance (Compensation of linked to plans. Some dividends may probate proceedings. Policyholders) Regulations 1991. be subject to a tax deduction in the 7. Trust options country where the income was The scheme offers: produced but once inside one of our A further benefit of using the Isle of – Protection for plans issued by Isle of plans, the investment will accumulate Man, a jurisdiction with a sound and Man authorised companies, wherever free from tax. Tax may be payable stable legal structure, is that it allows in the world an investor resides. (depending on local tax laws) when for a range of trusts to be established. These are designed for a number of – Compensation for clients of up to plan proceeds are repatriated to the client needs and can help preserve 90% of their investment value less owner’s home state. wealth for future generations. any applicable charges. 5. Free choice of beneficiaries The terms of a trust, unlike those of a The Financial Services Ombudsman The Isle of Man does not stipulate will, are private and can offer clients a – The Isle of Man provides investors mandatory heirs – sometimes level of confidentiality. A trust with a free, independent, dispute referred to as forced heirship. Instead, governed by the laws of a different resolution service through the the Isle of Man follows the English country to that in which an investor Financial Services Ombudsman common law model and allows lives can sometimes provide more Scheme in the event that Quilter investors the freedom to pass assets control over asset distribution on International Isle of Man is unable on to whomever they choose upon the death of the investor. to resolve a client’s complaint. their death. This can be achieved by simply completing the necessary

paperwork, normally at no extra cost.

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s Reg ard ulatory safegu C s n Fi omp eme io na ensation sch ict nc isd ial jur ly st ted able and well regula Your investment may fall or rise in value and you may not get back what you put in. www.quilterinternational.com www.quilterinternational.com/hk Calls may be monitored and recorded for training purposes and to avoid misunderstandings.

Quilter International Isle of Man Limited is registered in the Isle of Man under number 24916C. Registered and Head Office: King Edward Bay House, King Edward Road, Onchan, Isle of Man, IM99 1NU, British Isles. Phone: +44 (0)1624 655 555 Fax: +44 (0)1624 611 715. Licensed by the Isle of Man Financial Services Authority. Quilter International is registered in the Isle of Man as a business name of Quilter International Isle of Man Limited.

Quilter International is the registered business name of Quilter International Isle of Man Limited Singapore Branch. Quilter International Isle of Man Limited Singapore Branch, CapitaGreen #06-02,138 Market Street, Singapore 048946. Phone: +65 6216 7990 Fax: +65 6216 7999.

Registered in Singapore Number T08FC7158E. Authorised by the Monetary Authority of Singapore to conduct life assurance business in Singapore. Member of the Life Insurance Association of Singapore. Member of the Singapore Finance Dispute Resolution Scheme.

Quilter International’s Hong Kong office: Unit 3704, Lee Garden One, 33 Hysan Avenue, Causeway Bay, Hong Kong. Phone: +852 3552 5888 Fax: +852 3552 5889

Authorised by the Insurance Authority of Hong Kong to carry on long term business.

All promotional material is approved by Quilter Investment Platform Limited. Quilter Investment Platform Limited is authorised and regulated by the Financial Conduct Authority. Financial Services register number 165359.

The rules made under the Financial Services and Markets Act 2000 (as amended) for the protection of retail clients in the UK do not apply.

11286/INT21-0429/June 2021