Thinking of using Isle Of Man as an offshore jurisdiction?

The Isle of Man is another one of those jurisdictions that on the surface sounds good but isn't so good at all in practice. The Isle of Man Banking Act recognizes the contractual duty of a banker to keep the affairs of his customer confidential and the customers' rights to confidentiality. There are limited exceptions to these principles, set out in the Financial Supervision Act of 1988, and these include circumstances where disclosure is required to assist criminal proceedings or to enable the FSC to discharge its statutory functions. So here you see the giant loophole, not good. Here is a quote from a news story concerning the Isle of Man Barclays Bank and the government of Ireland: In a ruling handed down by Special Commissioner John Avery Jones last Wednesday, Barclays Bank was ordered to furnish HM Revenue and Customs with details of offshore accounts held by its customers, in order to assist the tax authority in clamping down on tax evasion. This article was from May of 2006 and from it we can see the Isle of Man is participating in wholesale fishing expeditions whose purpose is to just see if in fact there were any tax violations taking palce.. Not good, actually as bad as it can get.

The Isle of Man does not have anonymous bearer share corporations.

We can see no reason to use the Isle of Man for anything related to privacy.

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