Opening a bank account in the Isle of Man

Securing financial assets is a key prerequisite for future well-being (both for individuals and for companies of all sizes). The ability to access the full list of financial services provided by the best banking systems of the planet is an effective way to manage capital, contributing to its growth and development of enterprises.

All the above aspects are the main factors that incline domestic entrepreneurs and just individuals to open a bank account in foreign financial institutions. Many people choose for this purpose known banks registered in countries belonging to offshore zones (for example, Cyprus, Panama, etc.). But at present, there is a tendency of growing popularity of banking institutions in Great Britain among foreign investors. In particular, a large number of people register private and corporate accounts with financial institutions in the Isle of Man.

Brief information about the banking system of the Isle of Man

Currently, the Isle of Man belongs to the largest European centers for the provision of banking and financial services. Today, there are about 30 financial institutions operating here. Most of them are branches of well-known transnational banking systems (usually with British registration). According to a study conducted in 2013, local financial institutions store about 45 billion pounds sterling in customer deposit accounts.

Control of the financial institutions of the Isle of Man is done through limited or full licenses. The supervision of investment and banking activities is carried out by a specialized body – the Commission on Financial Supervision. The main standards on which the work of this body is based are:

• Law on investment activity, adopted in 1991.
• The Law on Financial Supervision adopted in 1988.

An internal license is issued only to those financial institutions that have at their disposal an office registered in the Isle of Man. An offshore license giving the right to conduct financial activities makes it possible to provide services to clients without renting and registering an office in the island.

List of financial services provided by local banks

• Acceptance of deposits. This service is provided to both local citizens and non-residents (the latter will have to go through a large list of checks and bureaucratic procedures to prove the legal origin of their funds). This service is the main focus of the banks of the Isle of Man.
• Creating trusts.
• Deposit management on a trust basis.
• Investment Management.
• Management of enterprises that are included in the trust.

Documents required to register bank accounts on the Isle of Man

Local jurisdiction is in many respects similar to the current UK legislation. Therefore, the majority of local banks, when applying for registering an account for an individual, present the following requirements to clients:

• Provision of a foreign passport of the actual owner of the capital (the account holder is also obliged to present his passport data).
• Evidence of the material wealth of the owner of the capital.
• Individual tax identification number.
• Summary.
• The client is also obliged to confirm his actual address of permanent residence. For this, a certificate of payment of utilities will be suitable (but only on condition that it is issued in the name of the account holder, and for a period of not more than 90 days from the date of payment).

Legal entities are required to provide the following papers:

• Certificate of registration of the company issued by the relevant regulatory authorities.
• Establishment agreement. You can replace the charter on the opening of the company (legal entity).
• A power of attorney for registration and management of a deposit certified by a notary.
• Certificate confirming the current status of the company.
• Information about the nature of the company.

This is the main list of papers that all local banks require for account opening. Additional requirements differ in each individual financial institution, therefore, it is recommended to ask the staff of the selected bank about the need to provide other securities.

Lawyers of our firm will help you when opening accounts in any bank on the Isle of Man. We will prepare the necessary papers in accordance with the current legislation, provide you with full support at all stages of registration and provide the necessary advice on issues of interest. For more information, contact the expert department at the contacts listed on the site.