Isle of Man seeks hundreds of accountants
6 Dec 2019
The Isle of Man government has launched a drive to recruit hundreds of accountants in 2020, with a campaign highlighting the financial incentives and quality of life on offer for those looking to relocate
6 Dec 2019
The campaign is targeting both qualified and non-qualified accountants in the UK and Ireland and includes a dedicated online webpage with key information on relocating, a direct link to opportunities available in the Isle of Man, and a suite of video case studies.
The Isle of Man is also currently offering a National Insurance holiday scheme, which means accountants and other professionals who take up employment in the Isle of Man receive a refund of their first year NI contributions as a lump sum of up to £4,000.
Under the scheme, an individual earning a £30,000 salary will take home £27,450 in their first year of living on the Island – £3,650 more than their UK counterparts. This represents a 15% increase compared with the UK, who would keep £23,800. Average salaries for full-time employees are already more than 14% higher in the Isle of Man than the UK.
Simon Nicholas, partner KPMG Isle of Man and Finance Isle of Man board member said: ‘There are a wealth of opportunities in the Isle of Man for accountants in many areas of the economy. There is a real shortage of accountants on the island of all levels and thus recruitment further afield is an absolute necessity.
‘This initiative will allow us to attract new talent to the island to contribute to the economy and, in turn, the success of many businesses.’
Located in the Irish Sea between Great Britain and Ireland, the Isle of Man is home to the offices of well-known global firms including Deloitte, PwC, KPMG, and E&Y as well as a number of other well-established accountancy firms and practices.
The island, which has 83,000 residents, was ranked the best place to live in the British Isles and 12th best in the world by the HSBC Expat Survey in July 2019.
According to the findings, threequarters (74%) of respondents said that their quality of life had improved since moving to the Isle of Man, and nearly half said their mental wellbeing has improved. Work-life balance, outdoor activities and a strong sense of community are some of the reasons that expats stay in the Isle of Man longer than planned.
The island is also more attractive to first-time expats – for 64% of those relocating, it was their first experience of living abroad.