Yeah have read the same. It’s very tempting. Perhaps also as a retirement plan.
I don't blame you. It seems very feasible, the only slight ball ache is that during the first 12 months, you'd still be liable for UK tax, after that, you can become a full tax resident of the island. I've got that slightly wrong, as detailed in point 6, otherwise, pretty straight forward👍🏻.
https://www.locate.im/article/news/6-steps-to-becoming-an-isle-of-man-tax-resident
Discussion
Yep, my thinking exactly. I'll be in my late 40's towards the end of next year and obviously my early 50's four years after that. I'll probably be targeting the latter for my retirement🎉.
"It’s basically Disneyland for the elderly and racist. Every single thing is designed to accommodate the over 50s and it’s heaven for them (although they still never stop complaining)"
I've just read that about The IOM and it made me laugh😬😂.
Interesting 😂 - might have to go visit and get a feel of the place. Never been. Like you, it’s something to keep in mind. In fact, I’ve just entered my 50s, so really I should be there already, moaning about everything 😅
Ha ha, I'll have to visit too as I've never been either. It doesn't sound great for youngsters but could very well be a good retirement option, as you say🫡.
Let’s also see how the budget pans out and if the UK does an Italy… The gov has already reduced the CGT allowance from £12,500k to £3k per year - IMO a direct attack on bitcoin plebs. Just means I hodl for longer which is no bad thing, unless of course tax on unrealised gains becomes a thing…