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Isle of Man minister Bell dismisses Dublin threat

In an exclusive interview with Money Marketing, Bell says Dublin’s increasing presence as a tax-efficient centre opens up opportunities for joint ventures rather than threatening the Isle of Man’s economy.

The Isle of Man this week is passing the Fiduciary Services Bill for regulating trustee services, placing it on a similar footing as Jersey and Guern-sey, which Bell says will stimulate business. The bill is set to become law in July.Bell says two key areas for growth for the Isle of Man will be e-gaming and film finance and production.He says: “Dublin has grown incredibly quickly over the last couple of years, some might say too quickly, raising questions over whether it can cope with its growth. It is very expensive, particularly in terms of labour, and although they have the benefit of being in the EU, there are so many benefits that we can offer above that so there is no real concern.”I am more inclined to see Dublin as a potential partnership opportunity rather than a threat. There is a great synergy between the two locations that we are currently exploring. Isle of Man-based businesses could open a Dub-lin centre and vice versa. It will lead to closer co-operation bet-ween the two although they are obviously a competitor.”

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