The Isle of Man Financial Supervision Commission announced in its annual report for 2005/06 that the country has seen continued growth over the past year.
The commission says the Isle of Man’s deposits rose by 19% and funds under management and administration by over 76%.
Together with the implementation of the government’s fiscal strategy which includes introducing a zero rate corporation tax and a cap on personal income tax, the commission predicts that the Isle of Man’s finance sector will see future growth.
The Annual Report does note, however, that the financial climate remained challenging with an emphasis on reducing costs over the past year.