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Isle Of Man


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Is the Isle of Man the one true property safe haven?

Maybe right now ,but they have trouble brewing if the comments of the people burned by the Icelandic bank failure are anything to go by.

Your shout - comments

FRIDAY, JANUARY 30, 2009 05:20: What the hell!!!!!! The IMF have given the IoM a glowing report? Which Isle of Man did they go to, the one just south of Southampton? Not only do the original perpetrators give us continual kicks in the teeth. Not only does Tynwald prove its impudence by stooping to divide and conquer by trying to bride upto half the depositors with this SoA rubbish (do they really think we are that stupid!? Maybe they do, we were stoopid enough to bank on the IoM!). Not only do the lawyers and solicitors prove they are just lowlife vulchers. But the IMF, no less, prove they don't know a good well run financial centre if it hit them in face!! What part of "We are starving. We have no roof. We have had EVERYTHING TAKEN. We are penniless. We are on the streets. My wife will die a pauper" is Alan Bell (THE Alan Bell) just not understanding? Its starting to look more like Mr Bell is more concerned with media sound-bites than actually trying to get our deposits back!! Shame on Alan. Shame on Tynwald.

On the Streets of Australia

TUESDAY, JANUARY 27, 2009 20:55: The sole reason my family's money was put into a Manx Bank was that no UK Banking institution would allow us to hold a UK bank account without a UK address. That was the only reason. Rightly, or wrongly, I had always considered 'offshore' banking as a playground for the rich and famous. When the UK banks forcibly closed our accounts, when I tried to change to a non UK address (indeed, we even had cheques sent to us, by post!) I opened a Kaupthing current account simply to facilitate the transfer of our money to Australia. We didn't want to, we wanted to leave our money with UK high street banks, but were forced to do so. Also, 45% of those affected had accounts with the Derbyshire. Their accounts were sold to Kaupthing. Many didn't even know their money was now with KSF. So PJ, bluntly put, you are wrong. I personally have no animosity towards the Isle of Man or to the Manx people. Indeed, my family is originally from the Channel Islands so it would be churlish for me to simply hold the IoM or Manx folk to blame. The original perpetrators of this crime are the UK Government and the current Chancellor. However, the people of the Isle of Man must realise that the continuing waves being caused by this continuing tragedy (in my case; family wrecked, and me now living rough on the streets as I cannot get legal work due to my Visa conditions now in tatters as the money – not a lot, but 27 years of work earnings – was part of the Visa requirements. Others in similar circumstances) are affecting the viability of the Isle of Man as a banking centre; many ex-pats i know/knew banked with IoM banks but ALL have now moved their money out of Manx. Dr Sindall is entirely correct. Although I fear it may actually be too late; as banking is based on confidence, we only hear of problems when a bank actually fails. And if the actions of fellow ex-pats is widespread then it could just be a matter on time before another Manx bank closes its doors causing a snowball effect. I sincerely hope that does not happen; if only for selfish reasons, but the indecisive actions of Tynwald are starting to have an effect.

MW

TUESDAY, JANUARY 27, 2009 17:22: It's time the I.O.M Gov stopped delaying the winding up of KSF verybody knows the bank is bust ,This delaying tactic is not doing the depositors any good. I imagine they want to put the whole thing behind them. The only problem is the £50.000 the government doesn't have it hence the delay , The MHK 's approved this scheme without any idea where the money would come from .

AJ

TUESDAY, JANUARY 27, 2009 16:08: Dear Sirs, I completely agree with Dr Rob Sindall. It is not simply a question of appeasing the depositors of KSF (IOM) that Tynwald and the commercial institutions of the IOM should be addressing, it is the entire "off-shore" situation. If IOM banks, and by dint of this, the IOM government, cannot guarantee depositors funds in full, then I believe in the few months following the KSF(IOM) debacle, there will be a mass exodus of funds from all the IOM banking world. But what Tynwald should be watching is the fiasco surrounding the "will it - won't it" machinations of the administrators and the Treasury. Yet again we are being informed, rightly or wrongly, that a further adjournment of two months will be requested at Thursdays court hearing, supposedly "to streamline claims & accelerate payments". Forgive me for mentioning this but, that would take us from the demise of KSF(IOM) in early October 2008 to the end of March 2009, and still no indication that the winding up order will be authorised, or yet again, will the same delaying proposition be placed before the court in March???

That's certainly some streamlining & acceleration! It would be nice to think that depositors are going to receive a full refund of their money.

But it would be even nicer if they were going to receive the refund in their own lifetime, not as part of their estate!!

JY, Spain

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Hi everyone,

I lived in the Isle of Man for 12 years and moved back in September 2007.

My views on the property market since I moved over are things are still increasing although slower than it was years ago.

I bought a house August 2008 and paid 312k, this house was sold to the person I bought it from for £275k in 2006 although they had spent arond 20k on improving the property. This week a house exactly the same as mine a few doors away has gone up for sale for 340k, I will be watching what it sells for but will imagine they will get around 325k.

I also have a few wealthy clients who have bought property in the Isle of Man recently as they seem to think it is less volatile than the uk, mainly due to the size of the country and it has no restrictions on house purchasers unlike Jersey and Guernsey. Also the very rich do not taxed over the 100k earnings.

Please remember that we all pay, VAT, tax and NI in the Isle of Man. Our income tax is lower than the UK but everything else is the same. The government has been helping first time buyers on to market for years by building first time buyer homes and helping with mortgages and does not sell its council houses for a cheap price which people can sell after five years and make a quick profit.

I personally do not worry about house prices going up or down as the house I bought is hopefully my long term home and do not expect to sell the house for a very long time.

If you like a place whether it be the Isle of Man or somewhere in England, Scotland or Wales you must decide do you want to pay rent or buy. I decided to buy as in 20 years the house is mine rather than the landlords, but not everyone has this option as getting the first deposit is always the difficult.

Alan :rolleyes:

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Halifax/HBOS or now Lloyds TSB Quarterly Isle of Man price index:

"We have not issued any data for Isle of Man for Q1-2009 due to a low sample sizes."

Thank you

Group Economics

So it seems very few buyers on the island have made any figures unreliable, property sales are almost

at a standstill. I think sellers still think their property is worth millions, they are in denial and prices will have

to drop 50% before I consider buying. Those 100+ jobs that HSBC culled in Douglas could be just the

start in the financial sector here and will in the end feed into house repossessions on the island like the UK.

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IOM property prices are standing up reasonably well but it looks a position that is at more risk than people seem to realise. I get the impression there's a local attitude that always assumes that Manx property never falls or that the economy here may never be in doubt. In my opinion and im no expert and merely wish to add my tuppeneth worth, I think the market is potentially vastly overvalued and could be in for some serious correction.

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