Important Note

The information in this site is based on the Bank’s understanding of current Isle of Man law and practice at the time of publication. Future changes in legislation, tax levels and practice could affect the information in this site.

What are the advantages of holding an account in the Isle of Man?

• Tax efficient asset growth - for people living and working outside their home country there are often tax advantages to holding an account offshore. We strongly recommend that you seek professional advice on this subject.
• Well regulated - the 2003 IMF Report on the Isle of Man’s regulatory regime confirmed the Island’s reputation as a “jurisdiction of the highest standing”. The IMF visited the Isle of Man again in 2008, and the report published in September 2009 shows that the Island is amongst the top countries in the world in terms of implementing the recommendations of the Financial Action Task Force (FATF) to counter money laundering and terrorist financing.
• Politically stable environment - the Isle of Man is a UK Crown Dependency and has been politically stable for over a thousand years.
• Security and confidentiality.

What are the tax regulations on interest earned on offshore accounts?

Non-European Union Residents

Any interest will be paid without the deduction of income tax, however it is your responsibility to discharge any tax liability you may have. This tax liability will depend on the current tax legislation in your country of residence (and may depend on your nationality). If you are unsure as to your tax position, we recommend that you take appropriate professional advice.

European Union Residents

Interest on deposit accounts for new customers who are resident in the European Union will be declared to the relevant tax authorities as per the Exchange of Information rules under the European Union Savings Tax Directive. However, for existing Bank customers, interest earned on deposit accounts will be subject to your existing deposit arrangements, which may be Exchange of Information or Retention Tax. From July 2011, the Isle of Man authorities have indicated that Exchange of Information will be compulsory for all customers who have accounts with an Isle of Man bank.

How secure is my deposit with Bank of Ireland in the Isle of Man?

Bank of Ireland (I.O.M) Limited is part of the Bank of Ireland Group which, having traded for over 220 years, is one of the world’s longest established banks and is a successful broad-based international financial services organisation with over 15,000 employees and assets of more than €184 billion.

Bank of Ireland has a low risk and conservative business profile

Bank of Ireland is a traditional retail and commercial bank, with a lower risk lending profile than many competitors with almost 45% of the £136bn lending book accounted for by residential mortgages in Ireland and UK. Asset quality of the mortgage book remains robust and well above comparable industry average.

A fundamentally sound business

Bank of Ireland generated a pre-impairment operating profit of €1.8 billion in 2008/2009, showing significant earnings capacity. The Group also has a considerable contingent collateral pool and 60% of the €49bn pool is still available. A diversified wholesale funding platform brings additional strength to the business and the strong Core Tier 1 capital ratio of 9.5% indicates a robust ability sustain any future unexpected losses.

Credit Ratings

Depositors Compensation and Irish Government Guarantee

• Deposits made with the Bank are covered by the Depositors’ Compensation Scheme contained within the Compensation of Depositors Regulations 2008 (as amended). This scheme covers up to £50,000 of net deposits per individual depositor or £20,000 for most other categories of depositor. For more information on this scheme please visit: http://www.gov.im/FSC/investor/dep_comp.xml
• Until 29 September 2010 any amount on deposit with the Bank not covered by the Isle of Man scheme is covered by the Government of Ireland Credit Institutions (Financial Support) Scheme 2008. For more information on this scheme please visit: www.finance.gov.ie
• Bank of Ireland, which includes its branches in Ireland, the United Kingdom, France, Germany and the United States, along with its subsidiaries Bank of Ireland Mortgage Bank, ICS Building Society and Bank of Ireland (IOM) Limited, have on 11 January 2010 become participating institutions for the purposes of the Credit Institutions (Eligible Liabilities Guarantee) Scheme 2009.
  Further information on the Credit Institutions (Eligible Liabilities Guarantee) Scheme 2009 is available at www.finance.gov.ie and www.ntma.ie. Participating Institution Certificates for Bank of Ireland will be available at http://www.ntma.ie/ELGScheme/CreditInstitutionsELGScheme.php.

The Irish Economy

• The Irish economy appears to be coming out of recession. GDP growth expanded by 0.3% in Q3 2009 following negative growth in five out of the previous six quarters
• Many economic activity indicators appear to have bottomed and are recovering, while others are pointing to a slowdown in the pace of contraction
• Irish Government continuing to take credible measures to correct public finances, underpin the banking sector and support foreign investment
  • The Irish Government is committed to supporting the Irish banking system, through State Guarantee for Liabilities (CIFS), the new Government Guarantee (ELG), the recapitalisation of Bank of Ireland and AIB and the setting up of the National Asset Management Agency (NAMA)
  • NAMA has the objective of stabilising the banking sector and restoring the flow of credit to business and customers while minimising the risk to the tax payer
• The National Treasury Management Agency (NTMA) raised almost €35bn in 2009 and has already raised c.33% of the €20bn planned borrowing requirement for 2010
• Investor sentiment towards Irish debt is improving

What about confidentiality?

The Bank keeps the affairs of its customers and former customers confidential at all times and will not disclose details of customers’ accounts or their names and addresses to third parties except as follows:

(a) where the Bank is compelled by law to do so;

(b) where there is a duty to the public to disclose;

(c) where the interests of the Bank require disclosure;

(d) where disclosure is made at the request of or with the consent of the customer.

For the following questions, please also refer to our ‘Customer Information Pack’ available for download - click here to download the pack.

What is the minimum deposit?

The minimum balance for opening a deposit account is £5,000 or currency equivalent. Please note that certain accounts have higher minimum balances.

How do I open an account?

The easiest way is to go to our download centre and download the ‘How to open an account’ checklist and the relevant application form. An electronic transfer (SWIFT) is usually the easiest and quickest way to get money to us. SWIFT details are available here.

Why do I have to supply identification when opening an account?

To comply with standard international banking practice and current Isle of Man legislation, at a minimum, all banks are required to formally establish the identity and residential address or place of business of their clients before an account can be set up.

How do I make a deposit?

Deposits can be made in a number of ways:

• You can make an international payment to the appropriate Bank of Ireland account via electronic transfer.
• You can transfer money from an existing Bank of Ireland account directly.
• You can send us a cheque or a bank draft by post.

We cannot accept cash lodgements. Please visit our Make a Transfer page for information on making deposits to Bank of Ireland accounts.

How do I make withdrawals?

Cash withdrawals are not possible, but the following methods are available:

• International SWIFT electronic transfer
• Cheque
• Banker’s Draft
• Transfer to another Bank of Ireland account

What currencies are available?

Most accounts are available in 13 different currencies.

If I have more than one currency do I need more than one customer number?

No, you can open as many different currency accounts as you wish. We do have full foreign exchange facilities if you need them.

Can I change from one currency to another?

Yes, we offer accounts in all major currencies. You can open as many accounts as you wish and transfer money between them at will.

What are your fees and charges?

There is no charge for opening a Bank of Ireland account. Please click here for more information regarding fees and charges relating to the operation of your account.