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The Taoiseach pointed to the fact that the Isle of Man, a crown dependency, was not in the United Kingdom or European Union but abides by many EU rules.
So in practice, UK's little islands that are officially outside UK are treated as if they were inside UK.
Also relevant: "Offshore banking, manufacturing, and tourism form key sectors of the economy. Agriculture and fishing, once the mainstays of the economy, now make declining contributions to the island's Gross Domestic Product."
So in practice, yes I think they are relying on UK's EU membership.
It probably arose from sloppy law making back in the mists of time which probably would have been sorted out during the Victorian period if it wasn't that, even then, certain people found it convenient to move large sums of money around without it ever coming under the jurisdiction of a taxing authority.
The dirtier business of the Empire would have been impossible without it and the intrigues both before and after WWII ensured the survival of these Medieval arrangements.
It will only end when the world loses patience with this piratical island off Europe and decides to slap large tarriffs on any financial arrangement that involves them. Till then we're gonna hoover up all your dirty cocaine profits and think ourselves very clever
keep to the Fen Causeway
I for instance never knew the name of my landlord, located at a box on Isle of Man. I met a squiggly line on the lease documents and the property manager who also collected the rent electronically.
There's the case of a UID at calculatedrisk, dual Canada/US citizen (married to a US naturalized Chinese) currently working and residing in California who let slip (on separate occasions)delight in managing banking accounts through their parents in UK, Jersey, and Hong Kong. The tax and FX arbitrage opportunities are mind boggling.
Then there are the millions of anonymous Brit pensioners frittering away the former pound currency edge from Cyprus, Malta, and Gibraltar, too. Their savings must be protected.
That's why HRM minions will play the pirate at the EU's shores for decades to come whether or not ah legitimate brokers lose their "passports."
Diversity is the key to economic and political evolution.
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