The Isle of Man has a Depositors' Compensation Scheme and all eligible deposits, irrespective of the residency of the depositor, are protected by the Scheme which was introduced in 1991. The Island was the first, and remains one of very few, offshore centres to introduce such a scheme providing protection to foreign currency as well as sterling deposits.
Compensation for depositors arises when a banking institution is deemed to be in default under the Scheme which, in essence, occurs when that banking institution becomes insolvent.
The amount of compensation payable to each depositor is an amount equal to 75% of the eligible protected deposit liability, subject to a maximum compensation payment to any depositor of £15,000.
For more detailed information please click here.
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