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Newsletter | Articles A Major Step Forward For the Island's Ambitions to Be the Switzerland of Space SPACE experts from across the world descended on the Isle of Man last month for the bi-annual International Space University (ISU) Conference. The special visit was the first time the International Space University (ISU) Conference has been held outside of the university's campus in Strasbourg and is a major step forward for the Island's ambitions to be the Switzerland of Space, which will see it become the financial jurisdiction of choice for the space industry. During the two day event, the attendees, who are all trustees of the ISU and representatives of space agencies from many different countries, including China, Japan and America, got to know the Island. Eddie Teare, the member of the Isle of Man House of Keys responsible for space-related activities, hopes the Island becomes more involved in the space industry. He said: ‘It creates highly paid jobs, but with very few individuals involved. It is the ideal sort of business for the Isle of Man. It helps us diversify our economy and provide more business for corporate service providers. ‘Corporate service providers provide trust and company formation and there may be opportunities for them here.’ Mr Teare added that the Isle of Man can offer a variety of opportunities to the space industry. He said: ‘We don’t have to have an insurance premium tax, which is 5 per cent in the UK. An insurance policy for a satellite launch can be underwritten in the Isle of Man. Every satellite that goes into space has to have third party insurance for up to US$100 million.’ The event was organised by ManSat, a partnership of aerospace, banking, financial services, strategic consulting, and international legal interests working to offer unique business services in the Isle of Man to the world's commercial space marketplace. For more information contact Peter Beighton. |