Services for Entertainment, Sports and Media Professionals
A Global Market
Given the global nature of today's entertainment industry many of those who are employed in the business can spend a large proportion of their time in foreign jurisdictions. This can be both beneficial and detrimental. If entertainers have their business affairs correctly structured they can protect their wealth from unsympathetic tax regimes, if not, a significant proportion of their income could be at risk, both today and in the future.
With the increasingly complex nature of the international entertainment, media and sports industries its exponents ("entertainers") and their advisors now spend a significant proportion of valuable time concentrating on business structures, contractual details, administration, taxation and asset management.
A further consideration is career longevity; an entertainer's working life can be extremely short, for example a footballer's playing career can be over by his mid thirties. It is therefore vital that all assets including intellectual property and image rights are protected.
Maximising Income
Whilst an entertainer is at the peak of his or her career their income can be considerable, and consequently so can be the tax liability, as income can be eroded by income tax and capital gains tax. It is therefore vital that all possible legitimate steps are taken to reduce this liability. It is also important that income is invested wisely so that future earnings potential is maximised and tax liability is minimised.
Protection for the Future
Forward planning is vital to secure an entertainer's financial future. Although the entertainers primary career may have ended or reduced in importance and earnings, the income potential from image and intellectual property rights must be protected and maximised for such income earners as endorsements, advertising, broadcasting and public appearances.
The Benefits of the Isle of Man
The Isle of Man's renowned political and economic stability and progressive approach to international business makes it an ideal jurisdiction for managing the financial affairs of an entertainer. The Island's authorities have created an attractive trading environment within which business may be conducted efficiently and with the minimum of bureaucracy.
The Isle of Man's flexible tax regime and legal framework allows entertainers to manage their global assets even when transient.
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Managing with Equiom
For entertainers, their agents and advisors it is vitally important that their assets are managed in a secure jurisdiction and by a reputable company.
Equiom operates at the very heart of this unique jurisdiction. We have considerable experience of handling the financial affairs of high net worth individuals, UK or internationally based, as well as UK non-domiciles. We have a dedicated division responsible for managing a large portfolio of structures for international celebrities and agents, and have considerable experience in the implementation of bespoke offshore planning structures for entertainers.
Find out more about our services here>>
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Benefits of the Isle of Man
