The Island has no death duties, inheritance taxes, property taxes or capital gains taxes. In April 2006, the Island introduced a zero tax rate for all corporate sectors except for banking businesses, which has separate taxation arrangements.

The Island presently has only one Double Taxation Agreement, with the UK, but plans to negotiate with other countries. It has recently concluded tax treaty negotiations with the Netherlands which will lead to the signing of a DTA, and has entered into Tax Information Exchange Agreements (TIEA's) with the USA.