How the Isle of Man ‘Broke Bad’

Dan Evans pays a visit to the idyllic crown dependency to find out where it all went wrong

What is going on behind the well-kept facades of the financial institutions that call the island home? Photo: Stuffzz

Once upon a time, in the mists of Gaelic folklore, an Irish giant threw a great handful of earth at a giant from Scotland. The vast clod fell into the water and created an island which was claimed by a sea-god who wrapped it in an enchanted fog.

Some ancient stories say the deity – Manannán – used this impenetrable ‘cloak’ to hide entrances to the otherworld: a parallel place where fairies dwelled; gods, heroes, and poets walked together; and the laws of time and space didn’t apply.

Fast forward to February, as the landing gear dropped on flight EZY839’s descent into the Isle of Man, and it was still this ‘parallel place’ – where the gods of finance and global wealth walk together, and laws of offshore taxation are ‘competitively’ applied.