Why we need closer economic links between the Isle of Man and Ireland

Writing for the Reayrtys blog, Joe O’Hanlon argues that the Isle of Man needs to strengthen its relationship with its nearest EU neighbour, the Republic of Ireland, for the benefit of the people of both countries.

Ireland and the Isle of Man share many cultural similarities, with a shared Viking and Celtic history, and with a history of movement of people between the two countries – both historically and now within the Common Travel Area.

In terms of potential economic growth for the Isle of Man, entry into the Irish market is a gateway into the EU for Manx companies, without the language barriers presented by other EU countries.

Ireland is now one of the wealthiest EU Member States, and Irish consumers and businesses have lots of cash to invest, due to the lack of investment products in the Republic since the financial crash there.

As of June 2026, savers in Ireland hold €171.3 billion in deposit accounts, earning little or no interest. Furthermore, only 16 per cent of Irish adults invest in shares, despite Ireland having some of the highest rates of saving in Europe, according to the Irish Times.

Ireland is also a top base for the world’s leading technology companies – 16 out of the world’s top 20 technology companies have bases in Ireland.

All which shows why it is good to see that innovative Manx companies are already making plans to enter the Irish market.

For example, Manx Financial Group (MFG), the parent company of Conister Bank, is preparing to launch a buy-now-pay-later product into the Irish market, focussing on the automotive sector. The Group has submitted an Irish consumer credit licence application, and a decision from the Central Bank of Ireland is anticipated by late summer 2026.

Subject to the outcome of the application and any further regulatory approvals that may be required, this may provide the Group with a route into additional EU markets without significant upfront balance sheet deployment. (see the MFG Annual Report 2025). Meanwhile SolutionsHub, an Isle of Man-based provider of regulatory and operational solutions for the online gambling sector, has announced the opening of a new office in Dublin to support clients entering the Irish market as the country implements new gambling laws.

Despite these examples of private sector initiative, the Isle of Man Government, and Isle of Man business agencies, such as Chamber, need to step up their relationships with their Irish counterparts.

The good news is, as Reayrtys has long argued, they can look to their counterparts in Wales and Scotland for guidance. Wales, in particular, has been very pro-active in recent years in developing its relationship with Ireland and this can prove instructive for its neighbour, the Isle of Man.

With the re-opening of Ireland’s Consulate General in Cardiff in 2019, and the very strong working relationship between it and the Welsh Government Office in Dublin, the contacts between Ireland and Wales have grown.

The Ireland-Wales Forum has become an annual focal point, bringing together Ministers, officials, and key stakeholders to spotlight cooperation and to identify areas for future focus. In March 2021, Ireland and Wales signed the Ireland-Wales Shared Statement and Action Plan 2021-2025.

In July 2025, the countries signed a renewed Shared Statement up to the year 2030, setting out the ambitions and plans for the Ireland-Wales relationship in the years ahead. Both countries committed to working to increase cooperation and collaboration between governments and partners across the business, arts, sporting and community sectors. Whilst the Isle of Man Government is one of the 8 Member Administrations of the British-Irish Council, set up under the 1998 Good Friday Agreement, and the Council provides good opportunities for the Isle of Man Government to meet high-ranking Irish Government ministers on a reasonably regular basis, more regular and detailed contact would be helpful.

The Isle of Man's Global Relations Strategy 2025 published by the Cabinet Office quite rightly has the objective to “maintain and develop positive relations with Ireland (as our nearest EU neighbour)”, in the context of External Relation’s strategic priority to grow the island’s reputation as an internationally responsible nation, but there is a lack of clear actions/delivery mechanisms to deliver on this objective.

Overall, it would be likely to be beneficial for the Manx economy if the Isle of Man Government was more pro-active in engaging with Irish authorities, whether directly with the Irish Government, and respective Irish Government departments; with Irish business agencies like Enterprise Ireland (which helps Irish companies expand into overseas markets) or the Industrial Development Agency (which helps foreign businesses invest in Ireland); with Irish business associations; and with Irish local authorities.

Such closer interaction with Ireland would in no way diminish the relevance of Britain with reagrd to the Isle of Man, and could be a practical way of providing greater business and economic opportunities for the island, as well as utilising more fully than at present the island’s close physical proximity to a wealthy EU member state.

Joe O’Hanlon is a lawyer originally from Northern Ireland and now working in Dublin. He is a regular visitor to the Isle of Man.