The Isle of Man's position in an international financial 'league table' has fallen in the last six months.
It has dropped five places to 40th in the Global Financial Centres Index, leaving it nine places below Guernsey and 19 behind Jersey.
The Isle of Man held 21st position when the index was started four years ago, and for a couple of editions after that.
Factors taken into account by the GFCI include business environment, general competitiveness and people.
The latest report says offshores have suffered significant reputational damage in the last three years, but are making a recovery as people recognise their importance to global finance.