Licencing of UK vessels is also managed by the Isle of Man Government whilst Brexit talks took place between Isle of Man and UK officials.
The British Crown Dependency also maintains the right to set its own catch limits and conservation measures for certain fisheries including scallops.
Island fish producers will also be able to import their products to the EU without facing tariffs, which is worth around £20million a year.
Isle of Man has secured a separate deal to the UK (Image: Express Newspapers)
Chief Minister for the Isle of Man, Howard Quayle (Image: PA)
UK-registered vessels are already licensed and regulated by the Isle of Man government.