Isle of Man Foundations
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News flash 15th November.
Foundations Act – Royal Assent announced
TREASURY Minister Eddie Teare MHK has welcomed the announcement of Royal Assent, in Tynwald this week, for new legislation which will add to the Island’s offering as a centre for international wealth management.
The Foundations Act provides for the establishment of foundations, which are an alternative to trusts as vehicles for holding assets. While foundations resemble trusts in many respects, they also have separate legal personality, like a company. Their existence will be recorded on a public register and each must have a local registered agent accountable to the authorities.
The legislation, which was promoted by Treasury in conjunction with the Department of Economic Development and the private sector, was taken through the House of Keys by Mr Teare.
He explained: ‘The Manx Foundation will be a bespoke product that will provide our financial services industry with an additional tool to open up new business opportunities. The world of wealth management is highly competitive so it is vitally important that Government keeps working in partnership with the private sector to enhance the Island’s offering to international clients.’
We believe that Isle of Man Foundations provide an interesting alternative for international clients, particularly those who are from civil law based jurisdictions. This is a relatively new development for the Isle of Man and we would be happy to assist any client who might be interested establishing an Isle of Man Foundation.