Charitable Trusts are a type of purpose trust set up for a specific purpose or purposes that the law regards as charitable. Traditionally, those purposes were the furtherance of religion, advancement of education, relief of poverty or other purposes beneficial to the community.
The Trust will need to be registered as an Isle of Man charity and the trustees must be familiar with, and comply with local registration and regulation requirements. The regulations were relaxed in 2008 to encourage wealthy individuals to use the Isle of Man for their philanthropic activities in an environment that is regulated and satisfies international anti-money laundering requirements without being overly regulated. Using a trust, the wealthy donor can use their wealth to benefit their favoured causes in an ongoing, clear, efficient way.
A charitable trust on the Isle of Man should be fully exempt from local taxes.
For more information please feel free to email Lee Murphy or call 00 44 (0)1624 612888.