Introducing - Isle of Man Foundations
In November 2011, the Isle of Man's Foundation Bill received Royal Assent adding a further sophisticated product the already healthy array of products available on the island. It will become law on 1 January 2012.
A Foundation has often been described as an ideal combination of a trust and a company and does have some of the characteristics of both, often used as a family trust or for a charitable or non-charitable purpose.
It is envisaged that Isle of Man Foundations will favour those clients or advisors from a civil law jurisdiction although those familiar with common law concepts are also able to take advantage of the flexibility that Foundations can offer as opposed to an Isle of Man Trust. A Foundation may well be preferred to a Trust in the following circumstances:
- When the proposed assets are of a risky or depreciating nature
- To hold "orphaned" assets with no obvious ownership structure special purpose vehicles being a good example
- Where the client is more familiar, and hence comfortable, with civil law concepts
- For certain tax purposes where the proposed beneficiaries may otherwise be held to have an interest in a trust.
For more information on how Isle of Man Foundations may be used, their rules and how Corporate Options can assist, please contact Lee Murphy on 00 44 (0)1624 612888 or email [email protected].
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