Isle of Man Foundations
22 November 2011
The Isle of Man Government announced on 15 November 2011 that the Foundations Act had received Royal Assent. It is expected the Act will enter into force from 1 January 2012 and from this date our experienced trust teams at Boston will be able to establish Isle of Man foundations for our clients.
Foundations, which are an alternative to trusts, are commonly used in civil law jurisdictions as vehicles for holding assets and estate planning. They are also popular vehicles for philanthropic purposes. Foundations are similar to trusts but they have a separate legal personality and therefore offer limited liability protection. Foundations are already popular vehicles for Russian and ex-CIS high net worth clients and our recent trips to Hong Kong, Singapore and China have highlighted that the Isle of Man foundation will be an important vehicle for Asian clients.
The Isle of Man is the perfect location to establish a foundation. It is an independent, stable and extremely well regulated jurisdiction. Boston is committed to providing clients with the right solutions for their particular needs. Our trust team has been working closely with specialist trust lawyers in the Isle of Man and this has enabled Boston to develop a premier bespoke Isle of Man foundation offering.
If you require any further information please look at the foundation page on our new website www.boston.co.im/fiduciary/foundations or contact one of our specialists.
Boston is committed to staying on the cutting edge of wealth structuring and our specialist teams would be delighted to meet with you or your clients to discuss the establishment of an Isle of Man foundation. If you have any queries please contact us on +44 (0) 1624 692930 or email us at enquiries@boston.co.im
Boston Limited