ARTICLE · 27 FEBRUARY 2012

Appleby Unveils Island’s First Foundation

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The Isle of Man Department of Economic Development recently announced that Appleby has launched the Appleby Charitable Foundation, the Island’s first Foundation to be approved and established under the new Foundations Act 2011 ("the Act").

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The Isle of Man Department of Economic Development recently announced that Appleby has launched the Appleby Charitable Foundation, the Island's first Foundation to be approved and established under the new Foundations Act 2011 ("the Act").

Effective from 1 January 2012, the Act introduces a civil law entity to a jurisdiction renowned for its common law practice opening new opportunities on the Island for businesses and individuals.

A self-owning legal entity formed by the dedication of property to specified purposes, a foundation serves for the purpose of private wealth structuring as well as for charitable and commercial structures. There is a requirement for registration, but this brings certainty and peace of mind for clients as well as ensuring separation from the Isle of Man's trust law.

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