Foundations And Their Practical Application In The Isle Of Man

Foundations have been around for many centuries particularly in European civil law jurisdiction. There are currently several hundred thousand foundations in Europe, most being philanthropic and more than half of which have been established since the 1950's.

There are over 50,000 Private Foundations in Europe which together hold more than 200 billion Euros.

The use of Foundations is principally for private wealth management and charitable purposes and to a lesser extent they are used in commercial transactions.

Private Wealth Management

Many wealthy families establish Foundations as an alternative to a family trust.

The advantages of a Foundation over a Trust are:

• The client may be more familiar with civil than common law jurisdictions and thus understands a foundation better than a trust