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ARTICLE · 03 JANUARY 2012

Foundations In The Isle Of Man

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The Isle of Man has for many years been a jurisdiction of choice for the structuring administration and preservation of private wealth.

Isle of ManWealth Management
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INTRODUCTION

The Isle of Man has for many years been a jurisdiction of choice for the structuring administration and preservation of private wealth. As a common law jurisdiction, Manx companies and trusts have become the traditional vehicles through which wealth is passed. This has now changed with the passing of the Foundations Act 2011 ("the Act") on the 11th November coming into force on 1st January 2012. A foundation is a legal concept more familiar to civil law jurisdictions and has never had a statutory footing in Manx law.

THE MANX FOUNDATION'S GENERAL CHARACTER

A foundation can be described as a self-owning legal person formed by the dedication of property for specified purposes. Property may or may not be transferred into the foundation when it is established. The foundation is established by making a successful application for establishment to the Foundations Registrar. Whoever initiates the registration of the foundation at the outset is known as the

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