ARTICLE · 29 FEBRUARY 2012

Isle of Man Foundations

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From 1 January 2012, international clients and advisors will be able to incorporate and use the new flexible yet sophisticated Isle of Man foundation following the introduction of the Foundations Act 2011.

Isle of ManWealth Management

Annemarie Hughes

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From 1 January 2012, international clients and advisors will be able to incorporate and use the new flexible yet sophisticated Isle of Man foundation following the introduction of the Foundations Act 2011.

A foundation is an incorporated, self-owning, legal entity which, although having much in common with limited companies and trusts, possesses its own unique features. Foundations have separate legal personality and are therefore capable of holding assets, suing and being sued. The main difference between limited companies and foundations is that the latter cannot directly engage in commercial trading that is not incidental to its objects. It can, however, easily get around this issue by holding a trading subsidiary.

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