Trusts are one of the most effective estate planning tools, as they are recognized in many jurisdictions nowadays. One of the best places to set up such a structure is the Isle of Man, a self-governing British territory, which has significant advantages when it comes to creating a trust or any other legal entity compared to the UK.
So, if you have studied the trust as an estate planning or asset protection tool and decided it is the best option for you, find out why you should choose to establish it in the Isle of Man.
Trusts are created under solid British legislation
Perhaps one of the pressing matters of how to open a trust fund in the Isle of Man is the legislation you have to abide by. As a British territory, Mann relies on the English common law for this type of structure, which offers the following advantages:
Nevertheless, when choosing a specific type of trust, the services of a professional firm are still recommended for those subtle legal aspects, which usually escape a foreigner.
Mann offers flexibility in terms of asset management
A trust is a great option when you want to distribute your assets in the manner that YOU want. And this is what the Isle of Man offers: you can decide which assets go to whom. You can personalize or customize the trust deed in accordance with your needs and long-term goals. Following that, the trustee is the one to make sure your requests are respected. Also, when or if the situation requires it, the trustee can make the necessary arrangements to accommodate your requirements.
The Isle of Man is your jurisdiction if you want privacy
Even if the Isle of Man has a Beneficial Owner Register, where information about the trust must be recorded, the same information will not be available to the general public. This way, you can benefit from the much-needed privacy associated with a trust while still respecting the law.
Increased asset protection
When puttingyour properties into a trust, you will protect yourself, but most importantly, your assets against various types of claims or disputes. Setting up a trust in the Isle of Man will do just that: as a settlor, you will no longer be associated with those assets, which now belong to the trust, thus making it harder for creditors to chase you for various reasons.
Another advantage that the Isle of Man offers is that the recognition and enforcement of foreign judgements here are limited if the laws of the other countries are not aligned with those applicable here.
The Isle of Man is without a doubt a great jurisdiction to set up a trust in. Leaving aside the fact that this is a British territory, its legislation seems particularly created to cater to the needs of international investors looking to shield their assets in a simple yet effective manner, considering the trust is one of the most common estate planning tools.
