Treasury Minister Eddie Teare has welcomed the news saying, he world of wealth management is highly competitive so it is vitally important that the government keeps working in partnership with the private sector to enhance the island offering to international clients. he Manx Foundation will be a bespoke product that will provide our financial services industry with an additional tool to open up new business opportunities, Teare explained.
A partner at the law firm Appleby, John Rimmer, welcomed the news that foundations would soon be added list of services Isle of Man financial companies can provide saying, "The Island needs to offer decent solutions for all those whose custom we want to attract. Trusts form a key part of our offering, but they are not the answer for everyone. Foundations offer greater familiarity and comfort for individuals and families from civil law countries, as well as interesting opportunities in commercial legal structures. /p>
The Foundations Act offers a solution for the setting up of foundations, which are an alternative to trusts as vehicles for holding assets. Despite being similar to trusts, foundations offer additional benefits to trusts, including a separate legal identity, similar to that of a business. Every foundation will be recorded on a public register and each must have a local registered representative held responsible to the authorities.
Speaking further on the practical approach of the government, Rimmer said he Treasury have shown real commitment in bringing this offering to the statute books in response to an initiative from the Isle of Man branch of the Society of Trust and Estate Practitioners. The Foundations Act is another good example of what cooperation between government and private sector can achieve. /p>
In addition to this, senior associate within Dougherty Quinn specialist trust team, Annemarie Hughes, said aving recently returned from the STEP Asia Conference in Singapore, where foundations and estate planning formed a key part of that conference, I am confident that the Isle of Man new sophisticated yet flexible foundation vehicle is ideally placed to service the numerous opportunities and growing demand in the international market. /p>
