Using an Isle of Man Foundation as Trustee

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The IOM Foundation is also appropriate for the mitigation of Forced Heirship laws. As the structure is resident in the jurisdiction of registration, therefore the laws of the Isle of Man are applicable. Any challenge to the IOM Foundation will be heard in an Isle of Man Court and, for example, laws seeking to challenge the validity of the IOM Foundation can be set aside, in conformity with the Foundations Act 2011.

IOM Foundations are not currently a matter of public record, meaning the identities of the Founder, and any Donors or Beneficiaries are a private matter.

Depending on the IOM Foundation’s constitution, the Foundation’s Rules which will morocco mobile database deal with the appointment or removal of any parties, such as Enforcer, Beneficiaries etc., can be altered at any time. This flexibility allows for any change in wishes or circumstance.

The IOM Foundation can also be used to ringfence assets and wealth exposed to both creditors or spouses etc. making it a great all-round tool for asset protection.

Both Foundations and Trusts provide mechanisms for the transfer of beneficial ownership, from donor to beneficiary – this may make it seem like it’s always an either-or scenario, but it isn’t. In some circumstances the two vehicles can complement one another to further meet the client’s objectives.