Dixcart Isle of Man Office

The Isle of Man offers a robust legislative and common law regime which can be attractive to wealthy families seeking a stable and well-regulated base for their financial planning. The tax efficient vehicles available and our expertise mean that our Isle of Man office is ideally placed to assist with both succession and estate planning – using offshore companies, offshore trusts and offshore foundations to meet your planning needs.

Trust Services

Trust law in the Isle of Man is well established and largely based on the law of England and Wales – but Manx trusts are allowed to accumulate interest without restriction and can continue in perpetuity.

We have produced a series on Offshore Trusts that gives a great overview for those wishing to find out more:

1. Offshore Trusts: An Introduction
2. Offshore Trusts: Types and Uses
3. Offshore Trusts: Misunderstandings, Pitfalls and Solutions

There is no Isle of Man taxation on trusts formed by non-resident individuals for the benefit of non-resident beneficiaries. Dixcart is experienced in the establishment and administration of trusts.

The role of trustee can be complex and time-consuming with fiduciary duties owed to both the trust and its beneficiaries. Unlike UK trustees, an Isle of Man professional trustee such as Dixcart is regulated. Furthermore, as a professional trustee, we offer clients and advisers peace of mind, ensuring our technical knowledge and best practices aid the administration and help with achieving the trust’s objectives.

You can find out more about Isle of Man Trust services here.

Foundations Services

The Isle of Man foundation offers distinct features that differ from those available from the more traditional trust or private company. One of the main distinctions to be drawn is the foundation’s legal personality, whilst also not being linked to shares – As such, the foundation has the capacity to enter into contract, own property and take legal action in its own right, whilst not having a duty to shareholders that exists in a limited company setting.

We have produced a series on Isle of Man foundations that gives a great overview for those wishing to find out more:

1. Isle of Man Foundations for Offshore Planning – An Introduction
2. Establishing and Administering an Isle of Man Foundation
3. When to use an Isle of Man Foundation

As with the role of trustee, acting as council member can be complex and time-consuming. We are well placed to assist with the incorporation and ongoing administration of an Isle of Man foundation, including acting as council members.

You can find out more about Isle of Man Foundation services here.

Trust / Foundation Hybrid structure

There are planning opportunities for using both a trust and foundation in a hybrid structure arrangement. For example, where a non-domiciled individual in the UK sets up an Isle of Man trust to benefit from their non-domicile status whilst in the UK, but plans on returning to a civil law jurisdiction – here the individual may seek to use a trust / foundation hybrid.

In this instance, the Isle of Man foundation may act as trustee, having legal ownership of the trust assets. The foundation being recognised as an effective estate planning vehicle in the civil law jurisdiction upon the individual’s return. This article is a valuable summary of the trust / foundation hybrid structure.

The Dixcart Isle of Man team has a significant amount of expertise in the management of assets and is therefore well placed to deliver offshore administrative services on residential property, commercial property, superyachts, aircraft and more – from purchase to disposal and everything in between.

The Island’s attractive tax regime and acceptance to being a jurisdiction of global compliance makes it a clear choice for those wishing to conduct international business here and to seek to mitigate corporate tax liabilities, ringfence risk and more.

Superyachts & Aircraft

With regards to superyacht and aircraft operation, we are very familiar with various registries around the world, including the Cayman Islands, Marshall Islands, Malta and of course the Isle of Man. We are lucky that the Island operates world class award winning registries – both the Isle of Man Ship Registry and Isle of Man Aircraft Registry. The regular use of various registries, the range of ownership structures available, our great working relationships with industry leading firms and our in-house experienced and qualified team, all mean that we can assist with any planning and structuring requirements.

The Isle of Man has been especially attractive for those seeking to charter their private craft within both Europe and elsewhere, benefiting from the Islands non-EU member status and various Customs exemptions or schemes available. For example, you can find out more about a Customs procedure available to private yachts chartering between EU member states in this article on yachting post-Brexit.

We have produced a short series on Superyacht planning that gives a great overview for those wishing to find out more:

1. Planning for a Superyacht? Here is What you Need to Consider
2. Superyacht Planning: Working Case Studies (2 of 2)

We deliver end-to-end assistance with regards to the offshore services required to bring your planning to fruition.