Estate Planning and Succession Planning
The Isle of Man offers an attractive environment for wealthy families seeking a stable and well-regulated base for their asset protection and succession planning.
Dixcart Management (IOM) Limited is Licensed by the Isle of Man Financial Services Authority.
Choosing the right structure
Trust law in the Isle of Man is well established and largely based on the law of England and Wales. However, Manx trusts are allowed to accumulate interest without restriction and can continue in perpetuity. Further, Manx Trusts that generate income from outside of the island and that are formed for the benefit of non-resident Beneficiaries are not subject to Isle of Man taxes.
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.
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 a 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.
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.
Through the issuance of different classes of share, various powers and rights can be attributed to different parties to create a Family Investment Company style structure. For example, this mechanism can provide the Founder with increased control during their lifetime, beneficiaries with access to income and/or capital and the appointed Directors with management rights. This makes the Isle of Man Company an alternative to a Trust or Foundation. Additionally, Trusts often have an underlying Company to engage in commercial or other investment activity. Similarly, a foundation cannot engage in commercial activity that is not incidental to the attainment of its objects, and in such instances also requires a Company.
Our services
At Dixcart, we have been providing Corporate & Trust Services since our conception; assisting clients with the effective structuring and efficient administration of Trusts, Foundations and Companies tailored to their individual objectives.
Our in-house experts and senior employees are professionally qualified, with a wealth of experience; this means we are well placed to support and take responsibility for different roles, including acting as Trustee, Protector and providing specialist consultancy services where appropriate.
We have developed an extensive range of offerings, which includes providing full Trust and Foundation administration, Trustee services to Isle of Man Trusts, and Council Member services to Isle of Man Foundations. From planning and advice to the day-to-day administration of the Trust or Foundation, and troubleshooting issues, we can support your goals at every stage.
