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- The Isle of Man, a self-governing jurisdiction in the Irish Sea, has a well-established legal framework for trusts, making it a popular choice for international estate planning. In an Isle of Man trust, the settlor gives up legal ownership of the assets, which are then held by the trustee.
pbl.legal/insights/a-comprehensive-guide-to-isle-of-man-trusts-for-international-estate-planning/A Guide to International Estate Planning with Isle of Man Trusts
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Sep 29, 2022 · An Isle of Man trust is exempt from certain income, estate, inheritance, capital gains, and gift tax. However, the island considers trustees that are Isle of Man residents as income tax payers and they must pay 20% income tax on any undistributed income.
Sep 28, 2024 · Isle of Man trusts can be a robust tool for asset protection, particularly in international estate planning. By placing assets into a trust, the legal ownership is transferred to the trustee, effectively separating those assets from the settlor’s personal estate.
Nov 12, 2020 · For Isle of Man residents, one would have thought setting up a trust is straightforward – find some willing trustees, engage a lawyer to draft the trust deed and hand assets over to the trustees: happy days.
Our Isle of Man trust formation services can help you achieve your personal and financial goals, such as asset protection, tax planning, or estate planning in a leading jurisdiction for trust services with a high degree of confidentiality and no inheritance, wealth, gift or capital gains taxes.
A trust is a legal arrangement where a person (the settlor) transfers assets to trustees, who manage the property for the benefit of designated beneficiaries. In the Isle of Man, trusts operate under specific legal frameworks.
Although anonymity is clearly an advantage, an Isle of Man trust serves more for asset protection. Consider it as your wealth’s protection against unanticipated circumstances, frivolous litigation, or even economic downturns.
A trust in the Isle of Man will provide trustee services to investors, both for commercial and for personal purposes. Examples of uses for a typical trust include: wealth protection and preservation for families; succession planning both for businesses and individuals; asset protection; tax reduction; pensions; employee benefit schemes.
