Trusts can be formed in many of the main jurisdictions, but most jurisdictions cannot offer the attractive points which the Isle of Man can. The Isle of Man Trust legislation is based generally on UK trust law and provides an established jurisdiction for trusts and imposes very low or no tax on trusts in the Isle of Man. However trusts may have a potential tax liability in the jurisdiction of the assets or the jurisdiction of the concerned person.
Chesterfield Falcon Limited are able to assist in forming Isle of Man Trusts and trusts can be established quickly, efficiently and offer confidentiality and privacy. Trusts are established by the Settlor. You must provide a distinctive name you wish to call your trust and this must end with the word “Trust”. There are many types of Trusts available i.e. discretionary, accumulation and maintenance, life interest and purpose trusts to name a few. Trusts offer many different advantages and our clients normally establish trusts to manage their existing assets, such as property, land, investments, tax planning and funds. Another very popular use of a trust is to own the shares of an offshore company. This structure may give the Settlor tax advantages that can benefit them during their lifetime and upon on death.
For further information on Isle of Man trusts, please click here.
Due Diligence for New Isle of Man Trusts
In order for Chesterfield Falcon Limited to establish a new trust for a client, our compliance guidelines must be completed, checked and a take on procedure carried out whereby the client is asked to complete the necessary incorporation forms and provide identification and verification documents which consists of photographic ID, utility bill to confirm their residential address, references and CV. Depending on the background of the new trust and the activity it will carry out, we will be able to provide you with any other due diligence, documents or information that will be required.
Trust Administration and Professional of Trustee in the Isle of Man
Chesterfield Falcon Limited has a diverse and experience team of skilled administrators with a vast amount of knowledge on forming and administering Isle of Man Trusts. This allows us to maintain and manage all types of Trusts no matter what kind of structure you are looking for. An Isle of Man trust must have a Trustee. The Trustee must be either a person or entity. The Trustee manages and operates the interest of the trust and Chesterfield Falcon Limited are licensed in the Isle of Man to provide this service.
Banking and Bank Account opening for Isle of Man Trust
Chesterfield Falcon Limited are able to open a bank account for the trust at one of the banks which are located in the Isle of Man. We will prepare and submit all the paperwork, forms, compliance which are required by the banks. We also work with additional banks located throughout the world.
Accounts for Isle of Man Trusts
We provide accounting services for our trusts in the Isle of Man. Our accounting department are able to provide services such as year end accounts, balance sheets and bookkeeping.
Private Trust Company in the Isle of Man
Private Trust Companies (‘PTC’) are becoming a popular choice with our clients. The establishment of a PTC would enable the clients PTC to be the Trustee of the Trust. For future detailed information on PTC’s, please click here.
The Isle of Man is an advantageous place to establish a trust and/or set up a PTC. Please click here to discuss fees for the either or both structures.