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ISLE OF MAN TRUST LAW ENHANCEMENTS UNDER CONSIDERATION

The Isle of Man in the British Isles is a long-standing offshore financial center (“OFC”) that boasts having (among other things) a Parliament (called “Tynwald”) that is the oldest continuously governing body in the world, dating back to 979 AD.  This august governing body has taken the first few steps toward amending Manx trust law with the goal of the Isle of Man becoming more competitive as a domicile for trusts, when compared to other OFCs.  This is according to Isle of Man Today, www.iomtoday.co.im 

Quoting Mr. Bill Henderson, a member of the Isle of Man Treasury, Isle of Man Today reports that the amendment will include provisions (i) abolishing the 150-year perpetuity period applicable to trusts, and (ii) strengthening the law that protects Isle of Man trusts against external court orders. 

- Barry Engel

 

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Barry S. Engel
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