The Isle of Man law of trusts is based on English law. In addition, being a common law jurisdiction, there is a considerable amount of case law (mainly English) which is persuasive authority for the Manx courts. The distinctions between English law and Manx trust law arise principally from the fact that the Isle of Man has not adopted certain provisions of English trust law, for example, those relating to restrictions on accumulation of income. Appeal from the Isle of Man courts is to the Privy Council in London.

 

Key Features

Isle of Man International Trust

Corporate Details

General

  • Type of entity

International Trust

  • Type of law

Follow English law

  • Legal Framework

Isle of Man Trusts Act 1995

  • Our time to establish a Trust

2 weeks

  • Taxation of trust assets

None

  • Double Taxation Treaty access

No

  • Change of Domicile permitted

Yes

  • Duration

150 years

  • Restriction on Investment of Trust asset

No

  • Succession

As per Trust Deed

Settlor

  • Requirements

Should not be a resident of Isle of Man

  • Qualifications

A trustee, a beneficiary or a protector of the trust.

Beneficiary

  • Requirements

Should not be a resident of Isle of Man

  • Qualifications

A trustee, a beneficiary or a protector of the trust.

  • Property

Should not include immovable property situated in the Isle of Man

  • Forced heirship applicable

No

Trust asset

  • Restriction on type/amount

No, except property situated Isle of Man

 Trustee   

  • Minimum number

1 if corporate and 2 or more if not corporate

  • Qualification

No domestic trustee is required

Accounts

  • Requirement to file

No

  • Publicly accessible

No