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Isle of Man Trust Formation

ISLE OF MAN TRUST
Type of Trust Revocable / Irrevocable. Discretionary / fixed interest / life interest / charitable / accumulation and maintenance
Proper law of the trust: Isle of Man Common Law
Duration of the trust (unlimited if possible) No fixed duration, it Depends on trust deed
Practical uses of the trust: Must be for a person’s or entity’s benefit
Name and language: Any Name; English
Creation of the trust: Time to establish a trust depends on it’s complexity
Minimum Government fees: None
Record in Public register: No
Registration - Depositing No
Special requirement about the trustee (local resident requirement): None although at least one Isle of Man trustee recommended
Trustee As a resident of the European Economic area is required (Y/N) No
Trustee As a legal or natural person: Either
Settlor may be sole beneficiary: Yes, but depends on tax advice and trust deed
Double taxation treaty access: No
Taxation: Non-resident beneficiaries not taxed on IOM. Beneficiaries subject to tax law in country of their residence.
Creditors of the Settlor: (maximum claim period) --
Heirs of the settlor: (maximum claim period) 21 years
Disclosure of beneficial owner to Company Registrar: No
Annual bookkeeping: Yes
Submission of accounts: No
Statutory auditors: No
Local representative requirement: Recommended
Option to change proper law of the trust: Could change tax jurisdiction, not jurisdiction as specified in deed
Any other special requirement: No

We do our best to monitor the compliance of this jurisdiction with the latest international regulations set by OECD and other international institutions and countries.

At any moment, Damalion may decline any customer demand about this jurisdiction, at its sole discretion and without any obligation to provide any reason.

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