Treasury Minister Eddie Teare MHK has welcomed the announcement of Royal Assent, in Tynwald this week, for new legislation which will add to the Island’s offering as a centre for international wealth management. The Foundations Act provides for the establishment of foundations, which are an alternative to trusts as vehicles for holding assets. While foundations resemble trusts in many respects, they also have separate legal personality, like a company. Their existence will be recorded on a public register and each must have a local registered agent accountable to the authorities. The legislation, which was promoted by Treasury in conjunction with the Department of Economic Development and the private sector, was taken through the House of Keys by Mr Teare. He explained: ‘The Manx Foundation will be a bespoke product that will provide our financial services industry with an additional tool to open up new business opportunities. The world of wealth management is highly competitive so it is vitally important that Government keeps working in partnership with the private sector to enhance the Island’s offering to international clients.’ The Foundations Act has also been welcomed by private sector representatives. John Rimmer, a partner at the law firm Appleby, commented: ‘The Island needs to offer decent solutions for all those whose custom we want to attract. Trusts form a key part of our offering, but they are not the answer for everyone. Foundations offer greater familiarity and comfort for individuals and families from civil law countries, as well as interesting opportunities in commercial legal structures.’ Mr Rimmer added: ‘The Treasury have shown real commitment in bringing this offering to the statute books in response to an initiative from the Isle of Man branch of the Society of Trust and Estate Practitioners. The Foundations Act is another good example of what cooperation between government and private sector can achieve.’ Annemarie Hughes, senior associate within Dougherty Quinn’s specialist trust team, said: ‘Having recently returned from the STEP Asia Conference in Singapore, where Foundations and estate planning formed a key part of that conference, I am confident that the Isle of Man’s new sophisticated yet flexible Foundation vehicle is ideally placed to service the numerous opportunities and growing demand in the international market.’ ENDS