Following the enactment of The Purpose Trust Act 1996 it is possible for Purpose Trusts to be created in the Isle of Man.

A Purpose Trust is a Trust which does not have beneficiaries but instead exists for a specific purpose.  This purpose must be reasonably possible, certain and not contrary to law or public policy.  There are some restrictions in using a Purpose Trust such as owning Land in the Isle of Man and Charitable purposes.

There is a requirement for at least two Trustees, of which one must be a designated person as specified in the Act.  There is also a need to appoint someone to act as an Enforcer.  The Enforcer will have the right to access information and have the power to enforce the purpose of the Trust as well as ensuring that the Trustees carry out their duty to the Trust.

Related Services

TrustsPrivate Trusts Corporate Trusts