Recent years have seen a continual increase in high net worth individuals establishing family offices on the Isle of Man as a means to protect and manage wealth for future generations. Skills required to manage wealth are often different from those used in generating it, and in many cases people wish to pass these responsibilities to professional advisors when they become too time consuming or complex to deal with.
By establishing a family office, clients can:
- Free up their time to focus on what they enjoy most;
- Have their assets managed and administered by professionally qualified accountants/advisors;
- Track family assets easily, with regular consolidation reports showing all assets held;
- Separate asset classes, with specialists appointed to deal with property, investments, aircraft for example;
- Plan for succession – family offices can provide an opportunity to introduce younger family members to the business, passing on values and mentoring in order to continue the family heritage;
- Bring in additional skills by appointing advocates, financial advisors and tax advisors to focus solely on family needs – especially with regard to inheritance planning, families benefit from longstanding trusted advisors who have detailed knowledge of the business;
- Manage risk, with a diverse portfolio of assets and an independent board of directors.
Aside from protecting and managing business assets, family offices can deal with estate management, administrative support for family members, education as well as compliance and regulatory requirements.
Family offices can also act as a useful go-between for family members in times of dispute, and a professional independent board can ensure that all parties are treated correctly.
Why the Isle of Man?
The Isle of Man is a popular choice for family offices for many reasons:
- It is a prestigious financial centre, offering easy access to financial services and a highly skilled workforce in a highly compliant, regulated jurisdiction;
- The Island is centrally located, sharing a time zone with the UK, and it also offers excellent business links and transport connections;
- The Island has a favourable tax regime encouraging business growth and an established legal system; and
- It offers stability, with the longest standing parliament in the world and an Aa2 credit rating.
Peregrine can advise on all aspects of family offices, from the initial structuring to the ongoing management and administration. We offer the highest level of service with in-depth knowledge of accounting and asset management, and through our professional network we can provide contact with advocates, financial advisors and tax specialists both On-Island and Overseas.
If you would like to speak to one of our team to find out more information about Family Offices, then please contact James McKenna on firstname.lastname@example.org or +44 (0) 1624 626586.
Peregrine Corporate Services Limited is licensed by the Isle of Man Financial Services Authority.