Offshore Trusts and Philanthropy - A Manx PerspectiveContact Paul
Philanthropia Philanthropy comes easily to the Manx, a people for whom class distinctions do not exist and whose shared history of poverty and want – now just something for the social studies text books – has left them with a keen sense of community.
The use of Isle of Man charitable trusts as the chosen vehicle for worldwide philanthropic aims is well established.
The most high profile recent example is that of the Foundation created by wealthy Isle of Man resident Albert Gubay. (reported in Isle of Man Today at www.iomtoday.co.im/news/Albert-Gubay39s-1billion-charity-giveaway.6165609.jp) into which at his death over £1 billion will be paid for the benefit of local and international charities. This received the full and enthusiastic support of the Isle of Man Government and of the island's Attorney General, John Corlett Q.C., whose consent is required for the registration of any public charity and who is charged with overseeing charitable activities (see below). This support has been extended to the new initiative of Cayman National Bank and Trust Company (Isle of Man) Limited and the Isle of Man law firm Mannin Chambers, which have formed a strategic alliance as www.frontlinephilanthropy.com .
'Philanthropia' (love for mankind) has evolved over the years ; the act of giving no longer directed simply at giving donation to existing charitable concerns or institutions but allows an individual to make his/her own direct contribution to a personal cause, to be able to manage and monitor the effects of this contribution. In the alliance of Cayman National and Mannin Chambers, philanthropists worldwide have the necessary resource and experience to assist them with the formation of charitable trusts and to provide them with administrative solutions and legal advice in the Isle of Man.