Isle of Man: Private Client Services

Last Updated: 3 May 2012
Article by Phil Games

The Private Client Department

The Private Client team at Simcocks specialises in advising high net-worth individuals and is a recognised leader in this field. The independent research directory, The Legal 500, says we offer "high quality advice and delivery".

For more than 100 years Simcocks has cultivated lasting relationships with families and on their behalf liaised with other professionals including accountants, bankers, land agents, UK solicitors and tax planners to provide clients with bespoke wealth management solutions.

The Private Client team acts for individuals, families, estates, trusts and family businesses and is used to working across a number of different jurisdictions and co-ordinating with consultants in various countries. The department has experience in establishing family offices and being part of a professional team of advisers.

We work with clients to preserve and develop family wealth for future generations. Our services are tailored to meet individual needs and as people progress through different stages of life our flexible approach allows us to give practical advice according to circumstances. We understand that wealth must be correctly structured to maintain financial success.

Wills form a central part of many clients' planning and is often the starting point for a review of family and business affairs. Our work includes lifetime, inheritance and succession planning. This also covers the administration of estates, including all related trusts, advice in connection with the preparation of deeds of variation and obtaining grants of probate or letters of administration.

Trust law is becoming more international and Simcocks has a number of specialists providing advice on the formation of Isle of Man trusts and foundations. Some of our team are members of the Society of Trust and Estate Practitioners (STEP) and the Pensions Management Institute.

The department is headed by chief executive, Phil Games. The Legal 500 has said: "Simcocks excellent chief executive Phil Games gives good technical advice," and "Simcocks non-contentious trust guru Phil Games leads a growing private client team which is very pragmatic and seeks to resolve what might be perceived as problems in a quick and efficient manner."

The practice has many years experience advising individuals on all aspects of relocation to the Isle of Man including property acquisition, residency restrictions and immigration. There are no restrictions on buying property and the conveyancing department at Simcocks boasts one of the most experienced teams on the Island. It regularly handles high value transactions and has a close working relationship with all the main players in this market.

Simcocks

Based in the Isle of Man and with an office in London, Simcocks provide an extensive range of legal services broadly grouped into the areas of private client, corporate and commercial and dispute resolution. The practice also has qualified BVI lawyers operating from its head office advising clients on all aspects of BVI law. Simcocks also has a special working relationship with Samuels Richardson, a BVI law firm for circumstances where localised "on the ground" advice is required.

The corporate and commercial department deals with all aspects of corporate and commercial activity serving both large, established institutions and small businesses. The dispute resolution team is considered to be one of the strongest on the Island. It also enjoys the appointment, as with a small number of other practices, to a panel of approved advocates to be utilised by various arms of the Isle of Man Government.

Whilst these broad groupings give some indication of how the company is organised, there is considerable interaction between the different groups given that any particular client matter often requires a mix of skills and experience.

Simcocks has built up an enviable reputation due to the wealth of knowledge and experience within all departments. Staff have extensive contacts and offer a proactive approach to all of our clients' business and domestic requirements.

We provide a first class service by listening to what clients need, responding quickly and offering creative solutions. Simcocks offers a competitive service with all fee earners taking a realistic and commercial approach to ensure we add tangible value. Many of our lawyers have been named as leaders in their field by independent researchers and the Legal 500 has said: "The firm, whose senior lawyers are highly experienced and still young enough to be energetic, serves both the international and domestic markets effectively."

Simcocks was the first Isle of Man law practice to be awarded the Quality Standard ISO 9001 accreditation by Moody International. It is the only Isle of Man practice belonging to LawNet, a leading group of law firms in the UK and Ireland and Eurojuris International, a leading European network of companies, which gives clients easy access to European legal advice and assistance. The company is also a founder member of TerraLex, a global association of eminent law firms with members in most countries.

The Isle of Man

The Isle of Man is very attractive with the Government encouraging high-net worth individuals to the Island with a tax system that fosters the creation and preservation of wealth. The Island's economy continues to grow and the financial services industry has won many major awards including Best International Financial Services Centre. It holds a AAA credit rating from Moodys and AA+ by Standard and Poor.

The Island is a unique self-governing kingdom - a Crown dependency which belongs to neither the UK nor the European Union. It has its own parliament called Tynwald that is more than 1,000 years old. The Island has its own laws, currency, traditions and culture. Lines of communication are short – and decisions can be made quickly. The home number of every Minister and Member of Tynwald is listed at the start of the Isle of Man telephone book.

The Three Legs of Man is the Island's symbol of independence. While there is much local argument about which way the legs run (officially it is clockwise), the symbol's meaning is undisputed: Quocunque Jeceris Stabit – Whichever way you throw me I stand.

The Island is 33 miles long, 13 miles wide and covers an area of 227 square miles. It has a population of more than 80,000.The thriving east coast town and port of Douglas is the capital. Other popular towns and resorts are Port Erin, Port St Mary, Castletown, Ramsey, Peel and Laxey. As well as the Isle of Man Aircraft Registry the Isle of Man also has its own ship registry and is the flag of choice for many of the world's most prestigious Superyachts. There are currently two marina facilities for pleasure yachts, one in Douglas and one in Peel.

The Isle of Man offers an unrivalled lifestyle and its residents gave it the highest ever rating polled by MORI as a place to live. With a population density of 134 people per square kilometer (compared to 23,660 in Monaco and 766 in the Channel isles), the Isle of Man offers plenty of room to breathe. With the countryside and leisure facilities within five minutes of the main work areas, the Island can offer an extra hour of leisure time per day. Family life enjoys many benefits including good housing, education, health services, accessible activities and relative safety. There is an International Business School and the Isle of Man College for over 16s and there is one public school, King William's College.

The retail and social attractions of the big cities in the UK and Ireland are one hour away by scheduled flight and there are a number of companies offering private charter services. They are able to arrange direct flights all over the world and can source all types of aircraft.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

To print this article, all you need is to be registered on Mondaq.com.

Click to Login as an existing user or Register so you can print this article.

Authors
 
In association with
Related Topics
 
Related Articles
 
Up-coming Events Search
Tools
Print
Font Size:
Translation
Channels
Mondaq on Twitter
 
Register for Access and our Free Biweekly Alert for
This service is completely free. Access 250,000 archived articles from 100+ countries and get a personalised email twice a week covering developments (and yes, our lawyers like to think you’ve read our Disclaimer).
 
Email Address
Company Name
Password
Confirm Password
Position
Mondaq Topics -- Select your Interests
 Accounting
 Anti-trust
 Commercial
 Compliance
 Consumer
 Criminal
 Employment
 Energy
 Environment
 Family
 Finance
 Government
 Healthcare
 Immigration
 Insolvency
 Insurance
 International
 IP
 Law Performance
 Law Practice
 Litigation
 Media & IT
 Privacy
 Real Estate
 Strategy
 Tax
 Technology
 Transport
 Wealth Mgt
Regions
Africa
Asia
Asia Pacific
Australasia
Canada
Caribbean
Europe
European Union
Latin America
Middle East
U.K.
United States
Worldwide Updates
Registration (you must scroll down to set your data preferences)

Mondaq Ltd requires you to register and provide information that personally identifies you, including your content preferences, for three primary purposes (full details of Mondaq’s use of your personal data can be found in our Privacy and Cookies Notice):

  • To allow you to personalize the Mondaq websites you are visiting to show content ("Content") relevant to your interests.
  • To enable features such as password reminder, news alerts, email a colleague, and linking from Mondaq (and its affiliate sites) to your website.
  • To produce demographic feedback for our content providers ("Contributors") who contribute Content for free for your use.

Mondaq hopes that our registered users will support us in maintaining our free to view business model by consenting to our use of your personal data as described below.

Mondaq has a "free to view" business model. Our services are paid for by Contributors in exchange for Mondaq providing them with access to information about who accesses their content. Once personal data is transferred to our Contributors they become a data controller of this personal data. They use it to measure the response that their articles are receiving, as a form of market research. They may also use it to provide Mondaq users with information about their products and services.

Details of each Contributor to which your personal data will be transferred is clearly stated within the Content that you access. For full details of how this Contributor will use your personal data, you should review the Contributor’s own Privacy Notice.

Please indicate your preference below:

Yes, I am happy to support Mondaq in maintaining its free to view business model by agreeing to allow Mondaq to share my personal data with Contributors whose Content I access
No, I do not want Mondaq to share my personal data with Contributors

Also please let us know whether you are happy to receive communications promoting products and services offered by Mondaq:

Yes, I am happy to received promotional communications from Mondaq
No, please do not send me promotional communications from Mondaq
Terms & Conditions

Mondaq.com (the Website) is owned and managed by Mondaq Ltd (Mondaq). Mondaq grants you a non-exclusive, revocable licence to access the Website and associated services, such as the Mondaq News Alerts (Services), subject to and in consideration of your compliance with the following terms and conditions of use (Terms). Your use of the Website and/or Services constitutes your agreement to the Terms. Mondaq may terminate your use of the Website and Services if you are in breach of these Terms or if Mondaq decides to terminate the licence granted hereunder for any reason whatsoever.

Use of www.mondaq.com

To Use Mondaq.com you must be: eighteen (18) years old or over; legally capable of entering into binding contracts; and not in any way prohibited by the applicable law to enter into these Terms in the jurisdiction which you are currently located.

You may use the Website as an unregistered user, however, you are required to register as a user if you wish to read the full text of the Content or to receive the Services.

You may not modify, publish, transmit, transfer or sell, reproduce, create derivative works from, distribute, perform, link, display, or in any way exploit any of the Content, in whole or in part, except as expressly permitted in these Terms or with the prior written consent of Mondaq. You may not use electronic or other means to extract details or information from the Content. Nor shall you extract information about users or Contributors in order to offer them any services or products.

In your use of the Website and/or Services you shall: comply with all applicable laws, regulations, directives and legislations which apply to your Use of the Website and/or Services in whatever country you are physically located including without limitation any and all consumer law, export control laws and regulations; provide to us true, correct and accurate information and promptly inform us in the event that any information that you have provided to us changes or becomes inaccurate; notify Mondaq immediately of any circumstances where you have reason to believe that any Intellectual Property Rights or any other rights of any third party may have been infringed; co-operate with reasonable security or other checks or requests for information made by Mondaq from time to time; and at all times be fully liable for the breach of any of these Terms by a third party using your login details to access the Website and/or Services

however, you shall not: do anything likely to impair, interfere with or damage or cause harm or distress to any persons, or the network; do anything that will infringe any Intellectual Property Rights or other rights of Mondaq or any third party; or use the Website, Services and/or Content otherwise than in accordance with these Terms; use any trade marks or service marks of Mondaq or the Contributors, or do anything which may be seen to take unfair advantage of the reputation and goodwill of Mondaq or the Contributors, or the Website, Services and/or Content.

Mondaq reserves the right, in its sole discretion, to take any action that it deems necessary and appropriate in the event it considers that there is a breach or threatened breach of the Terms.

Mondaq’s Rights and Obligations

Unless otherwise expressly set out to the contrary, nothing in these Terms shall serve to transfer from Mondaq to you, any Intellectual Property Rights owned by and/or licensed to Mondaq and all rights, title and interest in and to such Intellectual Property Rights will remain exclusively with Mondaq and/or its licensors.

Mondaq shall use its reasonable endeavours to make the Website and Services available to you at all times, but we cannot guarantee an uninterrupted and fault free service.

Mondaq reserves the right to make changes to the services and/or the Website or part thereof, from time to time, and we may add, remove, modify and/or vary any elements of features and functionalities of the Website or the services.

Mondaq also reserves the right from time to time to monitor your Use of the Website and/or services.

Disclaimer

The Content is general information only. It is not intended to constitute legal advice or seek to be the complete and comprehensive statement of the law, nor is it intended to address your specific requirements or provide advice on which reliance should be placed. Mondaq and/or its Contributors and other suppliers make no representations about the suitability of the information contained in the Content for any purpose. All Content provided "as is" without warranty of any kind. Mondaq and/or its Contributors and other suppliers hereby exclude and disclaim all representations, warranties or guarantees with regard to the Content, including all implied warranties and conditions of merchantability, fitness for a particular purpose, title and non-infringement. To the maximum extent permitted by law, Mondaq expressly excludes all representations, warranties, obligations, and liabilities arising out of or in connection with all Content. In no event shall Mondaq and/or its respective suppliers be liable for any special, indirect or consequential damages or any damages whatsoever resulting from loss of use, data or profits, whether in an action of contract, negligence or other tortious action, arising out of or in connection with the use of the Content or performance of Mondaq’s Services.

General

Mondaq may alter or amend these Terms by amending them on the Website. By continuing to Use the Services and/or the Website after such amendment, you will be deemed to have accepted any amendment to these Terms.

These Terms shall be governed by and construed in accordance with the laws of England and Wales and you irrevocably submit to the exclusive jurisdiction of the courts of England and Wales to settle any dispute which may arise out of or in connection with these Terms. If you live outside the United Kingdom, English law shall apply only to the extent that English law shall not deprive you of any legal protection accorded in accordance with the law of the place where you are habitually resident ("Local Law"). In the event English law deprives you of any legal protection which is accorded to you under Local Law, then these terms shall be governed by Local Law and any dispute or claim arising out of or in connection with these Terms shall be subject to the non-exclusive jurisdiction of the courts where you are habitually resident.

You may print and keep a copy of these Terms, which form the entire agreement between you and Mondaq and supersede any other communications or advertising in respect of the Service and/or the Website.

No delay in exercising or non-exercise by you and/or Mondaq of any of its rights under or in connection with these Terms shall operate as a waiver or release of each of your or Mondaq’s right. Rather, any such waiver or release must be specifically granted in writing signed by the party granting it.

If any part of these Terms is held unenforceable, that part shall be enforced to the maximum extent permissible so as to give effect to the intent of the parties, and the Terms shall continue in full force and effect.

Mondaq shall not incur any liability to you on account of any loss or damage resulting from any delay or failure to perform all or any part of these Terms if such delay or failure is caused, in whole or in part, by events, occurrences, or causes beyond the control of Mondaq. Such events, occurrences or causes will include, without limitation, acts of God, strikes, lockouts, server and network failure, riots, acts of war, earthquakes, fire and explosions.

By clicking Register you state you have read and agree to our Terms and Conditions