Many wealthy individuals, particularly those who have made their fortunes in recent years, strive to put something back into the communities that have supported them, which is why Cayman National Bank & Trust Company (Isle of Man) Limited and Mannin Chambers Advocates have announced the creation of a new initiative, Frontline Philanthropy.
This partnership provides charitable individuals with the resources and experience to assist with the formation of charitable trusts or foundations and provides administrative solutions and legal advice.
Anita Gould-Davies of Cayman National said; "Both Cayman National and Mannin Chambers noticed that clients found many existing charitable institutions can have aims which are too broad or too remote from the causes which they want to benefit.
"People may be enthusiastic about bringing a radical change and improvements to the world around us, helping to find cures for diseases, supporting individuals or families to build a better life, looking for solutions to reduce hunger, aid religious, educational and cultural institutions or, indeed, any other inspiration that philanthropists may wish to support.
"Frontline Philanthropy enables them to make a meaningful contribution to this generation and future generations allowing them to define their grant making strategies, helping to formulate activity and creating the right vehicles to promote their philanthropic endeavours."
The Isle of Man has one of the most stable parliamentary systems of Government in the world and its law reflects this. Properly constituted, a charitable trust will in the Isle of Man be immune from attack and immensely strong in its work.
The Isle of Man Charities Act 1962 contains a broad definition of what "charity" means under Isle of Man law, allowing a flexible approach in creating the most appropriate charitable structures. Frontline Philanthropy will advise individuals on a case by case basis on how best to ensure that a project will achieve charitable status under Isle of Man law
Paul Beckett of Mannin Chambers comments, "The founder is on the front line as a philanthropist. There will be tangible achievements within his or her lifetime, and the opportunity to guide and inspire the trustees while at the same time being able confidently to rely on their independence of thought and action."
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