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Isle of Man Showcases Wealth Management Solutions in Geneva 6 February 2008

Isle of Man Finance recently hosted a Conference in Geneva entitled “The Isle of Man – An Integrated Solution for Family Wealth Management”. The event was well-attended by over 80 advisers and specialists in private wealth management including legal and private client advisers.

The conference explored the benefits of the Isle of Man for family offices and their management, the wider role of Isle of Man advisers and structures available for wealth management, as well as asset holding and business management solutions.

Key points highlighted throughout the conference include the wide range of investment vehicles on offer – including the new fund regimes – private trust companies, the zero rate of corporate tax strategy including the tax cap for High Net Worth (HNW) individuals, and the Island’s highly regarded super yacht and aircraft registers.

John Spellman, head and director of Isle of Man Finance, commented:

“I was delighted with the attendance and quality of delegate at the event. This was a major opportunity for Government and industry professionals, working in tandem, to update Swiss advisers with details of the Island’s full wealth management service capabilities and latest innovations.
“Our [the Isle of Man’s] drive to break into new areas – including being the perfect location for HNW individuals – is happening at an increasing pace and we will continue to push forward throughout 2008, probably much to the envy of other jurisdictions.
“We can offer a range of services and advantages so much greater than our competitors therefore it is not surprising for us to hear that we are regularly being spoken about as the jurisdiction where you can do great business.”

The event took place at the prestigious Four Seasons Hotel des Bergues, in Geneva. The event followed the format of a similar successful conference held in London in November.

Notes:

Isle of Man Aircraft and Super Yacht Registry: The Isle of Man launched an aircraft register in May 2007. At present the register has attracted 38 private jets and helicopters using the “M” prefix for its new registrations. Further registrations are in the pipeline following an ever increasing demand for private jets as a more convenient means of travel in comparison to commercial aircraft, which are more time consuming to use and subject to greater security concerns.

A Super Yacht register was set up in 2003 and now has 55 vessels with a further 24 to be registered. The Isle of Man Shipping Register has existed since the mid 1980’s and now has almost 400 ships under the Manx flag.

Funds Regime launched September 2007: The funds regime launched a new and enhanced suite of fund categories, in addition to a major new focus on alternative funds in order to secure business for the incorporation, domiciliation and establishment of fund management operations in the Isle of Man. Introduction of the regime follows the publication of the ‘Smith Report’ in February 2007.

Isle of Man Finance: Isle of Man Finance is a division of the Treasury Department of the Isle of Man Government. It is responsible for assisting new financial services businesses to establish themselves on the Island, international media relations, international marketing and supporting existing Isle of Man financial services business. Visit: www.isleofmanfinance.com/media/mediaenquiries.xml

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