Legal Challenges to an Isle of Man Foundation

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The Act provides that any legal challenge to the IOM Foundation, or the dedication of its assets, will be the jurisdiction of the Isle of Man Courts and subject to Manx law only:

s37(1)

“…must be determined in accordance with the law of the Island without reference to the law of a jurisdiction outside the Island.”

Therefore, the establishment or dedication of assets cannot be deemed void, voidable, namibia mobile database set aside or invalidated by a foreign jurisdiction because:

It does not recognise the structure;
The structure defeats or potentially avoids a right, claim or interest imposed on a person by the law of a jurisdiction outside the Isle of Man; or
Of the existence of forced heirship rights; or
It contravenes the rule of law within that jurisdiction.
It is important to note that, due to the relatively recent introduction of this structure into Manx law, the IOM Foundation has not yet been legally tested on these matters. It is also worth noting that the exclusion of foreign law is only in respect of otherwise compliant IOM Foundations or dedicated assets – for example, the Founder or Dedicator must have legal title to the assets being contributed.