Manchester Professionals Explore Isle of Man Opportunities in Private Wealth Discussion

Leading practitioners from the Isle of Man joined North West advisors for an intimate boardroom discussion examining cross-border collaboration opportunities in the international private wealth sector.

Ahead of a networking reception at Manchester Hall, a select group of professional advisors gathered for an interactive discussion with senior representatives from Finance Isle of Man, Baker Tilly Isle of Man, and DQ Advocates. The session brought together specialists from across private banking, tax advisory, legal services, and wealth management to explore the jurisdiction's evolving proposition and identify practical opportunities for collaboration.

Sustainable Finance Takes Centre Stage

Michael Crowe, Chief Executive of Finance Isle of Man, opened the discussion by highlighting the jurisdiction's ambitious sustainable finance initiative as its most significant current development. "We're halfway through a roadmap with eight industry working groups," Crowe explained, noting the Isle of Man's unique status as the first entire nation designated as a UNESCO Biosphere.

Paul Blake, Head of Banking and Fiduciaries at Finance Isle of Man, elaborated on the economic opportunity this presents. "This isn't just about environmental credentials," he emphasised. "It's about product development, mobilising capital for infrastructure projects, and leveraging our UNESCO Biosphere status to attract project finance from biospheres worldwide." A sustainable finance symposium scheduled for November will further explore these opportunities with international participants.

Trust Law Robustness Under Scrutiny

Catherine French, Head of the Private Client Team at DQ Advocates, addressed growing concerns about jurisdictional stability in wealth structuring. The discussion revealed that Isle of Man trust law has proven increasingly attractive to advisors whose clients have experienced challenges with structures in more distant jurisdictions.

"We're seeing trustees who understand their place and how it works in practice, rather than just reacting," French noted, contrasting this with other jurisdictions where trustees face criticism for excessive court applications. The Isle of Man's firewall provisions and enforcement protections were highlighted as particularly robust, with French pointing out that recent reviews concluded existing legislation was already sufficiently flexible without requiring the amendments seen elsewhere.

Ruben Sinha, a family law partner at JMW Manchester, reinforced this view from a practitioner's perspective: "The Isle of Man is increasingly seen globally as a robust jurisdiction when it comes to family litigation. Clients want to know their structures will hold up against attack in the context of divorce and family litigation.”

Pensions Remain a Core Strength

Stuart Clifford, Principal at Baker Tilly Isle of Man, provided insights into the jurisdiction's pension offerings, emphasising that the Isle of Man didn't simply "bolt on pensions to trust law." He highlighted 25 years of dedicated pension-specific legislation and regulation, with new provisions coming to strengthen provider regulation further.

Despite recent UK budget changes affecting QNUPS inheritance tax benefits, Clifford remained optimistic about the market. "It's still a genuine retirement plan for high-net-worth individuals who are limited in UK pension contributions," he explained. The jurisdiction has captured two-thirds of international trust-based pension schemes established in the past decade.

Particularly interesting was Clifford's focus on multinational employers with globally mobile employees. "You don't have to be a huge multinational," he noted. "Even a UK employer with five or six people dotted around the world—we can help where other jurisdictions won't."

Wealth Migration and Political Uncertainty

The discussion inevitably turned to UK wealth migration trends, with multiple advisors confirming unprecedented levels of client interest in exploring options. However, Khayyam Jumani from JP Morgan Private Bank Manchester offered a reality check: "I hear more people talking about it than actually doing it. If ten people are talking to me about leaving the country, only two are actually doing it."

Nevertheless, Crowe reported genuine activity, particularly among individuals with pension pots between £2-5 million seeking to mitigate inheritance tax charges. The Isle of Man's proximity to the UK mainland emerged as a crucial advantage. Wayne Dutton, Tax Principal at BDO, observed: "The Isle of Man is so close and very English—it's easy for clients to settle quickly. It's not such a big step as Dubai or Portugal."

The Geography Advantage

Thomas Pearson, Partner and Head of Real Estate at JMW, emphasised the historical connection between the North West and the Isle of Man. "The North West was really the crucible of the fiduciary industry in the Isle of Man during the 1960s and 70s," he noted. This proximity enables regular collaboration, with several attendees reporting quarterly visits to the jurisdiction.

The discussion also highlighted the Isle of Man's discretion as a competitive advantage. As Sinha explained, several wealthy East Asian families he has advised chose the jurisdiction specifically because "it's just that bit more discreet—it doesn't shout as much as some other jurisdictions."

Family Office Potential

An emerging theme was the untapped potential for family office structures. While the Isle of Man hosts numerous sophisticated family offices, Crowe acknowledged the challenge of promoting this strength: "I can't get any of my colleagues who run family offices to go on the record—the whole point is that it's discreet."

Attendees agreed this discretion, combined with substance, talent, and regulatory stability, positions the Isle of Man well for families seeking comprehensive wealth management solutions beyond simple structuring.

The discussion concluded with acknowledgment that while dramatic wealth migration remains more discussed than executed, the Isle of Man's combination of proximity, expertise, and stability makes it an increasingly relevant option for North West advisors and their clients navigating an uncertain UK tax landscape.