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Treasury Minister Eddie Teare says a new alternative to trusts will help cement the Isle of Man's reputation as an international wealth management centre.
In Tynwald this week he announced Royal Assent had been given to new laws which will allow foundations to be set up on the Island.
Foundations are similar to trusts but also have separate legal personality, in the way companies do.
Each foundation will be put on a public register and have a local registered agent accountable to the authorities.
Mr Teare says Manx foundations will provide the financial services industry with new business opportunities.
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