Lesley-Anne Walker, head of marketing and new business at the independent, boutique corporate and trust service provider based on the island, Sentient International, has worked with IOMSR for the past 15 years. Explaining the benefits of CSPs, she says: “In an age of increased litigation, experts recommend that ownership of a high value asset such as a large vessel or superyacht, that moves from country to country, exposing itself to differing jurisdictions’ legislative requirements and tax laws, is owned by a corporate structure.
“When purchasing a high value asset it is also essential for owners to consider whether there may be wider financial or liability implications and whether tailored tax planning could offer any fiscal benefits and minimise any liabilities. A corporate structure affords the advantage of segregating the inherent risks involved whilst also providing privacy of ownership. The Isle of Man’s stable political and economic environment provides
obvious benefits to owners who use it to structure ownership of their vessel, including favourable taxation treatment, both in terms of VAT planning and corporate tax.
She adds, “Supported by a large number of CSPs, it is the ideal place for vessel owners seeking a tailored solution that manages risk, tax and privacy. CSPs are integral to the establishment and administration of such ownership structures and provide a comprehensive range of ancillary services with ongoing support, including working with IOMSR to register the vessels.”
