2026 marks a significant milestone for ILS World as we celebrate our 35th anniversary.
It also provides an opportunity for our Private Client team to reflect on the changes we have seen over the past year and the evolving priorities of international families and the trends shaping the private wealth landscape.
The UK’s recent tax reforms have accelerated the relocation of High-Net-Worth Individuals to alternative jurisdictions. While the Middle East, particularly Dubai and Abu Dhabi, initially emerged as a preferred destination for many, ongoing regional instability has, for some, tempered its appeal. In contrast, the Crown Dependencies continue to offer a compelling alternative for those seeking proximity, stability and a sophisticated legal and fiscal environment. Against this backdrop, the Isle of Man has seen increasing interest from UK residents seeking to manage the impact of the additional tax burdens introduced by the Chancellor of the Exchequer. The impending change in Prime Minister is unlikely to alter this trajectory materially in the short term but will likely add to the ongoing uncertainty.
However, while tax remains an important consideration, it is not the principal driver for many of our private clients. Increasingly, the focus is on succession planning, long-term stewardship of wealth and ensuring that family assets are preserved and transferred efficiently across generations. In this context, trusts and to a lesser extent foundations, continue to be the structures of choice for asset protection and succession planning. At the same time, we have seen a marked increase in interest in Family Investment Companies (FICs) as part of a broader wealth structuring strategy.
A FIC is a private limited company established to hold family assets, including cash, investment portfolios, real estate and other private wealth holdings. Unlike a trust, a FIC is a corporate vehicle through which family members hold shares, while the company itself owns the underlying assets. Properly structured, a FIC can enable the founding generation to retain strategic control over investment and governance decisions, while facilitating the gradual transfer of value to younger generations in a controlled and tax-efficient manner.
For many clients, the Isle of Man remains the jurisdiction of choice for trust structures, reflecting the strength and maturity of its legal framework. The Island’s trust law is both well established and modern, with deep roots in English common law principles and a long-standing reputation for stability, certainty and flexibility in private wealth planning. We have also seen growing interest in the establishment of Private Trust Companies (PTCs). A PTC can offer families a particularly attractive governance solution, allowing trust assets to be held and administered in an offshore environment while enabling the settlor, family members and trusted advisers to play an active role in decisions relating to the management of those assets and the making of distributions. Combined with an administration agreement with an independent fiduciary, a PTC can deliver both family involvement and the reassurance of professional administration.
Alongside these structural considerations, environmental, social and governance (ESG) priorities and philanthropic ambitions continue to play an increasingly important role in shaping long-term wealth planning. Many families are looking beyond preservation of capital alone and are seeking to align their wealth structures with broader values, legacy objectives and a responsible approach to stewardship. In this regard, the Isle of Man’s UNESCO Biosphere status resonates strongly with clients who are mindful not only of protecting wealth for future generations, but also of the wider social and environmental impact of how that wealth is managed.
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