Bermuda: jurisdiction of choice for trust and wealth structures
Bermuda continues to maintain its position as an attractive, sophisticated and secure jurisdiction for the international high-net-worth private client. With an independent, stable legal and judicial system, and regular and innovative reforms of its trust laws over the last 20 years, Bermuda’s trust legislation is both modern and facilitative of succession planning and asset protection. It offers a sophisticated and well-established infrastructure that has made it one of the largest and most successful offshore jurisdictions in the world.
Bermuda has robust anti‐money laundering legislation and Tax Information Exchange Agreements; to date it has entered into 34 Agreements (and concluded negotiations with 3 other jurisdictions). This has led to the OECD including Bermuda on its “white list” as a co‐operative and compliant jurisdiction. This legislation, along with the regulatory enforcement provided by the Bermuda Monetary Authority, has ensured that Bermuda is a leader in international anti‐money laundering measures, and reinforces its status as a premier offshore jurisdiction. Bermuda’s Government and business community have traditionally worked together to ensure that the reputation and integrity of the jurisdiction are preserved without the need for overly burdensome regulation. This system of “balanced regulation” is generally characterized by a significant level of cooperation between the business community and Government and has complemented Bermuda’s historical emphasis on quality rather than quantity of business…
If you are registered and logged in to the site, click on the link below to read the rest of the Conyers Dill & Pearman briefing. If not, please register or sign in with your details below.
News from Conyers Dill & Pearman
Briefings from Conyers Dill & Pearman
Cayman Islands Law Update: the Exempted Limited Partnership Bill and the Contracts (Rights of Third Parties) Bill
Following extensive consultation in both the public and private sectors, the Exempted Limited Partnership Bill 2014 was gazetted on 21 February 2014.
The court looked at the issue of whether a stranger to a trust, who dishonestly assists in a breach of trust, is a ‘trustee’ within the meaning of s21(1)(a) of the UK Limitation Act 1980.