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…
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The Bermuda government recently approved an amendment to Bermuda’s trust legislation.
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