Bermuda has boosted its laws on trust in a bid to make the Island a more attractive destination for business, Premier Michael Dunkley said yesterday.

Mr Dunkley told delegates at the Transcontinental Trusts Bermuda Forum that the Island welcomed the establishment of trust companies and family offices.

He added: “Providing an appropriate choice of service is a key part of our commitment to diversifying our economy and our trust business is a growing component to this goal.

“Because we were one of the earliest international trust jurisdictions, Bermuda’s trust industry has always been vibrant and prosperous.”

And Mr Dunkley said that last year saw the introduction of clearer rules in trust regulation involving reserving powers over trusts and by settlors and designated parties like protectors.

Changes also included the preservation of a remedy subject to court approval regarding the exercise of fiduciary powers.

Mr Dunkley added: “We are committed to continuous improvement and expect to build on our success with regular reviews of our trust industry offerings and will support the effort to compete in the international private wealth planning market with knowledge-based solutions.

“Our trust law, as with its variety of financial services, is conservative by nature and regulation is sensible and responsible, ensuring an excellent jurisdiction for the creation of a variety of types of trusts.”

Mr Dunkley told an audience of more than 100 at the Fairmont Southampton for the two-day forum, which ends today, that Bermuda had “a selective group” of 30 licensed trust companies who provide a mix of trust services, including large international bank trusts, law firm trust companies and single-purpose private trust companies owned by families.

He added: “We welcome the establishment of trust companies and family offices as part of our financial services offering to ensure that everyone who calls Bermuda home benefits.”