Bermuda has become the first offshore jurisdiction to modernise both its corporate and trust legislation to reflect the evolving priorities of global families and institutions, Jason Hayward, the Minister of Economy and Labour, announced Friday at the Society for Trust and Estate Practitioners Bermuda Conference 2025, held at the Bermuda Underwater Exploration Institute.

Addressing the annual gathering of the island’s trust and wealth management professionals, Mr Hayward said the passage of the Benefit Entities Act and the Trustee Amendment Act marked “the most meaningful modernisation of Bermuda’s company and trust law in recent years”. Both Acts received the Governor’s Assent earlier this month.

“With these reforms, Bermuda has risen to meet the demands of modern, responsible stewardship of wealth,” he said. “This is a defining moment for our jurisdiction — one that reinforces Bermuda’s reputation for responsible innovation and measured reform.”

The Benefit Entities Act introduces an opt-in framework allowing companies, limited liability companies and partnerships to formally embed responsible business practices and defined public benefits into their governance. The Trustee Amendment Act enables trustees to consider environmental and social factors in investment decisions, while remaining within fiduciary boundaries.

“These reforms provide choice with clarity,” Mr Hayward said. “They enable families, trustees and corporations to adopt responsible and sustainable practices without imposing a one-size-fits-all model.”

The minister said the reforms were the product of close collaboration between government, industry and bipartisan partners in Parliament. He thanked Step Bermuda, the Bermuda Association of Licensed Trustees, the Bermuda Business Development Agency Legal Focus Group and the Trust Law Reform Committee for their contributions.

Mr Hayward also highlighted upcoming policies designed to strengthen Bermuda’s position as a global hub for family offices. The 2025 Work Permit Policy, coming into effect November 1, will streamline the process for high-net-worth families establishing operations on the island, while maintaining local employment standards.

Meanwhile, work continues on a Bermuda Family Office Framework, which aims to create a single, comprehensive structure for families managing wealth, philanthropy and succession planning.

“Together, these initiatives demonstrate how Bermuda’s policy agenda is designed to create an integrated ecosystem for modern wealth management — one that aligns innovation, integrity and inclusivity,” Mr Hayward said.

He concluded: “Through thoughtful reform and partnership, we are ensuring that Bermuda’s story continues to be one of excellence, resilience and leadership.”