Log In

Reset Password

Bermuda growing its trust industry

Step Bermuda branch chair Alex Whittaker, left, Jason Hayward, the Minister of Economy and Labour, and Louise Charleson, Step branch vice-chair (Photograph supplied)

Bermuda sees itself as a wealth management industry centre, the Minister of Economy and Labour has said.

To make this happen, Bermuda wants to offer an enhanced framework with enhanced services, Jason Hayward told trust industry professionals at the Step Bermuda Conference 2023.

“We have streamlined application and reporting processes, making Bermuda more user-friendly for family offices,” he said.

Mr Hayward added that Bermuda is “actively working” to introduce public benefit companies.

“PBCs are an innovative option for social impact investing and environmental, social and governance initiatives,” he said, adding that Bermuda has it all.

“We understand the importance of a protective, reliable, responsive trust framework,” he said. “Our trust laws provide legal certainty and substantial flexibility for settlors, trust professionals and courts.”

Mr Hayward said Bermuda has long been an attractive destination for the high-net-worth services industry.

“We were one of the first international trust jurisdictions and remain a premier jurisdiction for trusts, family offices, high-net-worth individuals and other private-client structures,” he said.

The conference explored the ever-evolving landscape of trust and estate planning, tax laws, asset protection and estate administration.

You must be Registered or to post comment or to vote.

Published November 30, 2023 at 6:15 pm (Updated November 30, 2023 at 9:33 pm)

Bermuda growing its trust industry

What you
Need to
1. For a smooth experience with our commenting system we recommend that you use Internet Explorer 10 or higher, Firefox or Chrome Browsers. Additionally please clear both your browser's cache and cookies - How do I clear my cache and cookies?
2. Please respect the use of this community forum and its users.
3. Any poster that insults, threatens or verbally abuses another member, uses defamatory language, or deliberately disrupts discussions will be banned.
4. Users who violate the Terms of Service or any commenting rules will be banned.
5. Please stay on topic. "Trolling" to incite emotional responses and disrupt conversations will be deleted.
6. To understand further what is and isn't allowed and the actions we may take, please read our Terms of Service
7. To report breaches of the Terms of Service use the flag icon