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Bermuda has 102 ultra-wealthy residents

Racing ahead: the cover of Trust Bermuda, a supplement highlighting Bermuda’s attractiveness to family trusts and high net-worth individuals. The booklet is being distributed to 20,000 members of STEP

A total of $31 billion was held by 102 ultra-high-net-worth individuals living in Bermuda in 2014.

That is one of the facts included in a new booklet that highlights Bermuda’s attractiveness to the trust industry and wealthy clients.

The trust industry supplement, published in Britain, is being distributed to 20,000 trust and estate practitioners.

It is the third annual STEP Journal supplement and has been titled Trust Bermuda. It highlights the island’s hosting of next year’s America’s Cup, and the appeal of both Bermuda and the sailing spectacle to high-net-worth clients.

It features a cover image of America’s Cup action along with the words: “Bermuda, host of the America’s Cup 2017, is about to show the world why it’s a winning destination for wealthy families.”

The 28-page booklet, sponsored by the Bermuda chapter of the Society of Trust and Estate Practitioners, features a number of articles and includes a two-page information graphic detailing the benefits and advantages Bermuda offers for family offices and high net-worth clients.

The graphic highlights the fact that Bermuda was the first offshore jurisdiction elevated to the OECD’s “white list” having substantially implemented internationally agreed tax standards, putting it on a par with G8 and G20 nations. It also notes that Bermuda has about 30 trust companies and 70 law firms.

One article in the booklet examines the reasons why the island was selected to host the 35th America’s Cup, and there is a column by Ross Webber, chief executive officer of the Bermuda Business Development Agency, which looks at how the America’s Cup will showcase Bermuda’s merits on a global stage.

The booklet is being distributed to 20,000 STEP members worldwide as a separate publication in conjunction with this month’s issue of STEP Journal.It is a collaboration between the BDA, the Bermuda Association of Licensed Trustees, and STEP Bermuda.

Other contributors to the booklet include Appleby’s Ashley Fife, on why the island is a leading location for family offices; Dana Philanthropy founder Gina Pereira, who explains Bermuda’s regulatory appeal to foundations, charities and donors; and Simon Taube QC of Lincoln’s Inn, Alec Anderson and Anna Bruce-Smith of Conyers, and Jonathan Conder and Emma Jones of Macfarlanes on new trust legislation and latest cases.

Meanwhile, John Riches of RMW Law comments on Bermuda’s compliance strengths, and Hamilton Princess owners Alexander and Andrew Green explain their top five reasons to invest in Bermuda.

A digital version of the supplement can be accessed at http://www.step.org/digital/bermudasupplement2016/