Bermuda's Private Trust Companies: A Market Leader

Thirteen years is a long time in the sphere of offshore legal developments, but the regime introduced by Bermuda's Trusts (Regulation of Trust Business) Exemption Order during 2002 may remain one of the most cost effective and flexible frameworks for private trust companies (PTCs) in the offshore world today.

An express trust is established when a person transfers assets to a trustee to hold for application for one or more beneficiaries or purposes in accordance with specified terms.

A PTC is essentially a company that does not solicit trust business from the public and acts as trustee of a trust or trusts that are connected in some way.

PTCs are often utilised as part of an international family office structure. A number of international families and businesses may not wish to engage an independent licensed administrator to act as trustee of the trusts they establish.