Guide To Trusts In Bermuda - October 01, 2015

1. INTRODUCTION

Bermuda has a formidable reputation as being one of the premier offshore jurisdictions in which to develop trust structures. Bermuda's practitioners have considerable experience in the field of trusts and are familiar with trust matters involving people from all over the world, particularly with individuals whose legal systems do not derive from the English common law.

Bermuda's principal statute governing trusts and their administration is the Trustee Act 1975. This statute is largely patterned on the English Trustee Act 1925. Bermuda also has an extensive system of trust licensing regulated by the Bermuda Monetary Authority (BMA) for trustees requiring all public trust companies to possess an unlimited trust licence. The BMA vets and continually monitors licensed trustees to ensure, among other things, that they are controlled by fit and proper persons, meet minimum net asset requirements, have adequate insurance, records, systems and controls and