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ARTICLE · 27 JUNE 2005

The Private Trust Company

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Over the past several years, the use of a private trust company in combination with a purpose trust has been increasingly attractive to many clients - notably for clients from civil law countries, for those wishing to establish a family office structure, or for those who do not wish to use public trust companies.

BermudaWealth Management
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Over the past several years, the use of a private trust company in combination with a purpose trust has been increasingly attractive to many clients - notably for clients from civil law countries, for those wishing to establish a family office structure, or for those who do not wish to use public trust companies.

What Is A Private Trust Company?

It is a company with trustee powers which is not required to be licensed under our trust legislation, the Trusts (Regulation of Trust Business) Act 2001 (the "Act"), provided that it fulfils the following criteria: (a) it is not carrying on the business as a trustee. In essence, this means that the private trust company cannot offer its services to the general public; and (b) by the terms of its memorandum of association, it is empowered to act as trustee of only a limited number of identifiable trusts.

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