CIBC Bank and Trust Company (Cayman) Limited v T &
S (unreported 16 July 2021) (CIBC v T &
S)1, is the first decision of the Grand Court
of the Cayman Islands dealing with the variation of trusts
established under the Special Trusts (Alternative) Regime
(STAR).
A STAR trust is a form of statutory trust which was introduced
into Cayman Islands law to overcome some of the difficulties
arising with the use of more conventional offshore trusts. For
example, unlike conventional trusts, STAR trusts can be established
without a perpetuity period, and for the benefit of persons,
purposes or both. The purposes can be of any kind or number and do
not have to be charitable (provided that they are not contrary to
public policy, or illegal). It is the enforcers of a STAR trust (or
the Court), not the beneficiaries (if any), who have the power or
duty to enforce the STAR trust, thereby bringing about a separation
between enjoying the benefit of the Trust assets and enforcement
