Welcome to the fifth edition of our Private Client Bulletin, bringing you the latest private client and trust news and insights from Bermuda, the Cayman Islands, BVI and Asia.
In this issue, we have several notable highlights to share with you from across our jurisdictions. In Bermuda, we examine the potential complications that can arise with letters of wishes, along with a recent Court decision confirming Bermuda’s rules around legal professional privilege. Our team in Cayman explores options for those looking to relocate to the Cayman Islands. Finally, Partner Robert Lindley walks through the process of resealing of foreign grants of probate in the BVI. We hope you find this review of information helpful.
Here at Conyers we are committed to providing responsive and solution-driven legal advice to our clients around the globe. Thank you for your continuing business.
Enjoy the read!
Is their wish your command? Thoughts for trustees and settlors on letters of wishes
Grace Quinn and Peter Pearman, Bermuda
It is common practice when a trust is established for the economic settlor to provide a letter of wishes, addressed to the trustees of the trust, setting out their wishes with respect to the administration of the trust. For the trustees, such letters are often a valuable insight into the rationale for the establishment of the trust, how the trust assets are to be utilised and other background information about the family of the settlor and/or beneficiaries.
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Moving to the Cayman Islands
Robert Lindley and Wesley O’Brien, Cayman Islands
Boasting an enviable lifestyle, modern infrastructure and a highly sophisticated financial services industry and all within a short flight of Miami and other US cities, the Cayman Islands check all the boxes for individuals seeking to relocate to a tax-neutral jurisdiction. As a result, the Cayman Islands have evolved into an increasingly popular place of residence for internationally mobile “remote-workers” and high-net-worth individuals from around the world.
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Trusts in divorce: an update on the English approach
Sarah Bailey-Munroe, Bermuda
July brought the long-awaited conclusion to the latest high profile case in which offshore trusts came under attack from the Family Division in England and Wales. Mr and Mrs Akhmedova endured eight years of litigation before reaching their settlement, during which Mr Akhmedova placed assets in numerous offshore trusts and company structures and sought to benefit from the most robust firewall provisions available.
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Resealing of Foreign Grants of Probate in the British Virgin Islands
Robert Lindley, British Virgin Islands
Where a person has died and left assets in the British Virgin Islands (BVI), it is not possible to deal with those assets without first obtaining a grant of representation from the relevant local Court. The rule applies to all forms of property (including shares and intangible property) in respect of where the deceased died, where they resided during their lifetime, and whether or not they left a will.
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Piercing the Veil of Privilege: The Iniquity Exception
Jonathan O’Mahony, Bermuda
Conyers represented the successful respondent trustees in the recent Court of Appeal decision in Wang, Ven Jiao v Grand View PTC & Ors [2021] Civil Appeal No.4, in which the Court refused an application for leave to appeal against Kawaley AJ’s refusal to permit the applicant to rely on otherwise privileged hearsay evidence.
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