Welcome to the fourth 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.
As spring returns we are seeing signs of new life, despite how the pandemic continues to disrupt. These challenging times have led many HNW families and individuals to take a fresh look at their wealth structures and long-term plans, and in some cases where they are based.
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!
For how long should the dead be able to exert control, from beyond the grave, over the living? This question has arisen in the context of the “rule against perpetuities”, which states that a trust must be ended after a certain period of time. The rule can have negative consequences for families who want their trust structures to be dynastic. However, Bermuda’s approach to the Rule Against Perpetuities and trust modification enables adaptable, dynastic trust structures.
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The “devil is in the detail” when it comes to private trust companies and fiduciary committees appointed under trust structures. Given the Covid-19 pandemic and accompanying uncertainty, there is no better time to review trusts’ governing documents, corporate governance procedures and succession planning to ensure that they remain fit for purpose.
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With its well-respected regulatory regime and highly regarded professional services industry, Bermuda is an ideal location for the creation of an international charitable structure. Companies and HNW families and individuals will find a range of tax efficient, flexible vehicles available for the establishment of charitable or philanthropic entities.
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Exciting new developments of the Cayman Islands’ trusts law and related legislation show continued commitment to ensure that Cayman remains an attractive and leading jurisdiction for wealth structuring. Incremental modernisation demonstrates how the government is minimising unnecessary impediments to legitimate business while complying with international standards.
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Under Bermuda’s new Economic Investment Certificate and Residential Certificate Policy, HNW individuals who invest a minimum $2.5 million in the island can receive the right to live in Bermuda with a path to long-term residency after five years. Unlike previous policies, successful applicants also receive an automatic work permit. The new policy came into effect on 1 March 2021.
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