Bermuda trusts
Produced in partnership with Vanessa Lovell Schrum and Caljonah Smith of Appleby, Bermuda
Practice notesBermuda trusts
Produced in partnership with Vanessa Lovell Schrum and Caljonah Smith of Appleby, Bermuda
Practice notes
This Practice Note outlines Bermuda trust law and focuses upon its unique features and recent reforms, such as Bermuda’s regime for private trust companies (PTCs) and trust restructuring. Reforms have included the introduction of reserved powers legislation, a statutory rule in Hastings Bass, and a more streamlined process for disapplying the perpetuity period of older Bermuda trusts.
Bermuda’s trust legislation
Bermuda’s primary trust legislation consists of:
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the Trustee Act 1975 (TA 1975) which sets out the trustee’s and court’s powers and the trustee’s entitlements and duties
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the Trusts (Special Provisions) Act 1989 (TSPA 1989) which sets out Bermuda’s reserved powers provisions and its firewall and purpose trust provisions
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the Perpetuities and Accumulations Act 2009 (Bermuda) (PA 2009) which provides that trusts established on or after 1 August 2009 may have an unlimited Duration insofar as they do not hold Bermuda land
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the Trusts (Regulation of Trust Business) Act 2001 which provides for the licensing of persons carrying on a trust business in Bermuda. The Trusts (Regulation of Trust Business) Exemption Order
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Jurisdiction(s):
United Kingdom
Related legal acts:
Key definition:
Funds definition
What does Funds mean?
A collection of assets managed in accordance with an objective for the mutual benefit of all the investors. The investors' share in a unit-linked life or pensions fund is represented by the number of units within the fund that they have been allocated by the life company.
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