Bermuda has announced amendments to it Trusts (Special Provisions) Act 1989 in an effort to strengthen its protective provisions and enhance its competitiveness with other jurisdictions.
The amendments ensure that no foreign law applies to the determination of validity, construction, effects or administration of a Bermuda trust unless it specifically elects foreign law to apply to any severable aspect of the trust.
It is hoped that the amendments provide clarity and assurance to anyone considering the establishment of a trust in Bermuda.
If you would like to hear more about the advantages of setting up a trust in Bermuda or any one of the other jurisdictions that Chesterfield provide then please do not hesitate to contact us.
