The amendment which was gazetted on the 23 November 2016 is intended to modernise the previous Trust law and introduces a couple of provisions designed to correct technical issues in the original legislation.
Two of the more practical amendments are as follows:-
– Trustees that are absent from the Cayman Islands for more than twelve months may no longer be discharged.
– It has also extended the Trustee’s power with regards to insuring trust property.
Whereas the amendments have not varied greatly from the previous trust law in the Cayman Islands and have not gone so far as to offer any new types of structures they do reflect positively on the trust industry in this jurisdiction and show a commitment to evolving with current industry requirements.