New Bermuda Trusts Act grants more clearness to Bermuda Law users

Bermuda’s House of Assembly recently passed amendments to Bermuda’s Trusts Act 1989. The provision sees the strengthening of the firewall preventing orders from foreign courts to affect Bermuda assets, further clarifying the jurisdiction of the Supreme Court on Bermuda trusts and on foreign trusts with ties in Bermuda.

These are the major changes introduced by the 2020 Bermuda’s Trust Act:

1. The possibility to apply Bermuda Law to specific parts of a trust only;
2. Express Supreme Court jurisdiction over all trust matters if and where the trust instrument provides for it;
3. Further clarifications regarding circumstances for the exclusion of foreign law application to a Bermuda trust;
4. Prevention for the enforcement or recognition of foreign court orders that are in conflict with certain provisions of the Act.

“These provisions grant more clearness in relation to the use of Bermuda Law as a governing Law for trust structures, allowing clients and professionals to better assess risks and benefits of such a choice” says Filippo Turato, trust expert at Capital Trustees.

SOURCE: Step News