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Family office services in Bermuda
The International Family Offices Journal
Vol. 6 - Iss. 4 pp. 17–21
Jun 2022
A jurisdiction update from Bermuda, by Claire van Overdijk of the Carey Olsen law firm. She begins by noting that Bermuda continues to leverage its well-earned reputation as a leading trust and private client centre to firmly position itself as an ideal location to establish and/or operate a family office. She lists a number of factors that make Bermuda an excellent jurisdiction for a family office. One key advantage has been the well-established legal system. This in combination with Bermuda's stability both politically and economically provides a high degree of confidence as to the predictability of decision making in the Bermuda courts. Bermuda also works to stay current with legal developments by competing jurisdictions. For example, in 2020 the 1989 Trustees Act was amended to modernise Bermuda's so-called 'firewall' legislation, which aims to protect properly established and funded Bermuda law trusts. Firewall provisions are an important feature of trust law as they protect the trust assets from attacks based on orders of a foreign court under foreign law. A very current committee is working to draft a Family Office Act, so keep an eye on Bermuda.