Bermuda has amended the Trusts (Special Provisions) Act 1989 to modernise its ‘firewall’ provisions and to introduce flexibility and clarity with respect to excluding illegitimate children from benefiting from a trust.
The amendments are aimed at ensuring that Bermuda trust structures remain competitive with those of other jurisdictions.
The Trusts (Special Provisions) Amendment Act 2020 and Trusts (Special Provisions) Amendment No. 2 Act 2020 were both passed in Bermuda’s House of Assembly on 24 July 2020.
Offshore law firm Conyers said that Bermuda has had strong firewall provisions...