Trust Company Formation

Licensed Trust Companies

Richmond acts for a number of institutions with established Bermuda Trust Companies that have been licensed under the Trusts (Regulation of Trust Business) Act 2001 (“the Act”), which provides the regulatory licensing requirements for Bermuda-based corporate trustees.

Trust business is defined by the Act as the “undertaking, executing and administering of trusts, as a business, trade, profession or vocation carried on or practiced in the service of the public generally.”

The Act permits qualified non-residents and institutions to form corporate trust companies in Bermuda with, amongst other things, broad powers of investment and reinvestment and the corporate capacity to offer trust and related services to international clients.

Once licensed under the Act, such corporate trust companies are able to operate from Bermuda in a tax neutral environment with flexible regulations. An application for a trust company license is made to the Minister of Finance and said Act set outs the capital insurance, audit and other requirements.

Private Trustee Companies

The formation of private corporate trust companies by non-residents is a popular vehicle for managers of unit trust schemes and high net worth individuals that desire a degree of continuity and control of a group of family trusts.

Further Information

For further information on the procedures involved in establishing a Bermuda Trust Company that is licensed under the Act or a Private Trustee Company, please click here (–> link to .pdf) to download the Bermuda Trust Memorandum.