Licensed Trust Companies
Richmond acts for a number of institutions that have 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 will permit qualified non-residents or institutions to form corporate trust companies in Bermuda with, amongst other things, broad powers of investment and reinvestment and with the corporate capacity to offer trust and related services to their international clients.

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

Private Trustee Companies
The formation of private corporate trust companies by non-residents has been a popular vehicle for managers of unit trust schemes or 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 to view the Bermuda Trust Memorandum.