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(CNS) – Financial Services Minister André Ebanks will introduce the Perpetual Trusts (Amendment) Bill 2024 in Parliament next month. The bill seeks to strengthen the trust and estate planning sector by removing the mandatory 150-year perpetual trust period for existing and future trusts. Officials said in a press release that the change is in line with industry trends and ensures the Cayman Islands’ competitiveness in financial services.
The Financial Services Legislation Committee (FSLC) recommended the amendments as several other financial services centres have removed permanence clauses in their respective legislations. As part of the legislation formulation process, the ministry held industry consultations earlier this year before finalising the bill.
“The Act seeks to adapt to changing opportunities,” Ebanks said. “We understand that the trust and estate industry and family offices are now more attracted to financial services centres that offer trust investment vehicles with optional perpetual terms, and it is important that the Cayman Islands offers cutting-edge products.”
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