Deputy Premier and Minister for Financial Services and Commerce, the Hon. André Ebanks, will present the Perpetuities (Amendment) Bill, 2024 to enhance the trusts and estate planning sector within financial services at the next meeting of Parliament.
The Perpetuities (Amendment) Bill, 2024, gazetted on 24 May, seeks to increase Cayman's competitiveness in the trusts and estate planning sector by removing the mandatory perpetuity period of 150 years for many existing and future trusts.
The Financial Services Legislative Committee (FSLC) recommended this commercial enhancement to the Ministry of Financial Services and Commerce based on findings that indicated several relevant financial services centres have removed the perpetuities provision in their respective legislation. As part of its legislative development process, the Ministry held industry consultations earlier this year and then finalised the Bill.
"I thank the FSLC and the Ministry policy team for their usual prudent and innovative work to develop this Bill to enhance our financial services offering. The Bill seeks to adapt to evolving opportunities. We understand that the trusts and estate sector, as well as family offices, are now more attracted to financial services centres that offer trust investment vehicles with an optional perpetuity period, and it's important that the Cayman Islands offer cutting edge products," the Deputy Premier said.
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