Trusts (Regulation of Trust Business) Order 2003

Summary

This Order, made under the Trusts (Regulation of Trust Business) Act 2001, clarifies when a trustee is not treated as carrying on trust business in Bermuda for licensing purposes. It creates a narrow exemption for trustees of trusts that are administered from outside Bermuda, provided the trustees also meet specified residence or incorporation conditions.

• Exemption trigger: A person is not regarded as carrying on trust business in Bermuda if they are trustee of a trust administered from a place outside Bermuda and the trustees satisfy the residence conditions below.
• Corporate trustees: Exempt only if the trustee is incorporated outside Bermuda and a majority of its directors are ordinarily resident outside Bermuda.
• Individual trustees: Exempt only if a majority of the individual trustees are ordinarily resident outside Bermuda.

The Order does not impose new filing, reporting, or licensing duties; it simply narrows the scope of activity that counts as regulated trust business in Bermuda, which affects whether a trustee needs a licence under the parent Act.

Applies to

trustees, corporate trustees, individual trustees administering trusts connected to Bermuda

Related documents

• This document commences Trusts (Regulation of Trust Business) Act 2001
• This document is made under Trusts (Regulation of Trust Business) Act 2001