📜 New legislation aims to boost Cayman Islands' trust and estates sector

Financial Services Minister André Ebanks will present the Perpetuities (Amendment) Bill, 2024 in parliament next month. The bill is designed to enhance the trusts and estate planning sector in the Cayman Islands by removing the mandatory 150-year perpetuity period for existing and future trusts. This move is in line with industry trends and is aimed at maintaining the competitiveness of the Cayman Islands in the field of financial services. The change was recommended by the Financial Services Legislative Committee (FSLC), which noted that several other financial services centres have already removed the perpetuities provision in their respective legislation. 📚

Prior to finalising the bill, the ministry conducted industry consultations earlier this year. Minister Ebanks stated that the bill seeks to adapt to evolving opportunities. He noted that the trusts and estate sector, as well as family offices, are increasingly attracted to financial services centres that offer trust investment vehicles with an optional perpetuity period. Therefore, it is crucial for the Cayman Islands to offer innovative and flexible products in order to remain competitive. 🌐