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Bermuda remains a popular destination for the world’s high net worth and ultra high net worth individuals, families and institutions to domicile their wealth. The Island is one of the most established offshore trust and wealth management jurisdictions, due in part to its well-regulated legal system and stable economic and political environment.
The trust and wealth management sector in Bermuda has experienced significant growth in recent years, an increase of 50% over 2013. The Island will continue to advance in this sector through is reputation for quality, an innovative judicial and legal system and progressive approach to offshore trusts legislation, as well as an efficient and modern banking and corporate services industry.
Bermuda’s reputation for quality has supported the growth of the wealth management and trusts sector on the Island.
As Britain’s oldest Overseas Territory, Bermuda retains cultural and political ties to the United Kingdom and has an extensive history of international cooperation and adherence to the highest standards of compliance. Bermuda was also the first offshore jurisdiction to be included on the OECD’s white list of compliant, transparent countries.
Further, Bermuda boasts a deep pool of intellectual capital in law, accounting, risk and compliance, and trustee and family office services, which are designed to serve the needs of high net worth and ultra high net worth clientele. In addition, Bermuda is a highly collaborative jurisdiction with industry, Government and regulators working together to provide a business environment that facilitates speed to markets and innovative services to clients.
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Bermuda: Banking & Wealth Management Update
This article was originally published in Bermuda - Sailing to Success, December 2016