Premier Dunkley Speaks At Trusts Conference

Premier Michael Dunkley spoke at a recent Transcontinental Trusts Conference forum here on the island, the first time that the conference’s flagship event has been held outside of Europe in 30 years.

In his remarks, Premier Dunkley said, “As this is the leading trust event for private client professionals, our beautiful island may be a mere backdrop to your networking and educational opportunities. But I trust you are aware that Bermuda is not just a pretty place.

“We are a community that shares your passion for excellence.

“Bermuda has a superior regulatory framework and judicial system, as well as internationally recognised trustees and lawyers that serve a broad spectrum of international businesses and high-net-worth clients.

“Our Government works with industry professionals to keep Bermuda at the forefront of the provision of financial services, including involvement in global standard-setting.

“Bermuda is also blessed with a number of other facets of a financial services industry, the most significant of which is the insurance and reinsurance platforms found on the Island, parts of which are second to none.

“From a global perspective, Bermuda continues to be actively engaged in the appropriate places, in the appropriate forums, and in the appropriate manner to share the Bermuda story.”

The Premier’s full remarks follow below:

Good morning and welcome to Bermuda.

I’m very pleased to be opening what I hope will be the first of many Bermuda Forums for the Transcontinental Trusts.

As I understand it, this brings the flagship event of the Transcontinental Trusts conference outside of Europe for the first time in 30 years.

As this is the leading trust event for private client professionals, our beautiful Island may be a mere backdrop to your networking and educational opportunities.

But I trust you are aware that Bermuda is not just a pretty place. We are a community that shares your passion for excellence.

Sixty years ago, we emerged as one of the first international trust jurisdictions, and since then we have been confirmed as a leading jurisdiction for trusts and other private client structures.

Bermuda has a superior regulatory framework and judicial system, as well as internationally recognised trustees and lawyers that serve a broad spectrum of international businesses and high-net-worth clients.

Our Government works with industry professionals to keep Bermuda at the forefront of the provision of financial services, including involvement in global standard-setting.

For years, we were vice-chair of the OECD Global Forum on Transparency and Exchange of Information for Tax Purposes – a forum which wields influence within the International Organization of Securities Commissions, and works closely with the International Financial Centres Forum.

We work incredibly hard to help policy-makers of larger countries understand our business model, our role in the global financial system, and our adherence to international standards. You should know that the OECD’s peer review group has rendered a stellar appraisal of the Island, reflecting our progress and leadership in tax transparency.

We lead most jurisdictions with our tax information exchange agreements – with some 80 countries – on a combined bilateral and multilateral tax information exchange agreement [TIEA] basis.

With a tested legal and judicial system and regular and innovative reforms of trust laws, Bermuda’s trust legislation is modern, providing a flexible, cost effective regime for the creation and administration of trust structures to protect the wealth and succession planning requirements of international families.

We offer a selective group of 30 licensed trust companies who provide a quality mix of styles in trust services to our international client base: from large international bank trustees to law firm trust companies to single purpose private trust companies owned by the family.

Providing an appropriate choice of service is a key part of our commitment to diversifying our economy and our trust business is a growing component to this goal.

Because we were one of the earliest international trust jurisdictions, Bermuda’s trust industry has always been vibrant and prosperous.

And I am sure you are all as aware as I am that today’s world is more competitive than ever and we cannot rest or be complacent.

We are committed to continuous improvement and expect to build on our success with regular reviews of our trust industry offerings and will support the effort to compete in the international private wealth planning market with knowledge based solutions.

Our trust law, as with its variety of financial services, is conservative by nature and regulation is sensible and responsible, ensuring an excellent jurisdiction for the creation of a variety of types of trusts.

Indeed, Bermuda has led in many related areas including, among others, the creation of the purpose trust in 1989 and the licensing and regulation of public trust companies in international financial centres.

Two major changes we brought to trust legislation last year included the introduction of more clarity in the regime, dealing with the reserving powers over trusts by settlors and designated parties, such as protectors.

Changes also included preservation of a remedy subject to Court approval regarding the exercise of fiduciary powers.

Bermuda is also blessed with a number of other facets of a financial services industry, the most significant of which is the insurance and reinsurance platforms found on the Island, parts of which are second to none.

From a global perspective, Bermuda continues to be actively engaged in the appropriate places, in the appropriate forums, and in the appropriate manner to share the Bermuda story.

We have maintained our position as an attractive, sophisticated and well regulated jurisdiction and we welcomes your contribution into this successful framework. Our Government recognizes that positive industry partnerships are critical to our overall success.

You can rest assured that this Government is committed to nurturing and protecting our relationships with our trust industry partners. And we will continue to collaborate and consult with you and take the necessary actions to promote the fact that Bermuda is open for international trust business and we intend to relentlessly continue our work to augment Bermuda’s reputation as a premier location for trust business.

We welcome the establishment of trust companies and family offices as part of our financial services offering to ensure that everyone who calls Bermuda home benefits.

I hope this conference is successful and enjoyable and I hope you will come back to us year after year and help us continue the story of Bermuda as being a leading trust jurisdiction.

Thank you.