New bill rolled out to help trust and estates sector

| 12/06/2024 | 17 Comments
Financial Services Minister André Ebanks, Cayman News Service
Financial Services Minister André Ebanks

(CNS): Financial Services Minister André Ebanks will present the Perpetuities (Amendment) Bill, 2024 in parliament next month. The bill aims to enhance the trusts and estate planning sector by removing the mandatory 150-year perpetuity period for existing and future trusts. The change aligns with industry trends and ensures the Cayman Islands’ competitiveness in financial services, officials said in a press release.

The Financial Services Legislative Committee (FSLC) recommended the amendment, given that several other 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.

“The bill seeks to adapt to evolving opportunities,” Ebanks said. “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.” 

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Category: Business, Financial Services, Laws, Politics

Comments (17)

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  1. Anonymous says:

    Just need to start talking about a sea wall because it’s hard to structure under water.

  2. Anonymous says:

    Andre is just doing his job.

  3. Anonymous says:

    This is going to really enhance my ability to pay my bills.

    • Anonymous says:

      You could upgrade or change your skills to obtain a job in this industry, then work hard and pay your bills. See how that works?
      Ensure your children study hard and get the skills to be involved in an associated industry. Then hopefully they will assist you when you retire and need it.

      • Anonymous says:

        I have worked hard all my life, sonny. My children are successful. Don’t you dare lecture me. You apparently don’t know what it means to sacrifice everything for your family.

        It’s all smoke and shadows, don’t you see that?

  4. Anonymous says:

    This has been asked by industry for some time, good to know its coming

  5. Anonymous says:

    Thank god we have Andre in Government. Hopefully some more Caymanians of his caliber step up to the plate at the next election.

    • Anonymous says:

      Agree. Andre, Wayne P and Gina EP are the only people I can think of for my wishlist right now… 😔

      • Corruption is endemic says:

        Wayne has pretty much demonstrated that he is useless. Man sold his soul to become Premier and then was an unmitigated disaster.

        Now we are here.

        • Anonymous says:

          It was mission impossible. He is speaking out against them now, but he needs to publicly name and shame them, all of them going right back in time. clean sweep much needed.

          • Anonymous says:

            Nothing will ever change in Cayman without deep changes to the Elections Law, Standards in Public Life Law, corruption indemnities stripped from Premier and Cabinet, with powers restored to placeholder governance watchdogs that can’t or won’t serve recourse. We also need a new Attorney General, Deputy Governor, and an FCO with instructions standing ready to intervene. Until then, hundreds of millions will continue to be wasted/stolen, and the Nolan Principles might as well be from Krypton.

          • Anonymous says:

            I would hope that BTE is relieved of the future Premier.

        • Anonymous says:

          Wayne Panton was surround by demons.

      • Anonymous says:

        It’s not like experience is necessary…clearly.

        HELP WANTED: Learn on the job, starting for mid 6 figure salary plus perks. Must be able to read draft legislation, hold a pen, be somewhat sharp, ask sensible questions, hardwired to understand the constructs of duty and shame. Work days: 12 part days per year. Clean police record a plus!

        It’s astonishing that Cayman can’t muster 19 or more new faces to believe they could qualify for these low entry hurdles.

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