2014 also saw the introduction of the Trustee (Special Provisions) Amendment Act 2014 (the “Act”) which provides statutory clarity and certainty with respect to the powers settlors can reserve or grant over a trust without calling into question the validity of the trust structure. The powers enshrined in this legislation are expected to attract a wide class of settlors from both North America and Europe and further enhance Bermuda’s reputation as the offshore jurisdiction of choice for trusts. The Act amends the Trusts (Special Provision) Act 1989 by inserting a new section 2A which sets out an express list of certain interests and powers that can be retained by a settlor or granted to a third party, including the following:
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In its 2014 decision, the Court of Appeal considered Chief Justice Kawaley’s first instance 2013 decision to order the production of trust documents to a beneficiary notwithstanding that the trust deed contained an information control mechanism designed to prevent disclosure of financial information unless the Protector (who was also the principal beneficiary) consented.
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The Supreme Court of Bermuda handed down its judgment in the matter of The Minister for Home Affairs v Carne and Correia  SC (Bda) 9 Civ (2 May 2014) (510 KB PDF) on 2 May 2014. The fundamental result of this judgment is that under certain circumstances, holders of Permanent Resident Certificates (“PRC”) who have been resident in Bermuda prior to July 1989 can now apply for Bermudian Status — an application which Chief Justice Kawaley described as “one of the most significant applications that it is possible for an applicant to make” pursuant to the “beauty in the sleeping provisions” of Section 20B of the Bermuda Immigration and Protection Act 1956 (“BIPA”). Read More »
The Incentives for Job Makers Act 2013 and the Bermuda Immigration and Protection Amendment (No.2) Act 2013 came into operation in December 2013. These two acts effectively introduce various changes to the Bermuda Immigration and Protection Act 1956 (“BIPA”) and the Economic Development Act 1968 (“EDA”) which seek to make it easier for companies to obtain work permit exemptions for certain senior executives and for certain senior executives to be eligible to apply for a Permanent Resident’s Certificate (PRC). Read More »
There have been a number of developments in immigration laws and policies this year which have and will impact international and local businesses in Bermuda.
The Incentives for Job Makers Act 2011(59 KB PDF) came into force in 2012 which introduced changes to the Economic Development Act 1968 (“the EDA Act”) and the Bermuda Immigration and Protection Act 1956 (“the Immigration Act”). Essentially, under these amendments, a qualifying company is able to apply for section 3(B)(2) designation under the EDA Act. If granted such designation, the company is able to make application(s) under section 5 of the EDA Act whereby senior executives can obtain exemptions from work permit requirements as set out in the Immigration Act. Thereafter, if various requirements and qualifications are met by the company and senior executive, the senior executive can apply for a permanent residency certificate under the Immigration Act. Read More »