Author: MJM Limited

20 Jun 2013

-A non-Bermudian can only buy a property in Bermuda if they have acquired a licence to do so. This involves applying to the Minister of National Security and paying an application fee which is approximately $1,500 and is refunded if the licence is granted. Once the licence is granted the licensee may purchase a property in Bermuda subject to certain restrictions. Not all property on the market in Bermuda is available to the licensees, and roughly only 5% of the market is accessible. These are generally houses that start at $3.5 million and condominiums that start at around $800,000. The houses must have a minimum ARV (Annual Rental Value) of $177,000 and the condos must have an ARV of at least $32,400 in order to be extended to non-Bermudians. Undeveloped land is not available to non-Bermudians and they are restricted from renting or subdividing the property which they have acquired.
16:23 / Bermuda Government / Property Law
21 May 2013

Litigation surrounding Wills is steadily on the increase. In particular, issues of disputed testamentary capacity are becoming more frequent and as such, attorneys must be extremely cautious when taking Will instructions from individuals. What does this mean? Disputes involving lack of testamentary capacity refer to those that have to do with the determination of the mental state of the testator. When an attorney drafts a Will, he or she has the duty to be aware of the client’s competency, to ascertain whether the client is being subjected to undue influence and to make a reasonable assessment of the mental capacity of the client. An attorney should not draft a Will for a client unless the attorney believes that the client has testamentary capacity and a full comprehension of the nature and extent of the estate that he or she is distributing.
16:27 / Litigation & Dispute Resolution / Wills, Trusts & Estates
14 May 2013

In my earlier post Bermuda Calling: Telecommunications Reform & Investment Opportunity, I described how telecommunications in Bermuda is undergoing root and branch reform with a view to not only making the industry more competitive but more attractive to investors. The overhaul in telecommunications, following extensive consultation with stakeholders, is embodied in two key pieces of legislation, the Regulatory Authority Act 2011 and the Electronic Communications Act 2011, both of which have become the twin foundation of Bermudian Regulatory Reform in the Telecommunications sector. Now, an update: On the 18th March 2013, Digicel issued an initial complaint to the Regulatory Authority stating that North Rock is providing bundling services and should not be doing so until Integrated Communication Operating Licenses (ICOLs) are issued. The complaint was a result of the examination of North Rock’s advertising material and flyers and their marketing campaign entitled “Blazing Bundles”.
20:28 / Bermuda Case Law & Legislation / Bermuda Government / Company & Commercial Law
13 May 2013

This year’s event marked the seventh legal clinic that MJM Limited has hosted with Age Concern, a registered charity (#561) dedicated to meeting the needs of seniors in the local Bermuda community. Attendees were able to participate in a seminar on essential estate planning tools, which was led by MJM Director Hil de Frias, as well as attend interview sessions with individual attorneys from the firm. Here’s a short 6 minute video about the event: Age Concern Bermuda and MJM present the 2013 Annual Free Legal Clinic (video). Two of the more pressing items that were identified during this year’s legal advice sessions were Powers of Attorney and Wills. My colleague Emily Deane and I have written on Wills in recent posts Advantages of using an Attorney to prepare your Will and With a Will There is a Way so this article will focus on the value of Powers of Attorney.
03:28 / Family Law / MJM Barristers & Attorneys / Wills, Trusts & Estates
03 May 2013

It is essential that every individual, regardless of age, makes their own Will. If you die without making a Will then you die intestate which means that a court can distribute your assets in accordance with the law at that time. This may result in your home and hard earned investments being distributed to siblings, cousins, even further removed relatives or the Bermuda Government! It is fundamental that you make a Will in order to maintain control over your assets even when you have passed. There are a few options when contemplating making your Will.
13:10 / Wills, Trusts & Estates
22 Apr 2013

Bermuda is emerging as a leader in the global insurance linked securities (ILS) market, just three years after ILS were first listed on the Bermuda Stock exchange. This is no small achievement for Bermuda, which will further make its mark on the world stage when it plays host to the global ILS conference, Convergence 2013, in November.  What sets Bermuda apart? According to Dr. Grant Gibbons, Minister for Economic Development, Bermuda’s success can be attributed to having the right mix of several critical factors at the right time. “A combination of intellectual capital, leading investor and reinsurance marketplaces, a tried and tested approach and the right listing and regulatory backdrop”, explained Dr. Gibbons, “[all] provide for optimal conditions and competitive advantage for transacting insurance-linked deals”. Bermuda is one of the world’s largest reinsurance markets, hosting some 1,400 insurance companies with total assets of approximately $442 billion. The Island has over three decades of experience in providing sophisticated insurance solutions to a global client base and as host of the global ILS conference in November, Bermuda will see insurance and reinsurance companies, investors, sponsors, securities firms and investment banks, asset managers, regulators and service providers congregate to network and discuss the industry’s most strategic opportunities and pressing challenges.
15:43 / Company & Commercial Law / Insurance
15 Apr 2013

Death is a subject most of us prefer not to talk about — especially our own. For this reason the same holds true for wills. As an attorney though, it is my duty to advise you that making a will is something you ought to face up to — and in this article I am going to tell you why. A will is a vital instrument in your trove of estate planning tools as you grapple with planning for your family after your death and estate planning is critical as you undertake new responsibilities, acquire new assets or your family structure changes. In the absence of having a will, the law, by way of the Succession Act 1974, will decide what happens to your real and personal property (your “Estate”). In the event you do not wish your Estate passing to a particular family member (in default of a will) or you wish to ensure it passes to a person or persons, having a will in place will allow you to spell out exactly how your Estate will devolve.
16:35 / Family Law / Wills, Trusts & Estates