Legislation currently going through parliament in the Bahamas could revolutionise the cost of, and the bureaucracy involved in, managing offshore trust structures. For the first time legislation has been drafted to create a perpetual entity to carry out executive functions, while at the same time giving the officers of the entity limited liability.
The concept was developed while reviewing a client’s trust structure.
The legislation is now before the Bahamas parliament. However, it has already attracted interest from families asking for reviews of their trust structures to improve the cost and bureaucracy of their wealth ownership structures, and to make governance more balanced as well as robust against attack from outside or inside.
