Family office in Bermuda: trusts, private trust companies and BMA-supervised investment structures

Bermuda has served international families since the mid-twentieth century and remains one of the leading jurisdictions for trusts, captive insurance and reinsurance. Its attractions for a family office are a sophisticated court system with appeals to the Privy Council, trust legislation that has been modernised repeatedly, an experienced local professional community, a regulator with a strong international standing, and a location a short flight from New York, Boston and Toronto. The Government has published a family office framework that maps the vehicles available and promises concierge-style processing through the Bermuda Business Development Agency for family office registrations, work permits and BMA applications.

Trusts are the centre of most Bermuda family structures. The Trustee Act 1975 gives broad investment powers, while the Trusts (Special Provisions) Act 1989 permits non-charitable purpose trusts, protects trusts from foreign forced heirship and matrimonial claims through firewall provisions, and allows settlors to reserve powers without invalidating the trust. The Perpetuities and Accumulations Act 2009 removed the perpetuity period for trusts created after it came into force, other than for Bermuda land, which is limited to 100 years, so dynasty trusts can run indefinitely. A common pattern is a purpose trust that owns a private trust company, which in turn acts as trustee of the family's discretionary trusts, with family members and trusted advisers on the PTC board.

Trust business by way of business requires a licence under the Trusts (Regulation of Trust Business) Act 2001. A PTC that provides trustee services only to the trusts specified in its memorandum of association, or approved by the Minister, is exempt under section 3 of the Exemption Order. The directors must notify the BMA, and the PTC must file an annual declaration by 31 March each year confirming that it still qualifies; if its business changes, it must re-notify or apply for a licence. Investment activity is governed by the Investment Business Act 2003 as amended with effect from 27 July 2022. Persons carrying on investment business in or from Bermuda need a standard or test licence unless an exclusion applies or they fall within a registration category: Class B registered persons serve only high-income, high-net-worth or sophisticated investors and funds, or fewer than 20 persons without offering services to the public, and must keep a principal place of business in Bermuda, file annual returns and appoint an auditor. A family office that manages only its own group's assets will often rely on exclusions; one that advises individual family members for remuneration should assess Class B status, and an office serving unrelated families needs a licence.

Bermuda's transparency regime has strengthened significantly. Under the Beneficial Ownership Act 2025, amended in September 2026, Bermuda legal persons must hold beneficial ownership information and file it with the Registrar of Companies, which now keeps the central register in place of the BMA. The register is not public: access is limited to competent authorities, obliged entities and persons with a legitimate interest in combating financial crime. Entities owned through a licensed trustee or through a PTC with a licensed corporate service provider or trustee appointed for compliance can be exempt from filing but must still keep the information and appoint a BMA-regulated contact person. Bermuda applies CRS and FATCA, the Economic Substance Act 2018 for relevant activities, and AML/CFT under the Proceeds of Crime Act 1997 and related regulations. For families who want to live on the island, the Economic Investment Residential Certificate grants residence to those making a qualifying investment of at least BMD 2.5 million.