Trust: Bermuda: sourced answers
2 answers to specific questions — each with a verbatim quote from an official source and a link to it.
Every answer is checked against a verbatim quote from a stored copy of its source and has passed an independent review. This is reference information, not legal advice: rules change, and the outcome depends on your circumstances.
Trust: supplement to the legal-form questionnaire
May a private trust company (PTC) act as trustee without its own trust licence
exempt under the Trusts (Regulation of Trust Business) Act 2001 where it serves only specified trusts
«3 (1) A trust company is exempted from the requirements of section 9 of the Act if it is authorised to provide the services of a trustee only to the trusts specified— (a) in its memorandum of association; or (b) in the case of an overseas company, in its permit; and to such other trusts as the Minister may approve from time to time (“an exempted company”). (2) An exempted company shall— (a) within three months of the date of coming into force of this Order; or (b) in the case of a company which has been registered or granted a permit under the Companies Act 1981 after the date of coming into force of this order, within three months of its registration or the grant to it of a permit, notify the Authority in writing that it qualifies for an exemption by virtue of the restriction specified in subparagraph (1) and give to the Authority particulars of the nature and scope of its trust business. (3) An exempted company shall notify in writing the Authority of any change in the nature and scope of the trust business that has been approved by the Minister as soon as practicable after approval. …»
Source: cdn.bma.bm · source copy as of 2026-10-03
Which authority licenses and supervises trustees
BMA under the Trusts (Regulation of Trust Business) Act 2001
«The Trusts (Regulation of Trust Business) Act 2001 (as amended) (“the Act”) came into force on 25 January 2002. The Act provides for a licensing regime for any person or entity (unless otherwise exempted) engaging in a trust business, as defined by the Act, either in or from within Bermuda. The Act replaces the Trust Companies Act 1991, and confers new regulatory and information gathering powers on the Bermuda Monetary Authority (“the Authority”). “Trust Business” is defined in section 9(3) of the Act as “the provision of the services of a trustee as a business, trade, profession or vocation.” The Act provides a statutory basis for regulating trust business in Bermuda, and provides the Authority with supervisory powers to obtain information from institutions necessary to conduct its supervision.»
Source: bma.bm · source copy as of 2026-10-03
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