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08.06.2017 02:49 Age: 2 days

Cayman's pioneering position maintained in Trusts Law revision


The Cayman Islands' commitment to continued high standards of accessible offshore trusts legislation is maintained in the first full revision of the Cayman Islands Trusts Law since 2011, Henry Mander, partner and global head of the trusts team at Harneys, has stated.

What does it do?

'Along with provisions addressing certain powers and the appointment and discharge of trustees, the Amendment Law introduced a number of retrospective provisions with the objective of correcting technical issues in the original legislation,' Mander said.

The Trusts Law (2017 Revision) ensures that the islands remain a leading jurisdiction for all forms of trust structures, both in the private client and commercial contexts. Recent changes have modernised trusts law, including provisions addressing trustee powers, appointments and discharge.

Offshore trustee relief

Previously, trustees absent from the Cayman Islands for more than 12 months could be discharged and replaced. The Amendment Law removes this provision, to the relief of the sector. Many trustees of Cayman law trusts are based in financial centres outside of the Caymans.

A number of technical issues are also addressed relating to the proper discharge of trustees, covering complications where there is a retirement of a trustee with no simultaneous appointment of a new trustee.

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Cayman's pioneering position maintained in Trusts Law revision