How has the Trustees Act impacted the marketing of trust services in The Bahamas?

Category: Trust Services

Answer:

The Trustee Act 1998 completely amended and updated trust laws in The Bahamas. The Law clarifies the types of investments that Trustees may make; the powers that Settlors may retain without running the risk of invalidating the trust; the types of information to which beneficiaries are entitled; and the types of actions that may be taken by Protectors without running the risk of being found to be acting in a fiduciary capacity. This has been particularly important as offshore banks increasingly feature a trust side to their organisations. Responding to their clients' needs, banks are becoming more and more engaged in private banking and asset protection/asset management services.