MOU With Emirates Family Office Association
“In a strategic effort to position Bermuda as a global hub for family offices, the Ministry of Economy and Labour’s recent Memorandum of Understanding [MOU] with the Emirates Family Office Association [EFOA] is a testament to the Ministry’s efforts in enabling a welcoming family office environment for global family offices,” the Government said.
A Government spokesperson said, “The EFOA represents family offices located in the Middle East. The EFOA is backed by Abu Dhabi Global Market [ADGM], one of the world’s leading free zones based in Abu Dhabi, United Arab Emirates.
“Under the terms of the MOU, the EFOA will establish a physical branch in Bermuda within the next 12 months. The EFOA announced this initiative during Abu Dhabi Finance Week, a leading investment summit in the Middle East and North Africa hosted by ADGM.
“Further strengthening this endeavour, the EFOA will send family office delegations as early as 2024 to explore the opportunities in Bermuda. The focus is to promote Bermuda as a prime jurisdiction for family offices, highlighting the benefits and support available for those looking to set up branches in Bermuda.”
The Minister of Economy and Labour Jason Hayward, emphasised the importance of this collaboration, “The introduction of a new family office framework lays the foundation for a thriving ecosystem for family office business in Bermuda. We believe these changes will greatly contribute to our economy, bringing financial capital, a wealth of knowledge, and global connections. The EFOA’s commitment to Bermuda is a testament to our efforts to establish Bermuda as one of the leading destinations for family offices worldwide.”
David Hart, CEO, Bermuda Business Development Agency [BDA] said, “The BDA has been a longstanding advocate for growing Bermuda’s high net worth services industry and has also provided the concierge services for Bermuda’s Economic Investment Residential Certificate [EIRC] programme since its inception in March 2021. Today’s news represents an exciting opportunity and the BDA welcomes EFOA to Bermuda. Many synergies already exist between Bermuda and the UAE, and the BDA looks forward to strengthening the economic ties between the two jurisdictions, particularly in the area of family offices.”
The spokesperson added, “The Government of Bermuda is dedicated to providing family offices with a supportive and progressive environment, including tailored concierge services, streamlined immigration and investment processes, and a robust yet flexible regulatory environment. The goal is to align with family offices’ unique requirements and long-term planning goals, thereby contributing to a dynamic and diverse economic landscape in Bermuda.
“For more information about the new family office framework and opportunities for family offices in Bermuda, email Ray Jones, Director, Bermuda Government Economic Development Department, at rsjones@gov.bm.”
