Minister Hayward Speaks At STEP Conference
Minister of Economy and Labour Jason Hayward addressed the STEP Bermuda Conference 2024, “reaffirming Bermuda’s world-class reputation in trusts, estates, and wealth management.”
A spokesperson said, “The conference held on October 15-16th at the Bermuda Under Water Exploration Institute [BUEI] offers a unique opportunity to gain cutting-edge insights and expert perspectives in trusts, estates, and wealth management from 150 industry leaders, innovators, and practitioners.
“Bermuda has evolved into one of the most respected international financial centres built through rigorous regulatory standards, a commitment to transparency, and the ability to adapt to the shifting global economic landscape. Bermuda’s regulatory environment meets the highest standards, ensuring we maintain our position as a premier jurisdiction of choice for high-net-worth individuals and multinational corporations.
“Reaffirming the island’s long-standing reputation as a world-class centre for trust services, financial innovation, and expertise, the Minister of Economy and Labour, the Hon. Minister Hayward JP, MP, highlighted Bermuda’s:
“Financial Leadership: Recognized as a leading international financial centre, built on high regulatory standards, transparency, adaptability to the global economic landscape and a premier jurisdiction for high-net-worth individuals and multinational corporations.
“Family Office Solutions Framework: Bermuda provides a comprehensive platform that leverages the island’s legal and regulatory systems and tax-neutral environment while balancing regulatory oversight with flexibility. It ensures privacy, stability, and asset protection for ultra-high-net-worth families and offers wealth management, succession planning, and investment solutions.
“Economic Investment Residential Certificate [EIRC] Programme: This programme aligns with the Family Office Solutions Framework to create a seamless ecosystem for wealthy individuals seeking to live, work, and invest in Bermuda by making significant contributions to Bermuda’s economy to qualify for long-term residency. It has attracted over $500 million in local businesses and real estate investments.
“Jurisdiction of Choice: The government recognizes the importance of trust professionals in maintaining Bermuda’s global leadership in estate planning and remains committed to being a jurisdiction of choice with a robust legal framework, expert workforce, and a responsive government.”
The Minister’s full statement follows below:
Good morning, ladies and gentlemen, masters of industry, and friends of Bermuda.
It is a pleasure to welcome you all to this year’s STEP Bermuda Conference. This gathering represents a significant moment for our jurisdiction and the global trust and estate planning industry. As a jurisdiction, Bermuda has a long-standing reputation as a world-class centre for trust services, financial innovation, and expertise, and your presence here today reaffirms the island’s role as a leader in this sector.
Bermuda’s Financial Landscape
Over the years, Bermuda has evolved into one of the most respected international financial centres. We have built this reputation through rigorous regulatory standards, a commitment to transparency, and our ability to adapt to the shifting global financial landscape. Bermuda’s regulatory environment continues to meet the highest standards, ensuring we maintain our position as a premier jurisdiction of choice for high-net-worth individuals and multinational corporations alike.
As the Minister responsible for the Ministry of Economy and Labour, I want to emphasize our government’s commitment to supporting this vital industry. We fully recognize the critical role that the trust and estate planning sector plays in both our local and global economies. Your work not only helps manage and preserve wealth across generations but also supports charitable initiatives and contributes to global economic stability.
Bermuda Family Office Solutions Framework
One of the most exciting developments in our commitment to growing Bermuda’s wealth management sector is the Bermuda Family Office Solutions Framework. This initiative is designed to cater to the bespoke needs of ultra-high-net-worth families, offering a robust and tailored environment for managing family wealth, succession planning, and investments.
The Bermuda Family Office Solutions Framework offers a comprehensive and flexible platform for family offices to establish operations, leveraging our world-class legal and regulatory systems, tax-neutral environment, and access to expert service providers. It is designed to meet the unique financial, personal, and charitable needs of ultra-high-net-worth individuals and their families.
Recognizing that family offices are seeking not only secure jurisdictions but also responsive governments that understand the challenges of managing intergenerational wealth, Bermuda is well-positioned to meet these needs and to establish itself as a global leader in family office services.
This framework exemplifies Bermuda’s adaptability, balancing regulatory oversight with the flexibility required by family offices. By providing greater clarity and certainty, the legislative framework ensures that families have the stability, privacy, and asset protection they seek, alongside access to top-tier financial and legal professionals. Bermuda has become an increasingly attractive option for families looking for a secure and responsive jurisdiction.
As the demands of high-net-worth families grow more complex, Bermuda remains committed to continuously evolving its legislation, ensuring it remains forward-thinking and adaptable to global trends. This commitment further solidifies Bermuda’s position as a premier jurisdiction for family offices, providing an environment where families can thrive and manage their wealth with confidence.
Economic Investment Residential Certificate [EIRC] Programme
Bermuda’s Economic Investment Residential Certificate [EIRC] Programme is a key element in our strategy to attract international investment and talent. The programme enables individuals who make significant economic contributions to Bermuda, whether through investments in local businesses, real estate, or charitable initiatives, to qualify for long-term residency. By offering this opportunity, the EIRC Programme not only encourages financial growth but also invites individuals and families to actively participate in and contribute to Bermuda’s economy and community.
The EIRC Programme provides a pathway for high-net-worth individuals and their families to call Bermuda home while actively contributing to our economy and community. It is not just about residency; it is about creating opportunities for individuals to engage with and invest in Bermuda’s future, all while benefiting from the island’s safety, stability, and sophisticated infrastructure.
By aligning the Family Office Solutions Framework with the EIRC Programme, Bermuda offers a seamless ecosystem for wealthy individuals and families who seek to live, work, and invest in a secure, transparent, and welcoming jurisdiction.
Since its launch in 2021, the EIRC programme has achieved notable success, resulting in over 500 million dollars in investments in local businesses and real estate.
The government recognizes the long-term growth potential of this initiative, as more affluent individuals and families discover the advantages of living and investing in Bermuda’s well-regulated, business-friendly environment.
Bermuda: A Jurisdiction of Choice
In closing, I want to emphasize that Bermuda remains committed to being a jurisdiction of choice. Our strong legal framework, expert workforce, and responsive government continue to attract businesses and investors who seek security, transparency, and excellence. The Bermuda government is committed to fostering an environment where businesses can thrive and where trust professionals can consistently deliver outstanding services.
I would like to extend my gratitude to all the attendees and participants of this year’s STEP Bermuda Conference for your continued trust in Bermuda. Your commitment to excellence in trust and estate planning is what enables Bermuda to stand tall as a global leader in this field. We look forward to continuing our partnership to ensure that Bermuda remains a beacon of trust, integrity, and innovation.
Thank you, and I wish you a productive and successful conference.
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