Good morning, ladies and gentlemen, esteemed colleagues, and friends of Bermuda.
It is a pleasure to welcome you all to the 2025 STEP Bermuda Conference. Each year, this gathering provides an invaluable opportunity for our trust and wealth management community, both here in Bermuda and globally, to share insights, strengthen relationships, and explore the trends shaping the future of this sector.
Bermuda continues to be recognised as one of the world's foremost international financial centres, built on a foundation of innovation, integrity, and sound governance. STEP Bermuda has been integral to this success, creating a forum where thought leaders can exchange knowledge and help shape the jurisdiction's continued evolution.
This year’s conference is especially significant. It comes at a moment when Bermuda has once again demonstrated its agility and leadership in reform. Two landmark pieces of legislation, the Benefit Entities Act and the Trustee Amendment Act, have been approved by both the House of Assembly and the Senate and received Governor’s Assent this month. Together, these measures represent the most meaningful modernisation of Bermuda’s company and trust law in recent years.
With these two Acts, Bermuda has risen to meet the demands of modern, responsible stewardship of wealth.
These reforms were achieved through a collaborative partnership between industry and the Government, strengthened by bipartisan support across Parliament.
In essence, these legislative reforms provide choice with clarity, enabling families, trustees, and corporations to adopt responsible and sustainable practices within existing frameworks, without imposing a one-size-fits-all model. They embody Bermuda’s approach: maintaining tradition while embracing progress.
…What do these reforms do?
First, the Benefit Entities Act introduces an opt-in framework for companies, limited liability companies, and limited partnerships that wish to embed responsible business practices and defined public benefits into their governance and decision-making, alongside financial performance.
This legislation empowers directors and managers to balance profit with purpose, providing legal certainty for those who want their enterprise to serve both private and public good.
Second, the Trustee Amendment Act brings targeted clarifications to the Trustee Act, enabling trustees to adopt investment strategies that reflect the wishes of settlors and beneficiaries regarding environmental and social outcomes, while staying within the boundaries of their fiduciary duties.
Together, these Acts support trustees, family offices, and corporate leaders who seek to align financial management with long-term stewardship. They strengthen resilience for family enterprises and help position Bermuda as a trusted home for sustainable wealth management.
With these reforms, Bermuda becomes the first offshore jurisdiction to modernise both corporate and trust law to reflect the evolving priorities of global families and institutions, and in the process add to our competitive edge.
This is a defining moment for our jurisdiction, one that reinforces Bermuda’s reputation for responsible innovation and measured reform.
You should know that our commitment to supporting family enterprises and intergenerational wealth management extends beyond legislative reform in the corporate and trust sectors to enhancement
The Government has also advanced initiatives that make Bermuda even more attractive to family offices seeking a stable, well-regulated, and welcoming home for their operations.
We are in the process of introducing a new work permit policy which includes elements tailored to family offices. The 2025 Work Permit Policy, which takes effect on 1 November, streamlines the process for high-net-worth families to establish offices in Bermuda, enabling them to recruit specialised talent efficiently while maintaining strong local employment standards. It reflects our goal of ensuring that Bermuda’s economy benefits from these globally mobile enterprises, while making it easier for families to bring the expertise and resources they require to operate successfully from our shores.
At the same time, we continue to progress the Bermuda Family Office Framework proposals, an initiative designed to establish a comprehensive and flexible structure for family offices. This framework will allow families to manage wealth, philanthropy, and succession planning from within a single, robust regulatory environment that provides both clarity and flexibility.
When fully implemented, the framework will provide a one-stop structure for families who want to operate in a secure jurisdiction that combines world-class legal expertise, tax neutrality, and a highly professional service ecosystem.
These developments, together with the Benefit Entities Act and Trustee Amendment Act, demonstrate how Bermuda’s policy agenda is designed to create an integrated ecosystem for modern wealth management: one that aligns innovation, integrity, and inclusivity.
Collectively, these initiatives send a powerful signal to the global market: that Bermuda is not only responsive to the needs of today’s clients, but proactive in anticipating tomorrow’s.
By combining regulatory clarity with practical flexibility, Bermuda continues to demonstrate leadership and adaptability. These two qualities matter deeply to international families and institutions making decisions about where to domicile their assets and operations.
These legislative and policy measures reaffirm Bermuda’s position as a jurisdiction of choice, trusted, progressive, and ready for the future.
Finally, reforms of this scale and significance are always collaborative.
I want to express my sincere gratitude to the industry members and working groups who contributed to the development of these initiatives:
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STEP Bermuda,
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The Bermuda Association of Licensed Trustees (BALT),
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The BDA Legal Focus Group, and
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The Trust Law Reform Committee.
Your expertise and collaboration ensured that these legislative reforms were thoughtful, well-calibrated, and aligned with Bermuda’s international reputation for excellence.
I also wish to acknowledge external counsel who provided technical and drafting expertise. Their input was invaluable in crafting legislation that meets global best practices while remaining true to Bermuda’s pragmatic style of lawmaking.
In closing, I would like to thank all of you — the organisers, speakers, and delegates of the 2025 STEP Bermuda Conference — for your leadership and dedication to advancing the global trust and wealth management profession.
Your continued collaboration is what ensures that Bermuda remains a trusted partner — a place where innovation thrives, professionalism endures, and opportunities are shared.
Together, through thoughtful reform and partnership, we are ensuring that Bermuda’s story continues to be one of excellence, resilience, and leadership.
Thank you, and I wish you all a productive and inspiring conference.