This Act regulates certain aspects of trusts, i.e. a legal relationship created, either inter-vivos or on death in which assets are placed under the control of a trustee for the benefit of a beneficiary or for a specified purpose. Matters regulated include: governing law; capacity to create trusts; and jurisdiction of the Supreme Court. One Part of the Act is dedicated to special purpose trusts, i.e. trust created for a non-charitable purpose or purposes. No interest in land in Bermuda shall be held, directly or indirectly, in a purpose trust.
Amended by: Trusts (Special Provisions) Amendment Act 2014 (No. 22 of 2014). (2014-07-16)
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Bermuda was first settled in 1609 by shipwrecked English colonists heading for Virginia. Self-governing since 1620, Bermuda is the oldest and most populous of the British overseas territories. Vacationing to the island to escape North American winters first developed in Victorian times. Tourism continues to be important to the island's economy, although international business has overtaken it in recent years. Bermuda has also developed into a highly successful offshore financial center. A referendum on independence from the UK was soundly defeated in 1995.