Government has signed a memorandum of understanding with the Emirates Family Office Association to bring a branch of the association to Bermuda within the next 12 months.

The agreement is part of moves to promote Bermuda as a prime jurisdiction for family office business, an area of financial services that Bermuda wants to develop.

The authorities are launching a new family office framework through the Economic Development Department to attract high-net-worth family offices in alignment, the government said, with their Economic Development Strategy.

In boosting Bermuda’s financial services sector, the government credited the Ministry of Economy and Labour for a strategic effort to position Bermuda as a global hub for family offices.

The ministry said the EFOA represents family offices located in the Middle East, and is backed by Abu Dhabi Global Market, one of the world's leading free zones based in Abu Dhabi, United Arab Emirates.

The EFOA announced the MoU during Abu Dhabi Finance Week, the leading investment summit in the Middle East and North Africa hosted by ADGM.

The government statement said: “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.”

Jason Hayward, the Minister of Economy and Labour, emphasised the importance of the 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 said: “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 Government said it intends to provide family offices support, including tailored concierge services, streamlined immigration and investment processes, and a robust yet flexible regulatory environment.