Bermuda sees itself as a wealth management industry centre, the Minister of Economy and Labour has said.

To make this happen, Bermuda wants to offer an enhanced framework with enhanced services, Jason Hayward told trust industry professionals at the Step Bermuda Conference 2023.

“We have streamlined application and reporting processes, making Bermuda more user-friendly for family offices,” he said.

Mr Hayward added that Bermuda is “actively working” to introduce public benefit companies.

“PBCs are an innovative option for social impact investing and environmental, social and governance initiatives,” he said, adding that Bermuda has it all.

“We understand the importance of a protective, reliable, responsive trust framework,” he said. “Our trust laws provide legal certainty and substantial flexibility for settlors, trust professionals and courts.”

Mr Hayward said Bermuda has long been an attractive destination for the high-net-worth services industry.

“We were one of the first international trust jurisdictions and remain a premier jurisdiction for trusts, family offices, high-net-worth individuals and other private-client structures,” he said.

The conference explored the ever-evolving landscape of trust and estate planning, tax laws, asset protection and estate administration.