Abstract
In December 2006, following the successful introduction of purpose trusts and foundations 2 years earlier, The Bahamas government, in line with its policy of developing products and services for the private client, announced the passing of legislation to facilitate the use of private trust companies (‘PTCs’) in the jurisdiction. The legislation took the form of amendments to the Banks & Trust Companies Regulations Act, 2000, exempting PTCs from its rigorous licensing requirements under that Act, while appropriately regulating the limited activities of such companies. A PTC can act as a trustee of a specific trust or a group of trusts established by one or more members of a particular family. The PTC can be a company governed by the International Business Companies Act, 2000 or the Companies Act, 1992. ... ... ...
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