Bahamas: Offshore Trusts Guide
2006 Private Trust Companies Legislation
In November, 2006, it was announced by the Bahamas Financial Services Board that comprehensive new Private Trust Companies legislation had passed both houses of parliament.
Under the legislation, a Bahamian PTC, like other structures such as foundations, does not require regulatory approval. The PTC need only to arrange its affairs with a regulated Bahamian service provider or Registered Representative.
A Registered Representative, as defined in the legislation, is a bank or trust company or a licensed financial and corporate services provider approved by the Central Bank of the Bahamas for the provision of these services.
The BFSB says that this feature distinguishes the Bahamian PTC from those that are available in other jurisdictions, and allows for exclusive interaction between the client and its Registered Representative without additional regulatory involvement. As a result, client information need only be delivered to the offices of the client’s service provider.