A new legal entity making it easier for family members to manage
offshore trusts has been passed into law in the Bahamas, as
proposed by international law firm Lawrence Graham.
The officers of Bahamas Executive Entities
(BEEs) will benefit from limited liability, meaning that the
trust’s founder’s family members and advisers, who may have been
reluctant to take on a fiduciary role with personal liability, will
be able to take up the positions.
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Officers’ details will not be public in the
Bahamas and there is no requirement for a Bahamian resident to sit
on the board.
The perpetual entities will carry out
executive functions and will possess neither shareholders,
beneficiaries, enforcers nor any funds beyond those required for
its executive functions.
BEEs will be able to act as shareholder of a
private trustee company or as a protector, enforcer, advisory
board, corporate director or reserved powers holder or to carry out
family office style administrative functions.
In February Private Banker
International carried details of the proposals from Rose
Chamberlayne, a senior LG associate involved in their drafting.
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