Mr. Speaker and Honourable Members,

I stand before this Honourable House to introduce Bermuda’s framework of solutions for family offices.

Mr. Speaker, today marks a significant moment for Bermuda, where our storied heritage converges with new opportunities for partnerships and investment. As we forge ahead with implementation of our national Economic Development Strategy, we are also delving into the rich tapestry of Bermuda's history and how it intertwines with the present framework for family offices.

Mr. Speaker, for the benefit of the listening audience, I want to point out that, in its simplest form, a family office is a private business established for the benefit of a family of significant wealth. With a heavy focus on private wealth management, family offices manage key areas of family assets such as securities and investment funds, real estate holdings, tax matters, and estate management.

Family offices also serve as the central hub for a family’s legacy, governance and succession, and often support the education and development of family members, coordinate communications and resolve issues within the family enterprise. Family offices also facilitate charitable and philanthropic activities that help sustain a family’s legacy.

Many influential figures use family offices as a way to manage their wealth while also driving their philanthropy. Examples of influential people whose family offices have helped shape their enduring legacies and act as a catalyst for changes in society and economy are Michael Jordan, Oprah Winfrey and Bill Gates.

Mr. Speaker, the framework for family offices in Bermuda showcases the intricate blend of finance, legislation, innovation, and community that defines our beloved island. Throughout history, Bermuda’s location in the heart of the Atlantic Ocean has necessitated a commitment to finding ways to connect with and engage in market activities with people and businesses far beyond our shores.

Bermuda has done this by becoming a cradle of financial innovation, a fortress for legacy preservation, and a beacon of philanthropy and sustainability. Over a century ago, Bermuda thrived as a hub of maritime trade. As economic tides shifted, we adapted, transitioning into a stronghold for insurance and reinsurance—a pivotal moment that laid the groundwork for our future endeavors as an international financial center.

Today, Mr. Speaker, Bermuda boasts an attractive framework for family offices that stands out against other jurisdictions. Our strong asset protection, tax efficiency, political stability and well- defined regulatory regimes are just some of the ways in which Bermuda has set itself apart from its competitors.

Our framework includes a unique mixture of a best-in-class financial services regulatory regime that facilitates access to investment opportunities in cutting-edge digital assets, emerging technologies and innovative insurance solutions. Government support further enhances the family office framework.

Concierge services, incentives to support economic investment and residency, streamlined processes and expedited approvals will help ensure a smooth transition for family offices establishing or expanding their presence on the island. The Government also remains committed to working with private sector experts to update and introduce new legislation and products to attract and support Bermuda business.

Mr. Speaker, all of this combined with our natural beauty and rich culture presents a complete ecosystem for family offices.

So, Mr. Speaker, why has this Government focused on attracting and supporting family offices? Well, the answer is simple. Economic growth.

Family offices invest both globally and locally in areas where the administrative office and primary family members reside.  In recent years, investment trends of family offices have included increased venture capital investments in startups and small businesses, ESG (environmental, social and governance) and impact investing, as well as increased investments in real estate, property redevelopment and infrastructure improvements.