Private Trust Company (PTC) legislation is now fully in force in The Bahamas. The legislation which was passed by the House of Assembly on October 18, and the Senate on November 8, has been duly Gazetted and brought into force. See link below to access the Legislation feature of BFSB’s website, where you can download copies of the relevant legislation:

* The Banks & Trust Companies Regulations (Amendment) Act, 2006

* The Central Bank of the Bahamas (Amendment) Act, 2006

* The Banks & Trust Companies (Private Trust Companies) Regulations, 2007

The Central Bank of the Bahamas has issued "General Information and Application Guidelines for Private Trust Companies and Their Registered Representatives".

Under the legislation a Bahamian PTC, like other structures such as foundations, will not require regulatory approval. The PTC need only arrange its affairs with a regulated Bahamian service provider, such as 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.

This feature distinguishes the Bahamian PTC from those that are available in other jurisdictions and allows for exclusive interaction between the client and its service provider without additional regulatory involvement. As a result, client information need only be delivered to the offices of the client’s service provider. The role and responsibility of the service provider, or Registered Representative as they are termed, are clearly set out in the legislation.