BAHAMAS Trends and Developments Contributed by: Michaela Sumner-Budhi, Nia Rolle-Campbell and Eryn Wilmott, GrahamThompson
Conclusion More broadly, the introduction of usufruct says some - thing important about the direction of the Bahamian private client industry itself. International financial cen - tres are increasingly competing on tax neutrality or technical expertise, as well as their ability to accom - modate different legal traditions and different types of international families. The jurisdictions likely to remain competitive over the next decade are those capable of operating comfortably across both common law and civil law concepts. The Bahamas is positioning itself accordingly. Importantly, this does not represent a departure from the jurisdiction’s traditional strengths. The usufruct does not replace trusts. It is expanding the language of estate planning in The Bahamas. The trust industry remains central to Bahamian private wealth planning and will continue to be for the foreseeable future. What has changed is that advisers now have greater flexibil - ity in how they structure succession arrangements for internationally connected families. As wealth becomes increasingly international, increasingly digital and increasingly multi-generational, that flexibility is likely to become far more valuable than rigid adherence to any single legal tradition.
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