The Bill is designed to give effect to anticipated changes to the perpetuity period as well as to abolish a rule against accumulation for all non-charitable trusts.
The amendment comes after a long-term consultation between the Gibraltar Government and the industry seeking to ensure Gibraltar's competitiveness in the private client context of the financial services industry.
The Bill provides for instruments executed on or after the commencement date to specify a perpetuity period of up to two hundred and fifty years. The Bill also provides that instruments created prior to the commencement date may specify a perpetuity period to up to two hundred and fifty years upon execution of a deed.
The amendment and the Bill will further enhance the jurisdiction of Gibraltar.