Bermuda-registered trusts set up after 1 August will no longer be required to limit their lifespan to 100 years, whether they are trusts for beneficiaries or charities and non-charitable purposes, after lawmakers in the jurisdiction scrapped a rule late in May.

The Bermuda Parliament has passed the Perpetuities and Accumulations Act 2009, which repeals the rule against perpetuities for Bermuda law trusts, save in respect of Bermuda real estate.

Lawyers at Conyers Dill & Pearman, which advises on laws of the Cayman Islands, Bermuda, British Virgin Islands and Mauritius, said Bermuda’s move will make the island more attractive to wealthy families.

Under the change, trusts already in existence on 1 August will be able to apply to the Bermuda court for an extension of their trust period.