開曼群島議會頒布了《2024年永續（修正）法案》（以下簡稱《法案》），取消了管轄範圍內普通信託的反對永續的規則。
該法案於2024年8月22日生效。此前，普通信託受《永續法》（1999年修訂）管轄，該法規定普通信託受150年永續期的約束。信託資產必須在此期限內分配，否則信託資產將無效。特殊信託，替代制度信託（STAR 信託）不受此規則約束，因此仍然不屬於該法案的範圍。
修正案生效後設立的信託可以無限期存續，而不是之前的150年限制。此外，該法案允許非開曼群島無限期信託採用開曼群島法律作為其管轄法律。
該修正案不會自動適用於該法案生效之前設立的信託；然而，當事人可以向開曼群島大法院（以下簡稱「大法院」）申請撤銷該規則或延長信託期限。
對於預先存在的信託，要求不適用該規則時，申請必須由受託人、委託人、執行人或任何在信託下擁有權力或受益權的人提出。大法院必須確信該申請不會損害信託受益人，且與開曼群島土地或其中權益的處置無關。
Cayman Islands perpetuities rule now in force
The Cayman Islands parliament has enacted the Perpetuities (Amendment) Act 2024 (the Act), removing the rule against perpetuities for ordinary trusts in the jurisdiction.
The Act came into force on 22 August 2024. Previously, ordinary trusts were governed by the Perpetuities Act (1999 Revision), which provided that they were constrained by a 150-year perpetuity period. Trust assets would have to be distributed within this time limit, failing which they would be void. Special trusts alternative regime trusts (STAR trusts) were exempt from this rule and so continue to be outside the scope of the Act.
Trusts established after the amendment has been brought into force can last indefinitely, rather than the previous limit of 150 years. Further, the Act allows non-Cayman Islands trusts of unlimited duration to adopt Cayman Islands law as their governing law.
The amendment does not automatically apply to trusts established before the Act comes into force; however, parties can apply to the Grand Court of the Cayman Islands (the Grand Court) for the rule to be disapplied or to extend the trust period duration.
For a pre-existing trust to request the disapplication of the rule, the application must be made by a trustee, settlor, enforcer or any person with powers or a beneficial interest under the trust. The Grand Court must be satisfied that the application is not detrimental to the trust beneficiaries and that it is not in relation to disposition of Cayman Islands land or an interest therein.
Sources:
• Bedell Cristin
• Ogier
• Mourant
• Cayman Islands government (PDF)