On 22 August 2024, the playuzu casino slots (Amendment) Act, 2024 came into effect (the “Amendment”). The Amendment is a welcome enhancement to the playuzu casino slots Islands trust and estate planning sector as it abolishes the mandatory perpetuity period of 150 years for playuzu casino slots law ordinary trusts (except for trusts holding land or interests in land situated in the playuzu casino slots Islands). The effect of this is that such trusts can now last indefinitely. Previously, ordinary trusts that were established in the playuzu casino slots Islands were required to vest within a 150 year perpetuity period.
In respect of existing ordinary trusts, it is possible for the trustees of the trust (amongst others) to apply to the Grand Court of the Cayman Islands to disapply the rule against playuzu casino slots, the effect of which will be that such trusts can last indefinitely.
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