Bermuda - Market OpportunitiesBermuda - Market Opportunities
Bermuda’s advantages include a relatively stable, democratic government; low personal and corporate taxes; a pool of skilled professionals; and extensive air and communication networks – especially for business travel. Its currency, the Bermuda dollar, is pegged one-to-one to the U.S. dollar.
As a UK Overseas Territory, Bermuda’s legal system is grounded in UK law. Its legal, regulatory, and accounting systems generally adhere to high ethical and transparency standards. It effectively and impartially enforces its laws to combat money laundering. The local banks offer full international banking, investment, and fiduciary services. Major international accounting firms are well represented in Bermuda. Local law firms have extensive experience in the incorporation and administration of local and foreign undertakings.Bermuda law recognizes and enforces secured interests in property, both movable and real. The GOB‘s policies facilitate the free flow of financial resources in the product and factor markets, and the U.S. Securities and Exchange Commission recognizes the Bermuda Stock Exchange (BSX) as a “Designated Offshore Securities Market.” There have been no recent incidents of political violence in Bermuda, although several strikes and non-violent, labor-related marches on Parliament occurred during 2015 and 2016.In March 2016, the People’s Campaign for Equality, Jobs and Justice - a coalition of labor unions and religious organizations formed in May 2014 to represent those suffering from the recession – called for an island-wide withdrawal of labor on March 11, which impacted public transportation and garbage removal that day and halfway through the following week, as a show of solidarity against the proposed Bermuda Immigration and Protection Act 2016. The proposed law would grant status and permanent residency to current non-Bermudian residents who have lived in Bermuda for at least 20 or 15 years, respectively. The Government withdrew the proposed legislation in the face of the protests and will attempt to address the less controversial parts of the proposal in a piecemeal fashion and with more consultation with the opposition and public.
In July, 2012, the GOB eased foreign ownership restrictions by allowing companies listed on the BSX to apply for a license to seek foreign investment over and above the forty percent maximum foreign ownership. Previously, foreign investors interested in doing business in Bermuda had to adhere to the 60/40 rule whereby Bermudians own at least sixty percent of the shares, exercise at least sixty percent of the total voting rights, and make up at least sixty percent of the directors of a company.
The Bermuda Business Development Agency operates a concierge service to facilitate and expedite international company formation. The Bermuda Tourism Authority has formed a tourism investment division to support investors interested in doing business in Bermuda.
As a UK Overseas Territory, Bermuda’s legal system is grounded in UK law. Its legal, regulatory, and accounting systems generally adhere to high ethical and transparency standards. It effectively and impartially enforces its laws to combat money laundering. The local banks offer full international banking, investment, and fiduciary services. Major international accounting firms are well represented in Bermuda. Local law firms have extensive experience in the incorporation and administration of local and foreign undertakings.Bermuda law recognizes and enforces secured interests in property, both movable and real. The GOB‘s policies facilitate the free flow of financial resources in the product and factor markets, and the U.S. Securities and Exchange Commission recognizes the Bermuda Stock Exchange (BSX) as a “Designated Offshore Securities Market.” There have been no recent incidents of political violence in Bermuda, although several strikes and non-violent, labor-related marches on Parliament occurred during 2015 and 2016.In March 2016, the People’s Campaign for Equality, Jobs and Justice - a coalition of labor unions and religious organizations formed in May 2014 to represent those suffering from the recession – called for an island-wide withdrawal of labor on March 11, which impacted public transportation and garbage removal that day and halfway through the following week, as a show of solidarity against the proposed Bermuda Immigration and Protection Act 2016. The proposed law would grant status and permanent residency to current non-Bermudian residents who have lived in Bermuda for at least 20 or 15 years, respectively. The Government withdrew the proposed legislation in the face of the protests and will attempt to address the less controversial parts of the proposal in a piecemeal fashion and with more consultation with the opposition and public.
In July, 2012, the GOB eased foreign ownership restrictions by allowing companies listed on the BSX to apply for a license to seek foreign investment over and above the forty percent maximum foreign ownership. Previously, foreign investors interested in doing business in Bermuda had to adhere to the 60/40 rule whereby Bermudians own at least sixty percent of the shares, exercise at least sixty percent of the total voting rights, and make up at least sixty percent of the directors of a company.
The Bermuda Business Development Agency operates a concierge service to facilitate and expedite international company formation. The Bermuda Tourism Authority has formed a tourism investment division to support investors interested in doing business in Bermuda.
In early 2014, the GOB announced plans to privatize, mutualize (a form of privatization in which employees are shareholders), and/or outsource non-core government functions, but has done little to implement those plans. So far, it has signed an exclusive agreement with the semi-public Canadian Commercial Corporation to build a new USD 200 million airport terminal pursuant to a public-private partnership to be financed by future airport revenues.
Prepared by our U.S. Embassies abroad. With its network of 108 offices across the United States and in more than 75 countries, the U.S. Commercial Service of the U.S. Department of Commerce utilizes its global presence and international marketing expertise to help U.S. companies sell their products and services worldwide. Locate the U.S. Commercial Service trade specialist in the U.S. nearest you by visiting http://export.gov/usoffices.