Home HRPress and Media The Bermuda Angle, August/September 2020

The Bermuda Angle, August/September 2020

by admin

The Bermuda Angle, August/September 2020

August/September 2020

Welcome to The Bermuda Angle, the bimonthly round-up of international business news, views and events you need to know about from our world-leading financial jurisdiction.

Live in Bermuda and Work Remotely for a Year
Professionals, investors, entrepreneurs and digital nomads who are able to work remotely, including post-secondary students, can now live and work remotely in Bermuda for a full year with the new “Work from Bermuda” one-year residential certificate. Dependent family members, including domestic staff, may also reside on the island (provided the remote-working family member demonstrates they can financially support their dependents). The online application process is very straightforward, and the application fee is only US$263: www.workfrombermuda.com. Applications will be processed within five business days. 
Covid-19: Information for Businesses
 
Bermuda is open for business and welcoming visitors. For information on travel protocols, click here. 
  • Ratings agency Standard & Poor’s [S&P] has affirmed Bermuda’s A+ long-term sovereign credit and senior unsecured debt ratings as well as its A-1 short-term rating and its AA+ transfer and convertibility assessment as “Stable”
  • Commercial flights have resumed with Air Canada, British Airways, Delta and JetBlue, executive aircraft charters and private jets are welcome and hotels are open. More details for travellers here.
  • Bermuda’s airport was awarded a top health accreditation for its Covid-19 prevention measures. The island is ranked 6th in the world in terms of testing per capita
  • Check out our new brochure for the five reasons why Bermuda is the best base for you and your business, read it here.

Three Communications Companies Join Bermuda Market 

 

Bermuda’s Regulatory Authority (RA) has approved three new communications licences, for three companies to operate services in BermudaCable & Wireless Network Services (SubCOL – Submarine Communication Operating Licence); Paradise Mobile Limited (ICOL – Integrated Communication Operating Licence); and Wave Bermuda Limited (ICOL) who trades as Horizon Communications Ltd. A SubCol is a new type of licence which allows for connection from submarine cables, an industry the island is increasingly looking to advance, while the two new ICOLs will add in access of $20 million in investment and create jobs.

Bermuda Ranks 17th in the World for Broadband Speed

 

New research shows Bermuda is in the global top 20 for broadband speeds and leads the Northern America region with an impressive average speed of 73.60Mbps (meaning it will take just over 9 minutes to download 5GB HD movie). Bermuda ranks above Singapore (72.75Mbps, 18th), the US (71.30Mbps, 20th) and the UK (37.82Mbps, 47th). Over 557 million broadband speed tests were conducted across 221 countries by Cable.co.uk and M-Lab.
Digital Asset Pilot Test Launched in Bermuda
 
Stablehousea pioneering payment and FX exchange platform for stablecoins based in Bermuda, and the Government of Bermuda have commenced a test pilot program for a digital stimulus token. Premier David Burt said, “Bermuda is keen to establish itself as a leader in supporting innovative private sector digital asset solutions and to drive digital asset adoption. A key part of that is not just creating regulatory frameworks but also actually working with and using the products created by companies that choose Bermuda as their home.” The goal of the pilot is to explore and demonstrate the viability of digital tokens to enable the purchase of food and essential products and services through participating on-island merchants and retailers.
Bermuda Strengthens Trust Legislation 

The introduction of the Trusts (Special Provisions) Amendment Act 2020 means Bermuda’s firewall legislation now provides settlors with an enhanced level of protection and legal certainty by:
  1. facilitating proper and efficient application of the firewall provisions;
  2. providing express jurisdiction to the Bermuda Supreme Court to hear claims in respect of Bermuda trusts and certain foreign trusts;
  3. specifying the circumstances where foreign laws will be excluded from application to Bermuda trusts, and where the domestic law of Bermuda shall apply; and
  4. prohibiting the enforcement of any foreign order which is inconsistent with the enhanced firewall provisions.

Find out more about Bermuda’s trusts and private client offerings here.

International Arbitration Centre Plans Progress


Plans for a designated international arbitration centre have progressed, with a groundbreaking ceremony taking place at the end of July. While Bermuda is already recognised as a sophisticated, arbitration-friendly jurisdiction which is regularly the “seat” for large insurance arbitrations (with the major hotels providing excellent accommodation and hearing space) a purpose-built facility will further develop the jurisdiction as a world-class arbitration centre, in addition to other alternative forms of dispute resolution. Construction of what is to be known as The Ottiwell A. Simmons International Arbitration Centre is expected to start in December this year, with a scheduled completion date of March 2022. The Centre is being built as part of a public-private partnership with Chicago-based Milhouse Engineering and Construction.   

‘Bermuda Central’ campaign launched

To keep Bermuda front of mind for clients and markets around the world a new creative campaign – ‘Bermuda Central‘ – has been launched for digital media. The campaign highlights how Bermuda sets the standard for many global industries under a clear, unifying theme. The campaign is led off by the story of “Continuity Central”, a theme which points to the fact that Bermuda is open for business and has been supporting global clients throughout the pandemic. The campaign then moves on to focus on three further jurisdictional stories: “World Central” [emphasising the island’s superb global business ecosystem], “Transparency Central” [highlighting Bermuda’s gold-standard regulatory and compliance regime] and “Talent Central” [underlining the depth and the quality of available human capital]. The campaign also promotes three relevant industry themes: “Risk Central”, “Tech Central” and “Family Central”.

Bermuda Tech Summit 2020 Line-up Revealed 

 
Register now for the virtual Bermuda Tech Summit 2020 here. Taking place under the theme of Digital Transformation as part of Bermuda Tech Week, the summit will explore how businesses, industries and economies are transforming as a result of technological disruption and the accelerated pace of change caused by COVID-19. View full agenda here and get an insight into the success of last year’s inaugural Bermuda Tech Week 2019 here

Capital Finance International (CFI) Awards Two Bermuda Entities 

 
The Bermuda Business Development Agency won the 2020 CFI award for ‘Best Direct Investment Partner (North America)’ while the Bermuda Stock Exchange (BSX) was named the ‘Best Offshore Securities Exchange (Caribbean and North Atlantic Region)’. As of the second quarter of 2020, the BSX had over 1,000 listed securities, including investment funds, debt and insurance-related securities, as well as small to medium enterprise companies. The BSX offers listed issuers speed to market, often in as little as two weeks. 

 

You may also like

Leave a Comment