The Bermuda Angle, March 2021
|Welcome to The Bermuda Angle, the bi-monthly round-up of international business news, views and events that you need to know about from our world-leading financial jurisdiction.|
|New residency programme launchedBermuda’s new Economic Investment Certificate invites high-net-worth individuals to attain residency rights for five years upon making a $2.5 million investment in Bermuda via several different ways: buying real estate; purchasing Bermuda government bonds; contributing to Bermuda’s Sinking Fund or the Bermuda Trust Fund; donating to a Bermuda registered charity; making an equity investment in an existing Bermuda-based business, excluding exempted undertakings; launching a new Bermuda-based business; or investing in a social or other venture benefiting Bermuda, as approved by the Minister. After five years of continued investment, certificate holders can apply for a Residential Certificate. Interested parties can schedule a confidential conversation with the Bermuda Business Development Agency’s dedicated concierge service to learn more. See here.|
Covid-19: Latest informationBermuda is open for business and welcoming visitors. For the latest information on travel protocols click here.
The CDC have adjusted Bermuda’s Covid-19 level to 2 (moderate), making Bermuda one of 16 countries with this safety ranking. This is a testament to Bermuda’s protocols, testing, and vaccination regime allowing business to continue on our island.
Immunised travellers: Bermuda’s new protocols for immunised travellers can be viewed here.Business travellers who have been immunised are permitted to have face to face meetings following receipt of a negative COVID-19 arrival test result but meetings should be held in well-ventilated meeting rooms whenever possible. For more on potential venues see here.
Bermuda is 5th in the world per capita for testing and 7th in the world for vaccinations.Check the latest Bermuda flight schedule here.
|International business resilient in 2020|
During 2020, 733 new international companies and partnerships were registered in Bermuda, representing a 7.6% increase compared to 2019. Over the first nine months of 2020, the foreign exchange earnings of the international companies increased by $16.7 million to $1.58 billion, representing growth of 1.1%.
|Focus on climate commitments|
The importance of environmental sustainability and the economic opportunities afforded by green growth was highlighted in Bermuda’s 2021-22 Budget Statement. Further work will be undertaken over the coming months to build on the Government’s existing commitments in this area in a way that also leverages Bermuda’s world-class expertise in insurance and international business to establish Bermuda as a world leader in climate risk management.
Read the BMA’s recently published 2020 Climate Change Survey Report here.
BA Bermuda flight moves to HeathrowFrom March 28, British Airways will fly to Bermuda from London’s biggest airport for the first time since 1989, providing clear benefits to visitors with world-class facilities at Heathrow Terminal 5 and Bermuda’s new airport terminal. The island’s international business and tourism sectors are expected to benefit from the potential for increased traffic resulting from Heathrow’s hub connections.
|Bloomberg spotlights Bermuda’s fintech industry|
In interviews with Bloomberg Radio and TV, Bermuda’s Premier David Burt highlighted the jurisdictions efforts in establishing a global fintech ecosystem. “We are continuing to build on our digital asset industry in Bermuda which is seeing growth – we are attracting big names to our shores. We see what is happening right now in the markets, the attention that is being paid to decentralised finance and Bermuda is very fortunate that we have been preparing ourselves regulation-wise for a number of years and now it is coming to the fore.”
Bermuda Healthcare Forum Webinar
STEP Bermuda Webinar: Art Finance
April 19 – 30
April 24 & 25
The BDA encourages direct investment and helps companies start up, re-locate or expand their operations in our premier jurisdiction. An independent, public-private partnership, we connect you to industry professionals, regulatory officials, and key contacts in the Bermuda government to assist domicile decisions. Our goal? To make doing business here smooth and beneficial.