Bermuda Business Visitor 2020

BERMUDA

Business Visitor The inside story on the leading offshore financial centre

2020

Fintech New Airport Sports Marketing • Expe Insights

• The Best Hotels

• Bermuda Economy

• Facts & Figures

• Island Etique e

• Key Contacts

• Top Restaurants

• Movers & Shakers • Business Map

Pass me on for a greener Bermuda

The right partner You’re determined to move your business forward with confidence. We partner with you to create customized, innovative solutions in insurtech and key partnerships to provide risk management for tomorrow.

Know You Can

axaxl.com AXA, the AXA and XL logos are trademarks of AXA SA or its affiliates. AXA XL is a division of AXA Group providing products and services through four business groups: AXA XL Insurance, AXA XL Reinsurance, AXA XL Art & Lifestyle and AXA XL Risk Consulting © 2019 AXA SA or its affiliates.

AGENDA 2020

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Preflight Check All you need to know when planning your Bermuda trip

Inside Info Inside information that will make you feel like a local

Business A to Z Opportunities in the country that thinks like a company

20

Company Reports

23

People

25 26

Our Capital

28 10 11 13 14 16 17

In their own words, three of our top corporate citizens

37 38

Meet the Island’s famous residents

40

How Hamilton works

Good Grooming Essential advice to be well dressed — island style

FinTech Bermuda bids to become a market leader

Property All the options, from renting to buying

Bermuda Business Map

45 47

Your A-Z of all the major Hamilton offices

The Waterfront Your guide to this business district

49

Facts & Figures All the key statistics about Bermuda

Office Space A look at all the possibilities

Key Contacts People who can help you make the most of your trip

Where to Stay From luxury waterfront hotels to intimate inns

Democracy Bermuda-Style Our self-governing British Colony

History

30

How Bermudians became commerce chameleons

Serious Fun How world-class sport boosts the economy

Counsel from the Consul Constance Dierman, US Consul General, shares her views

Our British Ties The Governor John Rankin explains

Why We Are Here CEO’s explain the benefits of being based in Bermuda

33 34

Sealing the Deal

36

Rules of Engagement

Understanding our unique ways

Bermuda’s New Airport Arriving soon, our new stateof-the-art terminal

The dos and don’ts that will spare you a blush or two

PRESIDENT & PUBLISHER Ian Coles DIRECTOR OF MARKETING Lissa Fisher ART DIRECTOR Tim Parker WRITERS: Jeremy Deacon Peter Backeberg

2 Bermuda Business Visitor 2020

55

Dining Out

59

Celebrate with Us

60

The Pursuit of Pleasure

A surprisingly broad selection of restaurants

The most exciting events in our calendar

Compelling reasons to play hooky while you’re here

Editorial, Advertising & Distribution: PO Box HM 2032, Hamilton HM HX, Bermuda. Tel: (441) 292-7279.

Email: hello@bm.bm Website: www.bermudamedia.bm Bermuda Business Visitor is published annually by Bermuda Media. © 2020 Bermuda Media. All rights reserved. No part of this publication may be reprinted or reproduced without the written permission of the editor.

Bringing your business to th e island?

PUT YOUR TRUST IN BERMUDA’S OWN BANK For over 160 years, Butterfield has led the way in serving the local and international financial services needs of Bermuda’s business community. Whether you’re in need of custody, money market, or foreign exchange services, looking for financing to establish or expand your business, or seeking wealth management advice for yourself or key employees, Butterfield is here to help. And with offices in eight international financial centres and correspondent relationships that span the globe, our expertise extends far beyond Bermuda’s shores.

To learn how our knowledge and international reach can benefit your business call us on (441) 295 1111 or visit our website.

www.butterfieldgroup.com THE BAHAMAS · BERMUDA · CAYMAN ISLANDS · GUERNSEY · JERSEY · SINGAPORE · SWITZERLAND · UNITED KINGDOM The Bank of N.T. Butterfield & Son Limited is licensed to conduct banking business by the Bermuda Monetary Authority.

Address: 65 Front Street, Hamilton HM 12, Bermuda.

PREFLIGHT CHECK

What you should know before arriving here Allergies Ragweed is non-existent here, but grasses and flower pollens can cause some problems. Also, because of high humidity, moulds and mildews may be an issue.

Bermuda time Twelve hours behind Hong Kong, five hours behind Paris and Frankfurt, four hours behind London and one hour ahead of Atlanta, Boston, New York and Toronto.

Car rentals You won’t see Hertz or Avis signs at the airport, but you can rent small electric cars here. They are fun to drive, and have air conditioning, stereo systems and back up cameras.

With a range of almost 70 miles, they will take you anywhere you want to go during the day. And at night simply plug in and recharge at your hotel. www.oleandercycles.bm/rentals.

Cellular/mobile phones See page 6.

Clearing customs Visitors can bring in 200 cigarettes, 50 cigars, 0.5 kg of tobacco, a litre of wine and a litre of liquor, plus $50 of gifts duty-free.

Those bringing more should give a list, with estimated values, to the airport Customs cashier. Duty is 25%. Fruits, vegetables and animals are not allowed

WORTHWHILE WEBSITES www.bermudaairport.com

Updated flight times and details

www.bermuda.com

News, business and vacation info

www.bermudachamber.bm

Chamber of Commerce resources

www.gotobermuda.com

Official Tourism Site & hotel bookings

www.gov.bm

Official Bermuda Government site

www.bma.bm

Bermuda Monetary Authority

www.royalgazette.com

Local daily paper

www.weather.bm

Bermuda Weather Service

www.bermudamedia.bm

Independent media organisation

www.bernews.com

News headlines

www.nothingtodoinbermuda.com

Entertainment

without a government permit.

Direct dialing to 225 countries.

Bermuda’s area code is 441.

Dress code Advice for men and women, page 37.

Electricity Same as in the US and Canada, 110 volts, 60-cycle AC. Email & internet Island is exceptionally well connected.

All hotels offer WiFi and you can

CONSULS Austria

Katarina Hoskins

494-4019

Belgium

Phillippe Dutranoit

232-3902

Canada

Isabelle Ramsay-Brackstone

293-0627

Denmark

Bent Poulsen

295-4806

Finland

John Riihiluoma

295-2244

France

Nicole Haziza

777-5557

Germany

Jens Alers

295-0614

Ireland

John Kane

295-6574

Italy

Sabrina Di Meglio

296-9884

Jamaica

Winston Laylor

295-5264

Luxembourg

Curt Englehorn

295-1082

Mexico

Rod Attride-Stirling

296-8314

Netherlands

Marijke Peterich

236-4578

Norway

C N A Butterfield

295-5519

Portugal

Andrea Moniz

292-1039

Spain

Nola Dean

295-3062

Sweden

Jens Juul

293-7242

Switzerland

Fabian Schonenberg

295-5588

United States

Constance M. Dierman

295-1342

4 Bermuda Business Visitor 2020

connect throughout Hamilton.

Getting into Bermuda All travellers must carry a valid passport and you must have a return or onward ticket.

Language English, sometimes with an unusual but easily understood accent.

Money matters The Bermuda dollar equals the US dollar, and American money is accepted everywhere. No other currency is accepted at shops, restaurants, hotels, etc, but most major paper money may be exchanged by local banks at fair rates. Credit cards are accepted by almost all shops, restaurants and hotels, and there are full-service ATMs everywhere. Still, it’s probably sensible to bring some US cash with you for taxis, tips, etc.

Weapons Firearms and ammunition carry heavy penalties.

Worship Lots of options for Christians, precious few for others. See the local Yellow Pages “Churches” section.

Electric vehicles are now available to rent

PREFLIGHT CHECK FLIGHT PLAN

From the US

Here’s an overview of the air services to Bermuda to help you plan your visit, plus some guidelines and tips to help you find the flight that’s right for you.

Generally, flights depart the US East Coast in the morning, arriving early afternoon. They then turn-around, departing Bermuda in the afternoon and arrive back on the East Coast early evening. The major exception to this is American Airlines, whose flights from Miami and New York both depart for Bermuda early evening.

The aircraft remain at Bermuda airport overnight and depart early the following morning. If you want to travel from the US West Coast to Bermuda in one day, connecting with an American Airlines flight out of Miami or JFK is the only way to do so.

Flight times from New York, Boston and Philadelphia are under

The following airlines serve the island Air Canada from Toronto American Airlines from New York ( JFK) and Miami (MIA) and Philadelphia (PHL) British Airways from London (Gatwick) United (avail Spring/Summer) from New York (Newark, New Jersey) Delta from Atlanta, Boston and New York (LGA) Jet Blue from Boston and New York ( JFK) WestJet from Toronto Most flights are operated daily, however, during the winter months a few operate a slightly reduced schedule.

two hours. Miami and Atlanta approximately 3 hours.

When returning to the US, you’ll avoid long passport and customs lines at US airports because US Customs and Border Protection have a ‘preclearance’ station in Bermuda. This means your flight will be treated like an arriving domestic flight and you’ll be free to race off to your connecting flight or head straight home.

From the UK If you’re traveling from the UK or Europe, British Airways out of London Gatwick is the only direct, non-stop flight. It arrives early evening and the return flight is a ‘red eye’ back to Gatwick. Flight time is 7 hours.

PERMISSION TO WORK HERE Can a foreigner make a flying visit to conduct work without permission?

Anyone visiting here to do business with a company incorporated in Bermuda can enter the island as a business visitor provided they work for no more than nine days. However, if they are employed in an overseas branch of a Bermuda-based company, they may work up to 21 days.

In both cases, the sponsoring company must provide the business visitor with a letter, written by the Bermuda host-company, either in the format of a business visitor letter or in the form of a letter of introduction.

Then, before landing, the visitor should place a tick mark in the “Business and

Professional” box on Part A of the Immigration arrival card.

On arrival, the business visitor letter and the duly completed landing card should be presented to an Immigration Officer; there is no fee. Those businesspeople planning to visit without having a sponsoring local company should call the Immigration Department before finalising their Bermuda trip.

Meanwhile, business visitors who expect to be working on the island for longer periods of time should apply for a temporary (three-month) work permit.

If you have any concerns, contact Chief Immigration Officer, Dr. Danette Ming, at (441) 295-5151 or dwming@gov.bm.

WEATHER REPORT Maximum air temperature (°C/°F) Jan 19.9 67.8

Apr 21 69.8

July 28.8 83.9

Oct 26.2 79.2

Sea temperature (°C/°F)

PRICE GUIDE Taxi from Airport to Hamilton area Three-course lunch, basic Gourmet dinner for two with wine Pint of beer in a pub Vodka and tonic in an hotel Golf green fees (Port Royal, with cart) A week’s scooter rental Hotel room per night Guest house room per night

$40-$50 $40 $285 $10.75 $16 $180 $297 $562 $228

Jan 17 62.6

Apr 18 64.4

July 26 78.8

Oct 24 75.2

Relative humidity (%) Jan 74.2

Apr 71.8

July 81.6

Oct 77.8

Rainfall (cm/inches) Jan Apr July Oct 14.9 9.7 12.1 15 5.8 3.8 4.7 5.9 Based on 10-year averages Bermuda Business Visitor 2020 5

INSIDE INFO

Tips to save you time, money and trouble here BUSINESS HOURS Business and professional offices, 9 to 5, Monday to Friday. Shops, generally 9 to 5, Monday through Saturday. Grocery and some retail stores also open 1–5 Sundays. Some open earlier.

COURIERS Excellent services from here to major cities worldwide, provided by FedEx, DHL and UPS.

FERRIES & BUSES Buses run from major hotels and islandwide into Hamilton from early morning until late at night.

Fares $3.50 to $5 (exact change only accepted). Information: 292-3854. Ferries ply between Hamilton and outlying parishes. Adult fares are $5 each way to the West End, $3.50 on the Paget/Warwick routes. Rental bikes can be taken on the West End ferry for an additional $4.50.

Commuter tokens and passes available.

Information: 295-4506.

MEDICAL & DENTAL Call the hospital (236-2345), explain that you need to see a doctor or dentist and they’ll give you the number of the appropriate professional on call at that time.

6 Bermuda Business Visitor 2020

If you are suffering from minor injury or illness, just walk-in for medical attention, 5 Reid Street, Hamilton, or call BMSG Health Express Urgent Care at 292-0022. For additional or specialist care, call BMSG Family Medicine & Diagnostics at 541-2674.

MEETINGS, CONFERENCES & RECEPTIONS Several local hotels are set up to handle everything from a handful to hundreds of delegates with a full range of catering and technical support. Any of the guest properties featured in this publication would be happy to help.

SCOOTERS Anyone over 18 can rent, but be cautious: we drive on the left, and the roads are narrow and winding.

There’s a 22mph (35kph) speed limit and tough drink/driving fines.

Contact Oleander Cycles (236-2453, www.oleandercycles. bm).

OFFICE SERVICES If you need a temporary secretary, messenger, word processing, photocopying, faxing, mail services, meeting or presentation room, video recording or A/V equipment, there is competent, professional help at hand. See ‘Key Contacts’ page 47 POSTAL SERVICES Air mail takes around a week to arrive from the US, Canada and Europe and about the same to reach there from here. The General Post Office, 56 Church Street, Hamilton, is open 8 to 5, Monday to Friday. Tel: 297-7893.

PUBLIC HOLIDAYS 2020 New Year’s Day holiday Wednesday January 1; Good Friday April 10; Bermuda Day, Monday May 25; National Heroes’ Day, Monday June 15; Cup Match, Thursday July 30 and Friday July 31; Labour Day, Monday September 7; Remembrance Day, Wednesday November 11; Christmas Day, Friday December 25; Boxing Day Monday December 28.

TAXES & TIPPING Bermuda has no sales tax. At most restaurants, a 15% or 17% tip is added to the bill. There is no need to tip hotel staff individually as most resorts assess a fixed gratuity on the final bill. In addition, all room

rates are subject to a 7.25 percent “hotel occupancy tax.” Airport porters usually get a few dollars.

TAXIS All taxis are metered at government-set rates. For a 1- to 4-passenger taxi: $7.90 for the first mile, $2.75 for each additional mile. For a 5- to 7-passenger taxi: $9.95 USD for the first mile, $3.50 USD for each additional mile. Between midnight and 6 am, and all day on Sunday and on public holidays, fares are 25 percent higher for 1- to 4-passenger taxis, and 50 percent higher for 5- to 7-passenger taxis. The sightseeing rate is $50 per hour for a 1- to 4-passenger taxi or $70 per hour for a 5- to 7-passenger taxi.

Tip 10%-15%. Call 295-4141 or hail a cab with its yellow light on.

TELEVISION Don’t worry, you won’t miss that game, whether it be NFL, NHL, NBA or MLB; Premier League Soccer or Test cricket. Most hotels have cable, and there are several sports bars in town. Local cable also features CNN, BBC World and several business and financial networks. And you might find the Bermuda Channel (cable 3) helpful, too, for dining, shopping and recreational options.

INTERNET, WiFi & MOBILE DEVICES Almost all hotels offer wireless Internet access and there are a host of Internet Cafes throughout Hamilton. Wifi is even offered at Horseshoe Beach, and there is free Wifi at the airport.

Bermuda has two cell phone providers, One (700-7000) and Digicel (500-5000). They both have international roaming agreements which your mobile device should pick up automatically. Check roaming charges though, which could be relatively expensive. Q

BUSINESS A–Z

Opportunities in the country that thinks like a company

By Duncan Hall AIRCRAFT REGISTRATION Founded in 1931, Bermuda’s register includes more than 700 aircraft, many of which are corporate and privately owned jets. However, the majority of aircraft on the register are commercial aircraft, including a number from Russia and the Commonwealth of Independent States. The Bermuda register has been designated a Category 1 operation by the US Federal Aviation Administration, recognising that Bermuda complies with international standards with respect to the safety oversight of its air carriers that operate in the US. Contact: Thomas Dunstan, Director of Civil Aviation, 293-1640 / tdunstan@gov.bm

and Approved Stock Exchange status under Australia’s Foreign Investment Fund taxation rules.

Contact: Greg Wojciechowski, CEO, BSX, 292-7212 / ceo@bsx.com

BERMUDA STOCK EXCHANGE Now in its 48th year of operation, the BSX is the world’s largest fully electronic offshore securities market.

The BSX operates a market for international securities, issued either

by Bermuda-incorporated exempted companies or non-Bermudian issuers, as well as a domestic market for Bermuda’s local companies. The BSX, which has more than 600 issuers with a total market capitalisation in excess of $430 billion, specialises in listing capital market instruments, equities, debt issues, funds and depository programmes. It is one of the world’s leading listing facilities for offshore funds and alternative investment vehicles and supports niche markets for specialised insurance and debt products.

Among the BSX’s unique products and services is its Mezzanine Market, a unique pre-IPO market listing for start-up, high growth potential companies. The BSX, which is regulated by the Bermuda Monetary Authority, has been granted Designated Offshore Securities Market status by the SEC, Designated Investment Exchange status by the UK Financial Services Authority

EXEMPTED COMPANIES Exempted companies are the primary vehicles by which “non-Bermudians” incorporate in Bermuda. So called because they are exempted from legal requirements in respect of Bermudian ownership of the company, exempted companies are generally prohibited from carrying on business in Bermuda. Rather, they carry on business outside Bermuda from a base on the Island — or, in some limited circumstances, in Bermuda with other exempted undertakings. As for the benefits of forming such a company here, Bermuda does not levy taxes on profits, income, dividends or capital gains. Indeed, there is no requirement that a company pay dividends at all.

Upon formation, exempted companies typically receive an assurance from the Government regarding their non-taxable status. Currently, that assurance is given until March 31, 2035 — and remains valid even if taxes on profits, income, or computed on any capital asset, gain or appreciation are enacted in the meantime.

Contact: Kenneth Joaquin, Registrar of Companies, 295-7574 / kjoaquin@gov.bm

FOREIGN SALES CORPORATIONS Set up by American companies, FSCs take the form of exempted companies, and are given preferential treatment by US tax authorities because they promote the export of US goods. The benefits only apply to export property that is intended for sale, lease, use or consumption outside the US — and it must contain less than 50 percent nonUS content.

Contact: Kenneth Joaquin, Registrar of Companies, 295-7574 / kjoaquin@gov.bm

INSURANCE & REINSURANCE Bermuda is a key market for risk transfer, a hub for the flow of some of the most innovative risk solutions. At one time a niche captives market, the Island has not only continued its dominance as the global leader in that area, it has also emerged as the world’s second largest reinsurance market and a powerful force in commercial insurance. Bermuda reinsurers provide an estimated 40 percent of US property catastrophe reinsurance capacity.

INTELLECTUAL PROPERTY Intellectual property rights are protected by both statute and the common law in Bermuda. Copyright protection exists upon the creation of an original work.

Trade marks, service marks, patents and Bermuda Business Visitor 2020 7

BUSINESS A–Z designs may be registered.

Contact: Aubrey Pennyman, Registrar General, 297-7705.apennyman@gov.bm

INVESTMENT SERVICES Bermuda’s thriving financial services sector is home to a wide variety of investment managers, from traditional “long-only” fundamental research to technically driven computer based financial models. The Investment Business Act 2003 is the statutory basis for regulating investment business in Bermuda. The Act provides for a licensing regime for any person or entity (unless otherwise exempted or excluded) engaging in investment business, as defined by the Act, either in or from Bermuda. The Investment Funds Act 2006 provides the statutory basis for regulating funds in Bermuda. The Act deals with the establishment, operation and regulation of mutual funds, unit trusts and partnership funds, and also provides for the licensing and supervision of fund administrators. In both cases, the Bermuda Monetary Authority is the licensing body. The Investment Funds Act 2006 streamlined the incorporation process for investment funds, while also more clearly outlining how public (retail) funds are regulated and refining the framework for non-public, institutional funds.

Contact: Bermuda Monetary Authority, www.bma.bm

LEGAL SYSTEM It is based on the common law, the doctrines of equity and English statute law in force on July 11, 1612 as well as statutes passed in Bermuda since that date. The Supreme Court of Bermuda, which includes a Commercial Division set up specifically to hear actions of a commercial nature, sits year-round under the direction of the Chief Justice.

A traveling Court of Appeal sits in Bermuda three times a year. Furthermore, the legal system permits a right of appeal to the Judicial Committee of the Privy Council, the highest judicial body in the United Kingdom. Lesser civil and criminal matters are the jurisdiction of the Magistrates Court.

LOCAL COMPANIES Non-Bermudians may become 8 Bermuda Business Visitor 2020

shareholders in local companies, but the aggregate shareholding by nonBermudians may not exceed 40 percent of the issued shares. Nor may nonBermudians control a company by any other means — for example, by controlling its board.

Contact: Kenneth Joaquin, Registrar of Companies, 295-7574 / kjoaquin@gov.bm

SHIP REGISTRATION More than 160 commercial vessels and nearly 260 pleasure yachts are registered in Bermuda. With the notable exception of commercial fishing vessels, any kind of commercial or pleasure craft may be registered.

Contact: Francis Richardson. frichardson@bermudashipping.bm

TRUSTS PARTNERSHIPS Exempted partnerships formed by non-Bermudians may conduct business outside Bermuda from a place of business on the Island. An overseas partnership is one formed under the laws of another jurisdiction that has subsequently been issued a permit by Bermudian authorities to conduct business from here. Bermuda’s law in relation to partnerships is based on the UK model. Bermuda does not currently levy taxes on profits, income, dividends or capital gains. As “exempted undertakings” under Bermuda law, both exempted partnerships and overseas partnerships may apply to the Government for an assurance regarding their non-taxable status in the future.

PERMIT COMPANIES These are companies incorporated outside Bermuda that have received permission from the Bermudian authorities to engage in or carry on a trade or business in Bermuda. They take the form of exempted companies (see above) and are similarly exempted from legal requirements in respect of Bermudian ownership of the company.

Also, they may receive an assurance as to freedom from taxation.

PRIVATE ACTS Companies may incorporate in Bermuda

by Private Act rather than by the more common registration method. Companies set up by Private Act may exempt themselves from the provisions of specific public legislation, or may create legal provisions having limited application.

Private Acts must receive the approval of Bermuda’s House of Assembly and Senate. Once passed, they have the force of law. Companies incorporated by private legislation are subject to the provisions of that legislation, as well as to Bermuda’s company law provisions.

Bermuda has long been a leader in the business of setting up private trusts, which can be a valuable tax, asset protection and estate-planning tool.

Bermuda’s trust laws are modelled after British trusts legislation. Purpose trusts differ from private ones in that they do not have an ascertainable beneficiary or beneficiaries. Rather, they are established for a specific purpose, either charitable or noncharitable. Business visitors may have more interest in the non-charitable purpose trust, which is often set up for a commercial use, such as to insulate a company from a particular transaction.

In that way, bankruptcy remoteness can be achieved, and an “off-balancesheet” transaction can be enabled. The Trusts (Regulation of Trust Business) Act 2001 prohibits the carrying on of trust business in or from within Bermuda unless the trustee is licensed or exempt. Increasingly popular is the Private Trust Company, which is exempt from such regulation provided it meets two criteria: it does not offer its services to the general public, and it is empowered to act as trustee of only a limited number of identifiable trusts that would typically be for the benefit of related persons, or family members.

US-BERMUDA TAX CONVENTION ACT This provides tax relief for the members of Bermuda’s international business sector. Under the legislation, the business profits of international companies are not taxable in the US unless the enterprise is or has carried on business in the US via a permanent establishment in that country. The Act also allows US residents to claim deductions for expenses incurred in attending business conventions in Bermuda. Q

BUSINESS A–Z

What’s so special about Bermuda?

1. REPUTATION Bermuda is widely perceived as a blue-chip offshore financial centre, and not just in insurance and mutual funds. All manner of enterprises wish to operate physically and electronically from or through Bermuda and thereby associate themselves with Bermuda’s good name.

2. COMPETITIVE PRICES Contrary to popular belief, Bermuda is no more expensive for the establishment and management of a company than any other major offshore jurisdiction.

3. ‘DESIGNER’ COMPANIES Bermuda is unique in offering clients the ability to petition Parliament for the enactment of special legislation in favour of a particular company. Such private legislation is frequently instrumental in effecting innovative structures.

4. ELECTRONIC TRANSACTIONS ACT The ETA itself is an attraction

for e-businesses. With its enactment, Bermuda joined the ranks of the leading nations in the codification of the law of the Internet.

5. REGULATORY FLEXIBILITY Bermuda’s reputation rests on sound but flexible regulation. There is sufficient oversight to ensure probity and solvency; however, the Government does not mandate the business methods of Bermuda companies except as provided in the standard for e-businesses.

6. TAX ASSURANCE Like most offshore financial centres, Bermuda does not levy income or capital taxes.

By way of assurance to foreign-owned companies incorporated here, a certificate is issued by the Minister of Finance confirming that no such taxes will apply to the company until at least 2035.

7. PRIVACY While Bermuda is by no

means secretive, the island does maintain confidentiality concerning the identity of sponsors of commercial transactions. Of course, there are various circumstances in which the public interest (in detecting crime, preventing pornography or preventing the abuse of personal data) over-rides concerns of commercial confidentiality.

8. SPEED As a complement to flexibility, the special partnership between industry and the Bermuda Government means that commercial objectives can be achieved very quickly.

9. PROFESSIONAL EXPERTISE Fifty years of serving the financial community has produced a core of excellent professionals working and living in Bermuda.

10. CUTTING-EDGE TELECOMS The island boasts world-class, state-ofthe-art communications systems. Q

Bermuda’s legal system is based on English common law. The Commercial Division of the Supreme Court hears actions of a commercial nature. The legal system permits a right of appeal to the Privy Council, the highest judicial body in the UK

Bermuda Business Visitor 2020 9

FACTS & FIGURES

Everything you need to know Median household income Average work week (hours) Unemployment (est)

A new airport is scheduled to open in 2020

$103,657 35 7%

Sources: Facts & Figures, 2018 by the Bermuda Government Statistics Department. Consumer Price Index, June 2018. Government of Bermuda Employment Brief, Aug 2019. Bermuda Census 2016.

Bermuda’s young workforce is very well educated.

THE BASICS

MIDDLE-CLASS MAJORITY

Population 63,779 Gender ratio 52% female Bermuda-born 70% Land area 20.5 sq miles Length 21 miles Greatest width 2 miles Highest point 259 feet Islands in archipelago 138 Capital Hamilton, pop 5,862 Currency Bermuda $, par with US $ Climate sub-tropical, frost-free Farmland (total) 735 acres

Economic position Bermuda vs United States Poor 19% Near poor 11% Middle 46% Well-to-do 24%

HEALTH & WELFARE Infant mortality per 1,000 live births Life expectancy at birth female male Doctors per 10,000 people Nurses Dentists

24% 8% 34% 34%

THE WORKPLACE Total workforce Proportion of jobs held by Bermudians Expatriates Trade union membership Median annual salary

33,810 78% 22% $65,338

0 85 79 28 79 13

RACIAL RATIO Black White and other colours

52% 48%

YOUNG, GIFTED AND BERMUDIAN Percentage of 25- to 34-year-olds with a degree Bermuda Britain Canada United States

19% 11% 16% 24%

ECONOMIC INDICATORS GDP (market prices) Current inflation rate

$6.1b 1.7%

10 Bermuda Business Visitor 2020

Until recently, the only form of gambling allowed in Bermuda was at Crown and Anchor stalls at major cricket matches. However, in 2014, legislation was passed which allows for the development of casino gaming in hotels. Where and when the first casino will open is still uncertain.

THE BRIEF Bermuda monetary authority

T

Premier of Bermuda, The Hon. David Burt, JP, MP

Democracy, Bermuda-Style

B

ermuda remains a British colony but it is self-governing in almost all significant respects, with a Parliamentary system modeled after that of the UK. Although we are nominally under the responsibility of a Governor who is appointed by the Queen, the House of Assembly – the so-called “lower house” of Parliament – is where the big decisions are made.

The House has 36 elected members representing all areas of the island.

At the most recent election held in July 2017, the Progressive Labour Party regained power, winning 24 seats. The remaining seats were all won by the One Bermuda Alliance, who had governed the Island since December 2012.

The Progressive Labour Party previously held power for 14 years, winning three consecutive elections.

Prior to that the United Bermuda Party formed the Government since party politics began in the 1960’s.

The party officially ceased operations in 2011 after the majority of its members joined the OBA. The Premier is chosen by the majority party from its elected members to lead the Government and therefore the country.

he Bermuda Monetary Authority is the regulator of Bermuda’s financial services industry. Established by statute in 1969, the Authority has changed significantly over the past nearly five decades to adapt to changing needs of the financial sector - and global regulatory requirements.

Today it supervises, regulates and inspects financial institutions operating on the island. Additional responsibilities include issuing Bermuda’s national currency, managing exchange control transactions, assisting other agencies with the detection and prevention of financial crime, and advising the Government on banking, financial and monetary matters.

Bermuda’s success in international business development has resulted in robust economic growth. The island hosts one of the largest reinsurance markets in the world and is the world’s largest captive insurance domicile. Bermuda has also emerged as the premier jurisdiction for issuing insurance-linked securities, a method of alternative risk transfer typically utilised by capital market investors for weather-related events,

longevity risk or life insurance mortality.

Bermuda’s financial industry, according to latest available figures, consists of a banking sector with total assets of $21 billion, an investment funds sector with an aggregate Net Asset Value of $145 billion, and an insurance sector comprising more than 1,100 companies with capital of $298 billion, total assets of $764 billion and writing $133 billion in net premiums.

To maintain its competitiveness and to protect its reputation as a quality international financial centre, it has been essential for Bermuda to keep pace with international standards in financial regulation and anti-money laundering/ anti-terrorist financing provisions.

The Authority develops risk-based financial regulations that it applies to the supervision of Bermuda’s banks, trust companies, investment businesses, investment funds, fund administrators, money services businesses, corporate service providers, digital asset businesses and insurance companies. It also regulates the Bermuda Stock Exchange and the Credit Union.

BMA House

Bermuda Business Visitor 2020 11

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HISTORY How Bermuda

was Juan

B Bermuda in the age of agriculture

Commerce Chameleon

G

iven that this is one of the smallest, more isolated inhabited islands in the world, with no natural resources to speak of, it is not surprising that Bermudians quickly became masters of business adaption.

Close one window of opportunity and we tend to open another.

From the early years of settlement, the export of crops was important to the country’s survival, but the cost of transporting them to market — if they got there at all — was always a problem.

Also, little Bermuda was often muscled out by larger competitors: local tobacco production was no match for Virginia’s, and more recently somebody made a fortune in “Bermuda onions”, by the expedient

renaming of an area in Texas. Still, the island did manage to get itself into the annals of agriculture — first by introducing the potato to the American colonies in 1621 then bananas to England in 1633.

The Easter lily, brought here during the 19th century, was extensively cultivated for export. (A bouquet of lily blossoms is sent to the Queen every spring). There was also large-scale arrowroot production.

However, US tariffs during the 1930s along with the growth of tourism here essentially ended agricultural exports.

And when tourism started to falter two decades ago, Bermudians had already built the infrastructure to support the further expansion of international business. Q

Shakespeare in luck A

cademics have long seen a connection between the wreck of the Sea Venture off Bermuda in 1609 and The Tempest, which was first performed two years later.

The Irish critic Edmund Malone was the first to argue that Shakespeare had drawn inspiration from contemporary pamphlets about the ship’s demise, which led to the settlement of Bermuda three years later. These pamphlets include Silvester Jourdain’s narrative, published in 1610, and William Strachey’s more detailed account in the form of a letter to a woman in England. Both men had been aboard the Sea Venture, which was heading for

Virginia when it literally bumped into Bermuda. Jourdain was among the crew and Strachey — the Secretary-designate

ermuda’s name game began in 1503 when Spanish explorer Juan de Bermudez spied the island and christened it “Las Bermudas”.

However, in his Mappa Mundi, Sebastian Cabot identified us as Ya de Demonios — the Isle of Devils — due to a growing reputation for sudden storms and fiendish noises. As such, the Spanish duly crossed the island off their colonisation list.

It was the British admiral, Sir George Somers and his fellow 1609 castaways who finally figured out that the evil lurking among the cedars was nothing worse than mewing seabirds, grunting hogs and wind whistling through the caves.

When, three years later, the Virginia Company was granted permission to settle the Isle of Devils, someone — probably in an effort to please his boss — suggested renaming it Virginiola.

Thankfully, this was soon abandoned for the more dignified Somers Islands, in honour of Sir George. But humans being fickle creatures, after ownership passed to the Somers Island Company, preference for the original name began to resurface. Q

of Virginia — was a passenger.

Shakespeare must have read these accounts, given that his patron, Henry Wriothesely, Earl of Southampton, was a member of the Virginia Company.

(The earl later invested in the Somers Island Company and had a Bermudian parish named after him.)

In any case, so miraculous was the nature of the Sea Venture’s “deliverance”, to quote Strachey, from “the windes and seas … as mad as fury and rage could make them” that the story was surely the talk of London.

The events of the summer of 1609 gave Shakespeare more than enough material to spin one of the world’s truly great yarns. Indeed, his play has remained better known and better understood than the island that helped shape it. Q Bermuda Business Visitor 2020 13

AMERICA’S VIEW

Counsel from the consul The US Consul General to Bermuda, Mrs. Constance Dierman, offers valuable advice for business people visiting from America

B

ermuda’s relationship with the United States began by accident.

In 1609, the Sea Venture, on its way from England to the newly created colony of Jamestown, Virginia, was shipwrecked on the reefs around Bermuda. The passengers and crew came ashore, and that’s the short story of how the first settlers came to the island. In the years that followed, Bermuda became an important supply and waypoint between Virginia and England, and the island became dependent on trade with its nearest neighbour 750 miles to the northwest.

Today the US is still Bermuda’s most important trading partner, accounting for more than 70% of all imports.

A special relationship “The US–Bermuda diplomatic and commercial relationship is an important one,” says US Consul General Mrs. Constance M. Dierman. “One of the reasons the Consulate is here is to support and promote US commercial interests on the island. Our website, https:// bm.usconsulate.gov, offers some very useful information about doing business in Bermuda. This handy resource has been prepared in collaboration with the US Department of Commerce. For business travellers that may need assistance, the Consulate is always available to give guidance or referrals, whether it’s for a lost passport, legal assistance, any other type of concerns, we’re absolutely open for business and welcome those approaches.

Business travellers should also know that there are many professional organisations here that are wonderful resources and do a tremendous job in outreach and in making information easily available to visitors: The Bermuda Business Development Agency, The Bermuda Chamber of Commerce, The Bermuda Tourism Authority, the Bermuda Monetary Authority, the Association of International Companies and the Association of Bermuda Insurers and Reinsurers. Business people can either contact them before travelling, and be very 14 Bermuda Business Visitor 2020

well prepared upon landing, or visit with them while in Bermuda.”

Welcoming Mrs. Dierman says that everyone gets a warm reception to the island. “You’re welcomed immediately, starting with arrival at the airport. Every person that greets you is warm and cordial. The ease of movement is incredible – starting with getting a taxi and getting to your destination with no difficulties and in comfort. I think there are very few places in the world where you can have such a seamless entry experience, which immediately sets the tone for your visit.

I’ve traveled around the world, and I don’t think I have ever experienced such a gracious introduction and welcome.

Business visitors will find that people are very inviting and they like to talk.

Bermudians will tell you with pride about their country and its history – and their international connections. They will share stories and information about themselves and their interests, and they like to hear about you as well.

Multidimensional “One of the things I’ve noticed is the multidimensional aspect of Bermudians,” Mrs. Dierman observes. “That can be underestimated, particularly by business visitors. I have gotten to know many senior business executives and have learned that they’re also historians, artists, volunteers, musicians, and teachers. That’s again a very special aspect about Bermuda.

People invest heavily, not only in their ‘day job’, but equally into the community.

Getting to know individuals personally is really getting to know Bermuda, what makes it tick, how it works, and frankly, from a business perspective, how to really engage in a productive way.”

Bermuda is very small geographically with a population of only around 65,000.

We asked Mrs. Dierman how it compares with a small town in the US. “I am from a town in Ohio of about 80,000 people.

However, that’s where the comparison

ends,” says Mrs. Dierman. “Bermuda is very sophisticated for such a small island. It has every element of a big city, a prosperous nation, and yet it has that hometown feel. I think business visitors, regardless of where they’re coming from, will find that contrast interesting and helpful in developing those relationships that may further their business interests.”

Dress code The Consul General was happy to offer advice on how professionals should dress for meetings in Bermuda. “Every businessman and businesswoman here are absolutely professional in their demeanor and their dress. There is a respect for self as well as for those with whom they engage. Obviously, dress is climatedependent, so if you’re visiting Bermuda in the summer months, I’d suggest you be mindful of that. Winter travelers will find the weather cool, though it is more temperate than you’d find in New York. For women, dresses are very much appropriate at any time, as are business suits. Dress in a way similar to how you would in a major city, but again dress appropriately for the climate.”

Connections Mrs. Dierman then considered the cultural similarities between Bermuda and the US. “First-time visitors may be surprised at how comfortable they are in Bermuda because it is similar to the United States in so many ways. I think that is attributable to the long, strong, warm ties that the United States and Bermuda enjoy. We’ve had a sustained relationship with Bermuda for 400 years.

Business visitors will find that the locals they engage with will undoubtedly have some connection to the United States.

They, or their family members, may have studied in the US and many have relatives currently living in the US. And they almost certainly will have taken vacations in the US because it’s so easy to travel back and forth. Bermuda is only an hour time zone difference from the East Coast

AMERICA’S VIEW Americans don’t fully appreciate and that is the important role Bermuda plays in managing insurance and reinsurance risk globally.” Mrs. Dierman is referring to the fact that Bermuda is the largest supplier of catastrophe reinsurance to US insurers: $2.5 billion was paid out from Bermuda firms in response to the World Trade Center tragedy, $17 billion for Hurricane Katrina that hit the Gulf Coast in 2005, and billions more for hurricanes, tornadoes, and other catastrophes since then. Hurricane Florence has just recently hit the Carolinas, and Bermuda insurers are estimating that they will pay out $2.5 billion for wind, storm, and flooding damage to homes, autos, and industrial properties. She notes, “It is worth recognising that the insurance industry work that is done here is critical to the US economy.”

Time out

– that’s a huge benefit. Certainly culturally, we share so much. It’s easy to keep up with the US news while on the island. The local cable television carries more than 100 US channels. The local radio stations play the US news and predominantly music by American artists. And as I said earlier, Bermuda relies heavily on the US for imports so the shops, drug stores, and supermarket shelves are filled with US brands. Which is great because I can always get my favourite foods or toiletries!”

There are an estimated 8,000 Americans who live and work in Bermuda. That’s more than 10% of the population, but the number of US Citizens in Bermuda doesn’t stop there. “We get half a million visitors from the US to Bermuda each year. So you can see how the United States contributes to the economy of Bermuda,” explains Mrs. Dierman.

On politics “Politics are a bit different here than they are in the United States, but you’re going to find that wherever in the world you’re doing business,” says the Consul General.

“I think it is important for visitors to understand that Bermuda prides itself on being a sound place to conduct business.

The government and other organisations work hard to maintain the credibility and reputation Bermuda has earned for its excellence in the establishment and compliance of regulatory standards. I think any US business person would find themselves most welcome, and should not have concerns that politics would somehow impact their ability to conduct business.”

Insurance “There’s another important relationship between Bermuda and the US that most

What about free time? If you’ve got a day or a few hours off during your visit, how would Mrs. Dierman suggest you spend that time? “I’m incredibly impressed by the Bermuda Tourism Authority,” she says, “and the materials they make available really help a traveller choose what to do based on their specific desires or interests.

So, I would certainly point people to this resource. Sometimes, when my own family or friends visit, I will take them to Gibbs Hill Lighthouse in Southampton. From the top, you get a stunning overview of the whole island.

“A trip to the Town of St. George’s — a UNESCO World Heritage Site — to see all the history that’s there and how it relates to the United States is fascinating.

Dockyard is another area that I think visitors will find of interest. I love to shop in Hamilton. And it’s not too hard to get to the beach no matter where you are, so you should really avail yourself of the opportunity. I have to put in a plug in for the Bermuda Aquarium, Museum & Zoo on Harrington Sound because I live close by – and, importantly, it’s an extraordinary example of Bermuda’s commitment to conservation and education. A lot can be packed into a short time in Bermuda. But, better still, what I would say to business visitors is to bring their family or a friend along and stay an extra day or two.

Bermuda is really special, and you don’t want to miss a thing.” Q Bermuda Business Visitor 2020 15

FROM THE GOVERNOR

A: Bermuda’s small size gives it a business advantage. Here you can meet key people quickly without the need for lengthy travel between appointments.

throughout Bermuda, and Bermudian footballers who have excelled in the UK – Clyde Best, Shaun Goater, and currently Nahki Wells – are rightly celebrated figures. Members of the Royal Family continue to visit Bermuda on a regular basis, including, in 2017, Her Royal Highness, The Princess Royal, and His Royal Highness The Earl of Wessex.

Each year Her Majesty The Queen is delighted to receive Easter Lilies from the people of Bermuda. The links between the UK and Bermuda therefore remain strong across a wide variety of areas. We are sure that British business visitors, like any other visitor, will always be made to feel welcome in Bermuda.

Mr. Rankin adds that Government House was not an embassy or consulate, and its functions are different than those carried out by US and Canadian colleagues; however, he said he was always happy to meet business people from the UK or elsewhere who may be interested in setting up in Bermuda and to encourage them to come to the island.

“Key things that businesses are looking for include clear regulation, certainty, and security of contract and a reputable legal system in which to operate. They will find that Bermuda meets the highest regulatory standards through the work of the Bermuda Monetary Authority (BMA) and that Bermuda’s courts and its legal profession are widely respected internationally. They will also find a wealth of business expertise, including in the banking, financial, and insurance sectors,” says Mr. Rankin.

Q: Can you talk a little bit about the relationship between Bermuda and the United Kingdom from a cultural point of view as well as trade and politics?

A: The UK and Bermuda are linked not only by history and by the constitutional relationship but also by close people to people links. So many Bermudians have family living in the UK, and UK universities remain the destination of choice for young Bermudians seeking a first-class education at “home student” rates. The Premier League football is followed

Q: Outside of business hours, what would you recommend a business visitor does to get to know and enjoy Bermuda, especially if they only have very limited time?

A: In good weather a walk on the railway trail, a trip on the water, or an exploration of historic St. George’s or Dockyard. In bad weather, a visit to the National Gallery or Masterworks or the Bermuda Triangle exhibition at BUEI. But, most of all, take the opportunity to meet and talk with the always welcoming local people. Q

Our strong ties

with Britain Britain and Bermuda have extremely close ties – politically and economically.

We asked The Governor John Rankin if there are any mustneed knows when doing business on the Island.

Question: Is there anything a firsttime British business visitor will find surprising about Bermuda?

Answer: Some visitors may expect Bermuda to be very British in culture or else to find a predominantly North American or Caribbean influence.

In fact, they will find an island that reflects influences from each of these areas and indeed from farther afield.

Each component is familiar in some ways, but the end result is uniquely Bermudian.

Q: Is there anything a business person should know in order to make that important “first impression” when meeting Bermudians? Is there a different “dress code” here compared with working in, for example, London?

A: The most important thing is always to say, “Good Morning!” Otherwise, the dress code is perhaps slightly more formal in Bermuda than in London.

In quite a number of businesses in the UK, for example, men no longer wear ties. Here, together with jackets, they are seen more regularly. Everyone knows about Bermuda shorts, and visitors will see for themselves that they are a very smart form of dress.

Q: Is there any advice you would share with a business visitor who is experienced in doing business in big cities and now finds him or herself in this small community?

16 Bermuda Business Visitor 2020

INTERNATIONAL BUSINESS

Why we are here Three local business leaders explain the benefits of being based in Bermuda BACARDI “As I travel around the world, many people are surprised to learn that Bacardi is headquartered in Bermuda,” says Mahesh Madhavan, CEO of Bacardi Limited, the largest privately held spirits company in the world. “We’ve actually been here since 1963, and have enjoyed the feeling of security, safety and wellbeing that the Island provides.”

Bacardi was founded in Cuba in 1862. However, the Cuban assets of the business were seized in 1960 during the Communist revolution, and the family fled the island, ultimately creating its worldwide headquarters in Bermuda in 1965.

“The company fled Cuba in exile, and had to rebuild the business with all we had at that time – the Bacardi trademark and our secret rum recipes.”

“I believe the reason for wanting to stay in a country like Bermuda is because of the political stability and sense of safety – that what happened because of the Cuban revolution, can never be allowed to happen again to the family and our company. In addition, the business environment and leading edge communications, financial and technology infrastructure help to support our global business”.

During the early days of rebuilding the brand, Bacardi’s primary markets were the United States and Latin America, and Bermuda provided excellent travel links to those countries, explains Madhavan. “When we acquired Martini in 1992, we gained greater access to the European market, and Bermuda has direct flights to London, which is good, although we would like to see more frequent flights to Europe. Later in the 1990s, we started to establish our footprint across Asia and farther afield, and now our business is truly global, with consumers enjoying our premium spirits brands in 170 countries around the world. If one has to travel from Bermuda to far eastern parts of Asia, it’s a little

tricky, but, if we were headquartered in another location, even places like London or Singapore, there would still be certain countries that would always be difficult to reach and require several flights across different time zones.”

Most of Bacardi’s senior management team is located in Bermuda, says Madhavan. “We consider this our home,

and our senior leaders operate from here, demonstrating their commitment both to our business and the Island.”

Madhavan points out that, there’s a wealth of great talent available on the Island, especially in the financial and legal areas due to the large insurance business that’s based here. Also, unsurprisingly, talented staff are happy to relocate to Bermuda Business Visitor 2020 17

INTERNATIONAL BUSINESS Bermuda. “Our office does attract top talent. We have many examples of highly qualified managers joining us here in Bermuda from another Bacardi office, gaining experience to further their career, and then stepping up to an even higher leadership role elsewhere around the world with the firm. ” Due to the global nature of the Bacardi business, Madhavan says that there’s a lot of travel involved in his position, but he always looks forward to returning to the island. “It’s always nice to come home. I was recently on the road visiting several different markets, and when I landed back here I felt a sense of coming back to a place that I can call home.”

“The other thing I should mention is that many Bacardi folks from around

the world come to Bermuda for meetings on a regular basis, and I would say that it begins to feel a little bit like home for them too. Before coming to Bermuda as CEO, I was based in Geneva and was a frequent visitor to the island, and I know this was true for me.”

Over the years, Bacardi has grown from being a single-brand company to owning a huge multiple category portfolio. “We are making a particular effort to communicate the depth and breadth of our iconic premium portfolio in Bermuda. The team that work in our headquarters are all brand ambassadors, and, when we go to a restaurant or bar, we make a point of making people aware of our portfolio. When you say ‘Bacardi’ most people think about Bacardi rum

and little do they realise we also own Grey Goose vodka, Bombay gin, Dewar’s Scotch whiskey, Martini vermouth and sparkling wine, Patrón tequila, and many other brands. We want to let both the trade and consumers in our home town know about the evolution of our company over the years.”

Indeed, quite an evolution and success story it has been, too. From the adversity faced in the 1960s, the family-owned company that occupies the flagship building on Pitts Bay Road, now employs more than 7,000 people, including a staff of 80 in Bermuda, and its brands are available in more than 170 countries.

As Madhavan shared, “Bacardi is 156 years old, but our future has never been brighter.” Q

of appeal to the Privy Council was also important.”

Barnes says Jardines is headquartered in Bermuda, although most of the businesses are elsewhere – primarily Asia – and are regulated where they are domiciled. “But, in terms of the ultimate holding company, which is in Bermuda, the financial rules and regulations and the accessibility of

accounting and legal talent made it easy to stay here.”

The talent pool in Bermuda is excellent, he says. “Most of the functions are done in-house, with a 100 per cent Bermudian staff. There is a pool of established and good talent locally, and when the firm needs external advice there is a great selection of law firms and accounting firms.”

JARDINE MATHESON

I

t was founded by two Scotsmen in 1832 and trades primarily in Asia, but, as a group, Jardine Matheson loves having its corporate headquarters in Bermuda.

The lifestyle, the infrastructure, the stable political system, and the regulatory regime make it almost a home from home for a company that relocated here from Hong Kong about 30 years ago.

Philip Barnes, president of Jardine Matheson International Services Ltd, says, “We are a global organisation with businesses all over the world, and, when we established ourselves here in Bermuda, it was at a time when Hong Kong, which was the previous domicile of the group, was in the process of being handed back to China.”

“One of the underlying principles of the way the group does business is under the UK legal system. The group was looking for a location that encompassed the UK legal system as well as having the additional benefits of a strong international reputation as far as regulations and government.

It looked at several locations, and Bermuda was a clear favourite in terms of what was here.”

“The way Jardines has conducted business has always been under the UK system. In Hong Kong, a former UK dependent territory, the British system worked well for the group, so it wanted to continue doing it that way. The right

18 Bermuda Business Visitor 2020

INTERNATIONAL BUSINESS FIDELITY Fidelity’s Country Head and Group Head of Tax, Allan Pelvang, who is based in Bermuda in an office on a peaceful part of the waterfront in the capital of Hamilton, says: “I am a great fan of Bermuda.

“There is a combination of a welldeveloped financial services sector with a great quality of people, strong regulation and a level of work that is on a par with what we would see if we were working in London or New York.

“We also have an amazing lifestyle, which is not to be sniffed at. It is not for everyone, but what I love is that you can get on your moped, go to work then jump on your moped again and go and play tennis or golf or take the boat out.

In terms of business regulations, Barnes adds, “We have a very close relationship with the Bermuda Monetary Authority, which has improved standards and quality of its regulations. It has had to up its game and has done so.”

As everyone knows, Bermuda is a tiny spec almost in the middle of the Atlantic, but Barnes sees no problem with its geographic location.

“You would think it would be counterproductive to have an office on the other side of the world to where the main businesses are, but today it makes no difference with technology.”

“Our board travels extensively and holds its AGM as well as other meetings here. With air travel and the Internet, it is very easy. And the infrastructure is good enough. We have a choice of ISPs, and all of them seem to compete. We have no problems at all.”

He says political stability was a key element of being in Bermuda, adding, “There has been several changes in government, and, from Jardine’s perspective, they have all been completely seamless. Governments are very receptive to us, which we appreciate.”

Life in “paradise” also has its attraction. “It is not difficult to attract the right person to come and live here.

For me it is a five-minute drive to the office. In London, it would be an hour, and there is an awful lot to do in Bermuda.” Q

“I am not sure where else in the world you can get that combination of firstclass financial services work and the quality of life.”

Fidelity was one of the first international firms to domicile in Bermuda, which it did in 1969.

A Danish national, Mr. Pelvang has also worked with Fidelity in London and Luxembourg, and he says: “Fidelity remains very committed. I am not here for the short term, but it is, of course, difficult to predict precisely what the future will bring.”

He believes Bermuda’s geographical location is a good feature. “It creates a point between our US shareholders and shareholders in Europe and Asia.

Logistically, it is good.”

He also believes that there is a good pool of talent available locally.

“Going back six or eight years, during the recession, it was more difficult to get qualified candidates for positions, especially Bermudians. But that has improved lately.”

He added: “We always run into the perception locally that we would rather

employ expatriates, but for the vast majority of our positions we would much rather have Bermudian staff.

“Other people stay two to four years and move on and that is generally bad for business.”

It is clear that Bermuda has been faced with some critical issues—for example, the emergence of gang-related crime— and the occasional local issue that may not always have been conducive to the stability that businesses crave.

Mr. Pelvang added: “I think that generally as a business we are encouraged by stability.

We are therefore always encouraged when we see moderate behaviour and rhetoric, in particular, in politics.

“We do like to see continued strong policies to deal with crime. We are encouraged to see that steps are being taken to deal with gangs and gun violence because of the more recent incidents.”

Like other countries around the world, Bermuda did not escape the effects of the worst recession in living memory. But Mr. Pelvang adds: “It is encouraging to see Bermuda emerging from the recession and businesses growing again.” Q Bermuda Business Visitor 2020 19

COMPANY REPORTS: A SPONSORED SECTION

Bacardi Limited

Building brands with a rich heritage for more than 150 years Bacardi - nurtured by seven generations of the Bacardi family - is a vibrant, family-owned spirits company, as well as the world's largest privately held spirits company. From its enviable portfolio of premium brands pre-eminently positioned in the spirits industry, to landmark structures that have won worldwide architectural acclaim, Bacardi has constructed a legacy on perseverance, quality, prestige, innovation and creativity.

The exclusive emphasis on quality began in Santiago de Cuba where on February 4, 1862, Don Facundo Bacardí Massó purchased a small distillery and revolutionized rum making. After careful and systematic experimentation with a variety of ingredients, aging and blends, Don Facundo created a new, smooth, light-bodied spirit - BACARDÍ rum - what the world now knows as premium light rum.

The new BACARDÍ rum blend was a delight to the residents who were accustomed to the local "ron" that was crude and harsh. Cuba's emerging middle class welcomed the taste of smooth, light-bodied, aged and mixable rums branded with an elegant, intriguing black bat on the label.

It was this innovation by Bacardi that revolutionized the spirits world, enabling the establishment of an entire cocktail category and culture that remains vibrant today with its legendary creation of the first mixable rum.

Don Facundo’s quest and that of his descendants for unmitigated excellence has consistently manifested itself throughout the Company's more than 157-year history. Since then, the Company has grown to include an impressive portfolio of premium spirits with more than 200 brands and labels which includes BACARDĺ rum, PATRÓN tequila, GREY GOOSE

20 Bermuda Business Visitor 2020

vodka, DEWAR'S Blended Scotch whisky, BOMBAY SAPPHIRE gin, ERISTOFF vodka, CAZADORES tequila and MARTINI vermouths and sparkling wines.

Bacardi has operations around the world, cemented by the enduring quality of its products and the reputation. The Company sells in more than 170 global markets and operates more than 20 production facilities - for bottling, distilling and manufacturing in 12 countries.

The Bacardi Building in Bermuda, the global headquarters for the Company, was originally designed in the late 1950s by renowned German architect Ludwig Mies van der Rohe to replace the offices in Santiago de Cuba, but this masterpiece “office without walls” would never be built in Cuba. On October 14, 1960, revolutionary government forces illegally confiscated all Company assets in Cuba - a devastating heartache for a business just shy of its 100th anniversary. The Bacardi business and family were forced into exiled and moved to Bermuda in 1965.

The Mies van der Rohe designs lived on, thanks to Cuban architect Ricardo Eguilor who was hired to design a permanent home for the company in Bermuda.

Using Mies van der Rohe’s original

plans, Eguilor chose to create a building with a strong foundation by employing a highly sophisticated method of constructing sidewalls from solid glass. The Bacardi Building, with its unique architecture, sweeping lawn and colorful fountain, has been a visual gift to the people of Bermuda – the adopted island home of Bacardi – for more than 50 years.

Bacardi has long recognized the importance of fostering positive connections with the local communities and broader societies it touches. Bacardi and its employees benefit through a greater social connection and therefore a sense of fulfillment in communities. Bacardi has a long history of contributing to the betterment of Bermuda and regularly supports local arts, sports, education, health and welfare, heritage and cultural endeavors.

From its portfolio of premium brands to its award-winning architectural landmarks, including the design inspiration for its global headquarters building in Bermuda, the legacy of perseverance, quality, prestige, innovation and creativity, which is the hallmark of Bacardi, lives on.

Bacardi Limited refers to the Bacardi group of companies, including Bacardi International Limited, headquartered in Hamilton, Bermuda.

COMPANY REPORTS: A SPONSORED SECTION

Chubb

A Global Leader in Property and Casualty Insurance Chubb is the world’s largest publicly traded P&C insurance company. With operations in 54 countries and territories, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients.

As an underwriting company, we assess, assume, and manage risk with insight and discipline. We service and pay our claims fairly and promptly, and we combine the precision of craftsmanship with decades of experience to conceive, craft, and deliver the very best insurance coverage and service to individuals and families, and businesses of all sizes.

Chubb’s operations in Bermuda offer a wide range of insurance and reinsurance products to clients globally.

Prior to the ACE acquisition of Chubb in January, 2016, ACE was established in Bermuda in 1985 by 34 founding sponsors to address the lack of available excess liability and Directors and Officers coverage in the U.S. insurance marketplace.

Today, Chubb Bermuda offers market-leading, customized, large-block capacity for property, excess casualty, and financial lines coverages, all backed by decades of underwriting and claims experience.

Chubb Bermuda is also an industry

leader in providing large loss and limits benchmarking data, supporting clients in making well-informed risk and insurance purchasing decisions.

Political risk insurance solutions are provided through our subsidiary, Sovereign Risk Insurance Ltd., which is one of the world’s leading underwriters of political risk and sovereign credit insurance. Sovereign’s clients include many of the world’s largest banks, exporters, multinational corporations, export credit agencies, multilateral agencies, and private equity investors.

Chubb Tempest Re Bermuda is a leading global multi-line reinsurer providing a broad range of products to

a diverse group of primary property and casualty companies. Tempest Re offers deep underwriting, actuarial, and claims expertise in property catastrophe reinsurance and other diversified lines, enabling us to tailor solutions to meet the unique and often complex needs of each client. Segregated accounts facilities and captive management are provided through Paget Reinsurance Ltd. Supporting the communities where we do business is vital. The Chubb Charitable Foundation, Bermuda has a rich history of fostering philanthropic engagement in the community. We also recognize our responsibility to provide solutions that help clients manage environmental risks, to reduce our environmental impact, and to make meaningful contributions to environmental causes.

Chubb has more than $174 billion in assets and reported $38 billion of gross premiums written in 2018. Chubb’s core operating insurance companies maintain financial strength ratings of AA from Standard & Poor’s and A++ from A.M. Best. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb maintains executive offices in Zurich and New York and employs more than 30,000 people worldwide.

Bermuda Business Visitor 2020 21

COMPANY REPORTS: A SPONSORED SECTION

Butterfield

Offering a full range of banking and investment services to Island residents Butterfield: Bermuda’s Own Bank

long-term, multi-generation financial solutions encompassing investment advisory, wealth transfer, estate planning, and asset protection.

Through its network of offices around the world, Butterfield draws upon international expertise to create tailored solutions to meet the most complex wealth management needs.

Butterfield also provides services to corporate and institutional clients, which include corporate banking and trust services, asset management and custody. The Bank’s experience in serving the needs of the insurance industry runs deep.

Founded in Hamilton in 1858 by Bermudian merchant and statesman, The Hon. Nathaniel T. Butterfield, The Bank of N.T. Butterfield & Son Limited is better known today by its familiar name, “Butterfield.” It is Bermuda’s largest indigenous financial institution, offering a full range of banking and investment services to Island residents; both individual and corporate.

Over its 160 years in business, Butterfield has earned a reputation for friendly service and trustworthy advice. Although Butterfield has changed dramatically over the years, expanding its services and growing beyond Bermuda’s shores, its reputation for service endures and has been central to the company’s success in international markets.

Today, the Bank has operations in eight countries: The Bahamas, Bermuda, the Cayman Islands, Guernsey, Jersey, Singapore, Switzerland and the United Kingdom.

Products and Services to Meet Your Needs in Bermuda Butterfield has banking centres in Hamilton, Somerset and St. George’s, ATMs located across the Island, and advanced internet and telephone banking services, offering convenient access to funds and services. With its longstanding commitment to delivering the best in customer service, Butterfield has been the bank of choice for generations of Island residents.

22 Bermuda Business Visitor 2020

Community Focused Giving back to the local communities in which it operates is a Butterfield tradition. The Bank proudly supports many local organisations that work to provide assistance, encourage progress, and enrich the lives of Bermuda’s residents.

For more information, please visit www.butterfieldgroup.com or call (441) 295 1111.

From foreign exchange, to chequing and savings accounts, to loans and mortgages, to the Island’s leading lineup of credit cards, Butterfield offers one of the most comprehensive packages of personal banking services in Bermuda.

In wealth management, the Bank offers a suite of investment products, self-directed and advisory brokerage and private banking services, and extensive expertise in the development of personal trusts. Utilising these services, Butterfield is able to provide

The Bank of N.T. Butterfield & Son Limited is licensed to conduct banking business by the Bermuda Monetary Authority.

Butterfield Asset Management Limited and Butterfield Trust (Bermuda) Limited are wholly owned subsidiaries of The Bank of N.T. Butterfield & Son Limited and are licensed by the Bermuda Monetary Authority, respectively, to conduct investment business and trust business.

PEOPLE

MEET THE LOCALS

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usiness visitors to Bermuda will usually get a kick out of the fact that it is impossible to walk the streets of the City of Hamilton without seeing someone who looks familiar, be it from the front page of the Island’s daily newspaper, last night’s CNN news, sitting in first class on the way down or from the up-market restaurant clientele they were part of last night. Bermuda, it would seem, is a magnet for many of the world’s most interesting individuals, and the Island manages to produce a few stars of its own as well.

Don’t be surprised if you bump into one of our ‘locals’.

Michael Bloomberg Billionaire Michael Bloomberg has been a long-time admirer of Bermuda, owning home in Tucker’s Town that he regularly visits. He can often be seen playing golf at exclusive Mid Ocean Club, just a short iron from his property.

The former Mayor of New York is the founder of Bloomberg LP which is the leading source in the world of financial data.

His fortune is thought to be in the region of $5bn and as a philanthropist he has donated millions of dollars to cultural, educational and medical causes.

Bruce Gordon Australian Bruce Gordon is a self-made multi-millionaire who spends most of his time on his 26-acre estate in Tucker’s Town, Bermuda.

According to Forbes, his wealth peaked at $1 billion although it is now estimated to be about $620 million. His company Win Corp owns Australia’s largest privately held TV network.

Ross Perot Until his death in July 2019, Ross Perot was a part-time resident of Bermuda and was perhaps best known as a two-time US Presidential candidate. He made his fortune, estimated by Forbes at $3.5 billion, in IT. He sold his firm, Perot Systems, to Dell in 2009. As a young man Perot spent several years in the US Navy, which may have explained his fondness for skimming over Bermuda’s waters in one of his magnificent speedboats. His family still own two luxury properties in toney Tucker’s Town.

Silvio Berlusconi The media tycoon and former Prime Minister of Italy has been a frequent criminal defendant in recent years. But

he remains a powerful figure in Italian politics and his $9 billion fortune does not seem to have been affected by his recent judicial troubles.

“Blue Horizon”, his estate in Tucker’s Town, looks as splendid as ever.

Michael Douglas Who is the most famous Bermudian?

Without doubt, Michael Douglas whose mother Diana Dill’s Bermudian bloodlines go back to 1630. Douglas and his family recently announced an $85 million redevelopment of their Ariel Sands hotel. The property has been in Douglas’s family since the 1840s and Dill family members began running it as Ariel Sands Beach Club in 1954.

The new luxury resort will consist of 85 Bermuda Business Visitor 2020 23

PEOPLE hotel keys located in 33 cottages and six suites and aims to “embrace the romance, sophistication and unique architectural traditions of Bermuda”.

Douglas said his decision to go ahead with the redevelopment marked a vote of confidence in Bermuda.

high-margin franchises, such as Standard & Poor’s Ratings Services, S&P Capital IQ, S&P Dow Jones Indices and Platts.

He is also chairman of many outside and influential organisations, including the Chairman of International Chamber of Commerce (ICC) - The World Business Organization.

Harold (Terry) McGraw Harold Whittlesey McGraw, III, known as Terry, has been the Chairman and Chief Executive Officer of McGraw Hill Financial, Inc. (formerly known as The McGraw-Hill Companies, Inc.) since December 1999 and 1998 respectively.

He transformed McGraw Hill Financial by exiting slower-growth businesses and investing in fast-growing,

The Greens Like many wealthy families that reside in Bermuda, the Greens choose to keep a low profile. Over the last few years, however, they have been thrust into the spotlight by their purchase and subsequent $100 million renovation of the Hamilton Princess Hotel, the development of Waterloo House, a large and prestigious office building almost next door to the hotel, and more recently the redevelopment of the former HSBC Bermuda headquarters building, located in one of the most prominent positions in all of Hamilton.

The family’s connection to the island goes back three generations. Industrialist Sir Harold Mitchell, father-in-law of Peter Green and grandfather to Alexander and Andrew Green, came to Bermuda in 1947. After the Second World War, Clement Attlee’s newly elected Labour Government nationalised Sir Howard’s mines and the railway company he owned and he subsequently refused to keep any of his money

Our sports stars Shaun Goater Shaun Goater played for Manchester City in the Premier League between 1998 and 2003, where he scored more than 100 goals — including a hat-trick against his first professional club, Manchester United. He was Manchester City’s top scorer for four consecutive seasons, and the local fans created a song in his honour, “Feed the Goat and He Will Score”.

Flora Duffy Flora Duffy is the 2016 and 2017 ITU World Triathlon Series World Champion, a two-time winner of the ITU Cross Triathlon World Championships and a four-time winner of the XTERRA World Championships. Flora is also the first Bermuda female to win a gold medal at the Commonwealth Games when she won the triathlon event in Gold Coast, Australia in April 2018.

24 Bermuda Business Visitor 2020

in the UK. He owned a number of estates, including properties in Jamaica, Honduras, Portugal, Fiji, Brazil and Guatemala, but Marshall’s Island, in Bermuda’s Great Sound, became his main residence. With Sir Harold’s passing in 1983, his only daughter, Mary-Jean, took over the management of the family’s various international businesses until her tragic death from cancer in 1990. It was then that Peter Green, whom she had married in 1975, was left in charge.

But the story of the family business had begun several generations earlier. Sir Harold’s grandfather, William Mitchell, was a Scottish entrepreneur who, during the industrial revolution of the mid 19th century, invested in coal mining and shipping lines. His company would ship coal from Scotland to Canada and bring back timber. The business was later managed by William’s two sons, whom he had named Alexander and Andrew, Alexander being the father of the aforementioned Harold.

Now, the new generation of Alexander and Andrew Green, together with their father Peter, is putting its faith in the Bermuda market with the purchase and development commercial real estate.

In 2000, shortly after the PLP won control of the Bermuda Government for the first time, the family moved its investment company and core business from Bermuda to Dublin. At the time, a spokesman for the company said that they were re-domiciling solely for business reasons, to be closer to their European investments. He denied speculations that they were leaving because of dissatisfaction with the policies of the PLP, but the decision was reminiscent of Sir Howard’s move out of the UK almost six decades earlier, following the election of a labour Government. Q

INVEST BERMUDA

Everything is within walking distance in Hamilton

CAPITAL

GAINS

Of all the world’s capital cities, Hamilton must rank among the smallest and the most prosperous

I

t takes up fewer than 200 acres — about the size of a field in Texas or a small farm in Europe — and yet the City of Hamilton generates almost $4 billion a year towards the Bermudian gross domestic product.

It is a staggering statistic, all the more surprising because Hamilton doesn’t look remotely like a money machine.

Hamilton isn’t exactly sleepy either but it is sedate on the surface.

Scratch that surface, though, and you might be stunned by the scope and sophistication of the business and financial activity.

It is, after all, the biggest captive insurance centre in the world as well as ranking high in reinsurance along with

New York and London. All this with a population of just 1,100, swelling to almost 14,000 during the working day.

Centrally located with a magnificent natural harbour, Hamilton has been in existence since the 18th century.

However, it wasn’t until 1815 that it became the governmental as well as the business capital of the Island.

Two centuries of experience have ensured that the Hamilton Corporation, under the leadership of an elected Mayor, runs the city with quiet efficiency. The Corporation is responsible for the streets, the docks, sewerage, garbage, parking, open spaces and more. And a citywide closed-circuit TV system is keeps the lid on crime.

With the exception of rushhour traffic jams, it all works. The Corporation manages the city on an annual budget of approximately $20 million.

Hamilton is scrupulously clean and, thanks to its string of fragrant pocket parks, unusually green and leafy.

A generation ago, Hamilton’s streets were lined with gracious old buildings, which have given way to contemporary office buildings to meet the demand of international businesses. But by the standards of business cities worldwide, it still remains idyllic.

Also, those office buildings are at least partly responsible for Bermuda’s stunning prosperity. Within their walls are at least half the Fortune 500 companies, the Taipans of Hong Kong, the big four accountants, some of the hottest legal talent anywhere, and those world-beating insurers.

It is surely no exaggeration that any service you might need is less than 10 minutes’ walk from anywhere else in Hamilton: the point being that it is not merely small but surprisingly complete.

As for telecoms and IT, the city is fully wired underground, including a fibre-optic circuit, and the supply from the nearby power station is reliable.

Hamilton is indeed hardly a town on the surface — but quite a city in reality. Q Bermuda Business Visitor 2020 25

Bermuda Business Visitor

HAMILTON BUSINESS MAP 4

Arch Reinsurance Ltd Astwood Arms AXA XL Bacardi Limited Bermuda Cancer and Health Centre Bermuda Media Bermuda Medical Specialties Group BMSG Health Express Urgent Care Bermuda Stock Exchange Bistro J BUEI Burrows Lightbourn

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3 2

6 7

1

7 29 11 6 36 14 20 21 25 30 37 42

16 14 8 15

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13 12 17

10

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Bermuda Business Visitor

35 36 37 38 39 40 41 42 Butterfield Head Office Café 4 Chubb Clarendon Pharmacy Cuarenta Bucaneros Edge Hill Manor Guest House FIL Limited Harbourfront Restaurant House of India Keller Williams K.S. WaterSports (Hamilton location) L’Oriental Restaurant

27 19 10 24 38 4 39 40 41 35 1 13

L’Oriental Express La Trattoria Restaurant Little Venice Restaurant & Winebar Nineteen Pearl Phoenix Centre Port O’Call PwC Red Carpet Restaurant Rego Sotheby’s International Realty Robin Hood Pub & Restaurant Rosedon Hotel 2

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15 23 12 17 31 22 32 18 26 28 8

Rosemont Guest Suites Royal Palms Hotel Ruby Murrys TEN Woodbourne Chemist Yours Truly

3 5 34 16 9 33

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22 27

30 34 28

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YO U R G U I D E TO

1

4 2 WATERLOO HOUSE

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3

HAMILTON PRINCESS

6 7

1

2

WELLESLEY HOUSE NORTH • The Tone Zone Health & Fitness • Waterfront Properties Limited • Willis (Bermuda) Ltd • Willis Towers Watson Management (Bermuda) Ltd • Willis Re (Bermuda) Ltd WELLESLEY HOUSE SOUTH • Argo Group • Schroders (Bermuda) Limited • Zurich Bermuda 28 Bermuda Business Visitor 2020

3

AXIS HOUSE • AXIS Capital Holdings Ltd

4

CHESNEY HOUSE • Athene Holding Ltd • Athene Life Re Ltd

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WATERFRONT RESIDENCE Guest Rooms and Conference Centre

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IDEATION HOUSE • Adara Development (Bermuda) • Wafra Financial & Management Services Ltd • Wafra InterVest Corporation

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POINT HOUSE • Third Point Re

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WATERFRONT MARINA & FUEL STATION

8

A World Leader A

s a leading international financial centre, Bermuda is considered one of the best places in the world to do business—for a whole host of reasons. Topping the list is our robust and business-friendly regulatory system that has set our jurisdiction apart and won high regard for tax-transparency and global compliance standards. Its strength underscores Bermuda’s bluechip reputation. But there are many other benefits we’re also proud of.

Among them? The Island’s sophisticated telecommunications and technology infrastructure. Our impressive pool of skilled talent. Our convenient location— between European and North American markets—and, of course, the enviable climate and lifestyle.

All explain why so many different types of enterprises choose Bermuda as their base for business. Our community counts a broad ecosystem of financial services, from funds and private equity firms to trusts and private client structures serving high-net-worth individuals. The Island is ranked one of the world’s top three reinsurance centres and the largest captive insurance headquarters. It is home to $17 billion in ILS (insurance-linked securities) listings, nearly 70 percent of the world’s total. Our reinsurers help nations recover after the worst catastrophe losses, and Bermuda-based business is also responsible for an impressive number of jobs—an estimated 500,000 around the world are supported by trade and investment done through our jurisdiction We’re also the host jurisdiction to a significant and growing number of aircraft and shipping registrations.

The prestigious America’s Cup, which Bermuda hosted in June 2017 proved an exciting catalyst for new ideas and investment, energising hotels, real estate and the retail sector. The opportunities and televised worldwide attention this mega sporting event brought to the Island were substantial, and the resulting economic impact will be a positive boost to Bermuda’s future. Q

IN YOUR FUTURE

Bermuda Business Visitor 2020 29

THE ECONOMY

Elite athletes battle it out at the World Series Triathlon

Serious Fun Bermuda hosts world-class sporting events to boost tourism and the economy

B

ermuda may be known for its pink sand beaches and colorful namesake shorts, but the island is also becoming synonymous with exceptional international sporting events.

Chief among them was the 35th America’s Cup, an international sailing regatta that has transformed this midAtlantic nation. “There is no question that Bermuda hosting the America’s Cup had a positive legacy impact on the island,” says Mike Winfield, CEO of America’s Cup Bermuda Limited, the local organisation responsible for the event’s planning and execution. “It also makes people see Bermuda in a new light — as being a fantastic place to do business.”

As teams from around the globe vied to win the oldest trophy in international sport — the silver Auld Mug, dating back to 1851 — Bermuda was afforded worldwide notoriety and was given a significant economic boost. For example, there was an estimated $250 million in on-island spending, plus additional gross 30 Bermuda Business Visitor 2020

revenue of $14 million from taxes and duties from the America’s Cup. The America’s Cup legacy produced tangible long-term benefits like new super-yacht marinas and hotel projects and softer advantages such as a higher worldwide profile and a positive spotlight on our blue-chip business culture.

The impact on Bermuda’s tourism infrastructure is significant. Existing hotels received massive facelifts, including the Hamilton Princess & Beach Club, which completed a $100 million renovation to refurbish all of its guest rooms, built two new restaurants, two harbor front pools, and a new spa and wellness facility, along with a 60-berth luxury marina; The Loren at Pink Beach, a chic new boutique hotel that opened in early 2017; and a new mega-yacht marina at Morgan’s Point was completed in time to host many of the super yachts that visited during the regatta. The event is also credited with giving impetus to the construction of a brand-new $120 million

St. Regis hotel in St. George’s.

“Certainly the hotel tourism industry got quite an uplift,” says Penny MacIntyre, executive vice president at Rego Sotheby’s International Realty. “We saw major hotel properties coming out of receivership, and brand-new construction projects as a result of the America’s Cup coming to the island.”

Another ambitious project has been the transformation of the Royal Naval Dockyard on Bermuda’s west end. Once a working boatyard for the British Royal Navy, the dockyard quickly transformed into a bustling America’s Cup village — double duty for the tourism and transportation hub since the dockyard is also where the majority of Bermuda’s cruise ships dock and where dozens of the island’s attractions are based. “What the America’s Cup enabled us to do is to complete and compress our vision for the dockyard,” says Andrew Dias, general manager of WEDCO, the company that oversees Bermuda’s west end. “So

THE ECONOMY instead of construction taking five years to complete,” he says, “we did it in 16 months, which was definitely an overall benefit to the community.”

More than $10 million has been invested in the historic site, with improvements ranging from waterproofing aging buildings to the development of Cross Island, a massive land reclamation project that created a vast new swath of land to build on and where America’s Cup teams were based throughout the events. This was also home to the America’s Cup fan village and hosted a dizzying array of events, concerts, and corporate entertainment options during the regatta. Opportunities for future development of this nine-acre site are now being considered.

Oracle, The United States entry in the 35th America’s Cup

TRIATHLON Bermuda is now in the midst of a multiyear contract to host the International Triathlon Union (ITU) World Triathlon Series races. The first event was held in 2018, and the Island’s role will culminate in hosting the Grand Final in 2021.

The Bermuda Tourism Authority (BTA) commissioned financial services firm PwC to produce a study on the events, which said the Island’s economy received a $4.7 million boost from the April 2019 event, and it predicted another $9.3 million will come from future tourism.

Kevin Dallas, chief executive of the BTA, says, “For the second year in a row, we cheer the positive economic impact of WTS Bermuda, along with the tremendous legacy value the series continues to deliver. The triathlon brought an immense boost to Bermuda’s profile as a world-class venue to host other major sporting events.”

GOLF Bermuda was home to the PGA Grand Slam of Golf from 2007 to 2014 and now hosts a regular PGA tour event. The BTA signed a five-year agreement through 2023 as title sponsor of the Bermuda Championship, being held at Port Royal Golf Course.

The Bermuda Championship is a new addition to the PGA TOUR schedule, with a 120-player field and a total purse of $3 million.

Bermuda Business Visitor 2020 31

THE ECONOMY Rory McIlroy tees of at Port Royal Golf Course

Dallas says the BTA set its sights on a PGA TOUR partnership “because of the significant benefit to the island’s economy as well as the worldwide exposure to the tour’s audience that perfectly aligns with Bermuda’s visitor targets.”

In addition to four days of coverage on the Golf Channel, the Bermuda Championship will be broadcast in 226 countries and territories as part of the tour’s international broadcast agreements.

TENNIS

Bermuda’s sponsorship at the Arthur Ashe Tennis Stadium for the US Open

32 Bermuda Business Visitor 2020

In 2019, Bermuda was also the exclusive tourism sponsor of the US Open Tennis Championships, held each year in New York. But Bermuda’s relationship with tennis goes back more than a century, when in 1874 Bermudian Mary Outerbridge introduced the game to the United States.

Mr. Dallas says, “The brand story of Bermuda introducing the sport of tennis to the United States is just one example of how we punch above our weight as a small island out in the middle of the Atlantic.”

Gordon Smith, CEO and executive director of the USTA, says, “It’s great that Bermuda and US tennis are back together again. Tennis really got started in the United States thanks to Bermuda, and here we have really come full circle. Ms. Outerbridge’s brother played a key role in the foundation of the United States National Lawn Tennis Association, which created the US National Championship – the event that became the US Open. But, for Mary and her brother, who knows if we would even have a USTA or a US Open?” Q

INVEST BERMUDA

Sealing a smooth deal

I

Making the effort to understand Bermuda’s distinctly different ways could open some important doors for you

t may be sitting down at a formal meeting and finding yourself facing a senior businessman in shorts and long socks. It may be that everyone says good morning to total strangers as they pass in the street. Or it may be going into one of Hamilton’s restaurants and finding out that the waiters know as much about international business as you do. One way or another, it won’t take you long to realise that, from a business perspective, Bermuda is truly in a world of its own.

The contrast between the large international business done in Bermuda and the club-like atmosphere can be startling. There is the story of a gentleman who arrived with $250,000 in his briefcase. He visited one bank, who politely turned down his request to open an account and deposit the cash, only to find that by the time he made it to the other banks, they already knew he was coming. Money launderers, try the next town.

Don’t be seduced by this village atmosphere. Hamilton is full of international movers and shakers, who rank among the world’s finest in their

respective fields. They may work in flip flops with an office overlooking the boats in Hamilton Harbour, but make no mistake, they are all connected 24 hours a day to the international marketplace.

Underestimate them at your peril.

They have chosen Bermuda as a business base for a variety of reasons — an efficient tax and regulatory environment, a highly developed infrastructure and legal system, and

a unique sensitivity in the manner of doing business. So, proceed with respect and thoughtfulness. A few specific suggestions: • No one is impressed by visitors who come over as unfriendly or selfimportant.

• Make an effort to introduce yourself and your business to local regulators, industry groups and associations – such a courtesy will go a long way to forming solid working partnerships.

• Avoid making the mistake of thinking people won’t compare notes after you’ve gone. Assume that they will talk, so get your story straight at the outset and avoid at all costs bad-mouthing anyone here to another resident: it’s far too small an island for that.

• Don’t shop business all over town. It is fine to discuss service and fees with a few different people but this is not a bidders market — and loyalty is still a key factor in deciding who is doing what business and with whom.

• The key to a fruitful experience in Bermuda is pretty much the key to all successful interaction: step quietly, keep your ears and eyes open and, at least in the beginning, your mouth shut other than to say “Good morning” to absolutely everyone. And whatever you do and however you feel, put on a happy face! Q

Bermuda Business Visitor 2020 33

THE ECONOMY

Arriving: Bermuda’s New Airport Next year, you will be arriving and departing from a new state-of-the-art airport terminal

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hen you landed at L.F. Wade International Airport you may have noticed our new, unmistakable landmark. Bermuda’s new 34 Bermuda Business Visitor 2020

airport is nearly complete and, if all goes according to plan, will be open by July 2020.

Shazar Hack, technical director

at Skyport, says, “Right now, we are carrying out the interior finishing work, such as the framing of drywall partitions.

Tilework for the flooring is due to start, and the major interior finishing work should be completed by the first quarter of 2020. “The concessions tenants would then come in and fit their spaces, including areas such as duty free, food and beverage, and airline offices.”

“A new concrete apron where the arriving aircrafts park at the terminal building has been built, to take the weight of airplanes, while ‘sense of place elements’ will soon be added as part of the interior finishing works.

“We will bring many elements of Bermuda into the building. We have just finished a kite competition, and the winners will have their designs placed above the immigration arrivals space in addition to creating hanging elements,

View of Pre-Board Screening Area and Departures Check-in Area under construction

like the birds of Bermuda, in the departures hall,” says Mr. Hack.

At the “go-live” date, all operations will have to be moved from the existing airport to the new building, and the plan is to do it overnight, under the Operational Readiness Airport Transfer programme, also known as ORAT. Mr. Hack explains, “Noncritical items will be moved in the weeks before it opens, but people and those things that cannot be moved in advance will be moved overnight.”

“Everyone will be trained to know their roles and responsibilities when the building starts up, and there will be large public information exercises leading up to opening day, about where to go and what to do.”

“We will also have trials, some open to the public, where volunteers can act as passengers to help us test the systems.

For instance, there will be a test when someone leaves a piece of luggage unattended to test security protocols. All trials will be monitored and observed, with each a trail followed by a debrief.”

Mr. Hack adds, “Overall, we are happy to report that the construction is on schedule and on budget, and we expect the new terminal building to be completed by the summer of 2020.”

A great deal of thinking and research has gone into assessing the size of the building so that it’s not too big nor too small. “It will be able to comfortably handle the peak loads of incoming and outgoing flights between mid-morning and mid-afternoon, and, in the long term, if the need arises to expand, the plans are in place to extend the building accordingly,” says Colin Campbell, regional director of OBMI Architecture.

“It is interesting to note that the new terminal is almost exactly the same length as the existing building if you were to measure from the departures area though to the arrivals area. So materially, it is not bigger, it is the same basic area under one roof, but of course designed around today’s traveller and today’s technology.

You have to remember that our current

airport was built in another era, and it becomes an inefficient exercise to try to adapt such an old building, whose design purpose was so much different from the needs of today. Ticketing is just one small example that an airline passenger will be able relate to. Remember that we’re now not only using kiosks to check in for our flight, we’re also ticketing our own baggage.”

When it is finished the ground floor – approximately 182,000 square feet – will house the new departures hall, baggage and passenger screening for departures, arrivals concourse with customs areas, retail facilities, and restrooms.

The second floor – about 89,000 square feet – will house the US and international hold lounges, retail shops, and dining areas.

Importantly, considering Bermuda’s unpredictable weather, there will be six covered and accessible passenger boarding bridges for arrivals and departures.

Given the possibility that the current trend of tourism and hotel capacity growth continues, the airport is being constructed in such a way that it is easy to add additional structures at either end of the terminal. Q

Pre-Board Screening Area and Departures Check-in Area under construction

Bermuda Business Visitor 2020 35

ETIQUETTE How to avoid making a faux pas on your visit Do say “Good morning,” “Good afternoon” or whatever is appropriate when you greet a Bermudian. Failure to do so may impede your chances of continuing the conversation. Sorry, but being nice here is a necessity.

Rules of Engagement

Don’t make the erroneous — and potentially disastrous — assumption that everyone here has his or her price. Bribery is unheard of or at least very rare. If someone appears a little ponderous, they won’t be waiting for a “tip.” More likely, they’ll be anticipating the above-mentioned “Good morning.”

Show up on time

Do accept if you’re invited to the home of a business acquaintance. Bermudian hospitality is genuine, so enjoy it. Be sure to make that morning-after call to thank your hosts, though. Failure to do so is a capital offence.

Don’t be impatient. You’ll find business moves at the pace of any international city, but beyond that, we live a slightly slower lifestyle here. We drive at 20 mph, so don’t ask your taxi driver to “step on it.” And while you will find friendly and courteous service in restaurant and shops, don’t expect to be served at breakneck speed.

Do be sensible about leaving your hotel and windows locked. Bermuda experiences far lower crime rates than almost any other place on Earth, but drugs can make a small minority do dangerous things. So don’t suspend your big-city caution.

Don’t gossip about one local to another. Invariably, the subject turns out to be your interlocutor’s cousin/ neighbour/ex-spouse — you get the idea. The key concept to remember is that everyone you meet is probably related and slated to talk soon.

Do show up on time. But don’t lose your cool if you make a business or 36 Bermuda Business Visitor 2020

social appointment with a local, and he or she shows up late. It’s kind of a custom here.

Don’t be surprised if the dinner table talk is a little “insular.” After all, this is a small island. Speaking of eating, most

Bermudians eat relatively early, with restaurant reservations at 7 pm or 7:30 pm the norm. Also, long liquid lunches are out here. It’s perfectly acceptable to lunch with clients over a light salad or even meet for breakfast or coffee at one of the more fashionable eateries. Q

ISLAND ESSENTIALS

Good Grooming O

ften the business visitor is conspicuous for being overdressed — as in dark wool suit in the sweltering summer sun. A lightweight suit will more or less blend in here. Better still, a blue blazer and khaki trousers. Worn with a white or blue shirt and tie, this outfit is perfectly acceptable for work as well as socialising.

Yes, Bermuda shorts really are normal business attire on the island. They are cool, comfortable and the defining element of what might be called the ‘Bermuda look’. But it is important to get the details correct. The shorts must be worn with a blue blazer (not your suit jacket), knee socks and loafers.

Pink is a man’s colour here, to the point that business types consider it a perfectly respectable hue for shorts, socks and shirts.

Well dressed will impress Women will find Bermuda is more formal than the Caribbean, on par with major North American cities.

Most business types here are not big fans of the dress-down trend. So if you want to make the best impression, stick to a classic, traditional wardrobe.

Evenings demand even more formal attire. “It doesn’t mean you have to dress like your granny,” a senior female executive counsels, “but too much cleavage or make-up, and they won’t be listening to what you are trying to sell.” Opt for lightweight linen or cotton (not silk) suits or dresses with a jacket for meetings in the hot, sticky summers (May through October). No stockings are required. Wear open-toed shoes, but not summer sandals. In winter, a light raincoat would be useful. Q Bermuda Business Visitor 2020 37

FINTECH

Circle and

The Coin What makes a US crypto technology firm want to come to an Island in the middle of the Atlantic?

W

ell, according to Circle, which is headquartered in Boston, with offices in London and China and which has raised $246M in funding from Goldman Sachs, Bitmain, IDG Capital, Breyer Capital and General Catalyst, it is simple: Bermuda is a leader in the important field of regulation.

“We’ve seen firsthand how many governments have not been able to keep pace with the regulatory requirements driven by rapid innovation in the digital asset business and crypto,” says a spokesperson for Circle.

“Bermuda, however, has leapt forward with an exceptionally well-designed and comprehensive regulatory framework (the Digital Asset Business Act of 2018, also known as the DABA).

“The DABA provides a comprehensive framework for the regulation and oversight of crypto financial services, including digital asset issuance, sale and redemption, exchange operations, and custodial services,” the spokesperson continues, adding, “Bermuda’s pioneering

approach is the kind of regulatory framework we’ve long advocated to unleash growth in the crypto industry.

“We’ve also witnessed firsthand that the Bermuda government is prepared to iterate and evolve new regulatory rules alongside the pace of technical innovation in the crypto and blockchain field.

“Additionally, we’ve had the pleasure of working with Premier David Burt, along with a number of officials in the government and the Bermuda Monetary Authority who have made this transition to working Bermuda seamless.

“Premier Burt has boldly championed the innovation that allows us to contribute to making the global financial system more trustworthy, inclusive, and empowering for billions of people.”

Bermuda, under Premier Burt, is seeking to be a world leader in the financial technology – FinTech – space.

Fintech is used to describe the application of technology to finance and is an umbrella term that stretches from more traditional technologies like

online banking and ATMs to cuttingedge technologies such as blockchain, cryptocurrencies, the Internet of Things, artificial intelligence, and big data.

And, given finance’s role in powering industry, the term “FinTech” can be considered to encompass a broad range of industries that leverage technology to help manage the flow of capital.

According to the Premier, “the continued digitisation of finance will unlock vast new opportunities for efficiency in trade and investment. It will make it possible to trade in assets that

The increasing potential of FinTech for Bermuda How the Island is bidding to become a market-leading centre

O

n the surface, FinTech seems a natural fit – financial services driven by disruptive technology domiciled in Bermuda and managed within a flexible yet sophisticated regulatory framework that provides leadership to a new global industry.

Bermuda has certainly paved the way for global innovation, and many of the elements that FinTech requires to succeed exist in abundance on our shores.

So is it a home run waiting to happen? The answer is about as elusive as the new industry itself; that Bermuda is actively seeking a spot at the front of the queue should surprise no-

38 Bermuda Business Visitor 2020

one. And, whilst the government appears to be charging full steam ahead, it is also applying some of the very same safety mechanisms that underpin Bermuda’s reputation as a financial service centre.

As Premier David Burt explained “Given that Bermuda has a reputation to protect, our rules will be incredibly stringent. If there are companies that cannot abide by those rules, they will not be welcomed on our shores.”

Those who are welcomed to Bermuda can lead the way for the very same reason Bermuda always leads the way, i.e., a nimble regulatory system in which the government collaborates easily and effectively with the private sector, whether they be players already on the Island or interested newcomers.

In fact, these forces are already at work, with Bermuda recently

FINTECH

previously were too expensive or difficult to be able to before.”

“It will expand accessibility to new and broader sources of capital and provide banking and investment options for a much wider range of people. It will also unlock new means of managing and personalising data to provide better insights, guidance, and feedback, enabling us to live better lives,” says the Premier.

Circle, launched in 2013 by Jeremy Allaire and Sean Neville, was founded on the belief that open crypto technologies would replace the world’s closed

proprietary financial systems, allowing everyone, everywhere, to participate in an economy that’s more fair, inclusive, and accessible.

Today, the company’s products – Poloniex, SeedInvest, USD Coin, Circle Trade, and more – drive a new kind of global financial services.

Furthermore, earlier this year, Circle acquired SeedInvest, the largest equity crowdfunding platform in the United States.

According to the spokesperson, through this partnership, Circle and

SeedInvest aim to democratize the private capital markets by further streamlining the way companies raise capital online, opening up startup investing to millions of investors around the world and launching the first truly liquid secondary market for private company shares.

“In the short term, we’re giving nonUS customers the ability to use Poloniex through our new Circle International Bermuda entity,” adds the firm’s spokesperson.

“We hope this opens the door for non-US customers to access the entirely new capabilities we plan to release in the coming months, including new crypto asset listings, advanced trading products, and more while also staying true to our commitment to compliant, well-supervised operations and customer protections.”

Asked if Bermuda will be attractive to other firms in the FinTech space, the Circle spokesperson had no doubt that it would.

“As I have noted, Bermuda is leading the way on policy innovation for digital assets.

While many governments around the world have not kept pace with the regulatory requirements driven by rapid innovation in digital asset businesses and crypto, Bermuda has leapt forward with an exceptionally well designed and comprehensive regulatory framework: the DABA. “The DABA provides a comprehensive framework for the regulation and oversight of crypto financial services, including digital asset issuance, sale and redemption, exchange operations, and custodial services. That policy innovation is something that many companies will find attractive.” Q

enacting three laws: the ICO (Initial Coin Offering) Act; the Digital Asset Business Act; and the Restricted Banking Act. These laws are amongst the first in the world. Furthermore, the Bermuda Monetary Authority (BMA) released a digital asset business code of practice and information bulletin outlining what documentation is required when applying for a digital asset business license. The BMA has also hired a senior advisor in the field.

It is the speed of these developments that puts Bermuda at the front foot globally. As described at CoinDesk’s Consensus: “The peer-to-peer nature of this technology presents real challenges for legislators and governments, as they seek to carefully balance protection of markets and national security with nurturing of this unique technology.”

This translates to big governments moving slowly because the risks are monumental. Bermuda, however, is frequently described as the “risk capital of the world.” Q Bermuda Business Visitor 2020 39

PROPERTY

Property Market Update Buddy Rego, President, Rego Sotheby’s International Realty, brings you up to date on the Island’s property market

M

ark Twain once quipped, “You can go to heaven if you want to. I’d rather stay in Bermuda.”

Of course, back when the famed writer visited the island, property prices were much more reasonable. However, that shouldn’t discourage prospective buyers in our present real estate market.

Since the economic downturn 10 years

40 Bermuda Business Visitor 2020

ago, Bermuda has remained a buyers’ market relative to the appreciation of property values across the globe. Sales activity over the past few years shows homes and office buildings trading for less than replacement value. What does this mean? It’s not good news for those with mortgage commitments exceeding present-day value or for those who need

to sell having bought only eight to 10 years ago.

However, this does mean that buyers seeking homes and investment properties may enjoy an advantage not seen in Bermuda in recent memory.

Standalone homes, excluding the luxury market, continue to sell, ranging between $1.1 and $1.2 million with the notable

PROPERTY difference that buyers now can expect more amenities for the same price point.

There is a similar trend in the condominium market, which has suffered the most erosion in value and average price sold. Opportunities for the savvy buyer are island-wide, as older units and those in need of renovations are widely available. The average price for these units is around the $300,000 price point.

Higher-end condominiums and those available to non-Bermudians for purchase have enjoyed more stability with an average selling price of around $850,000. In 2018, year to date, 15% of these condominium transactions were bought by non-Bermudians.

The inventory that is trading is predominately new developments in hotel/tourism properties or renovated units in more established developments.

Luxury homes available to all buyers, including non-Bermudians, continue to trade at an average price of between $5 million and $6 million. Two-thirds of these properties were purchased by non-Bermudians, indicating that local confidence and international demand is alive and well.

Bermuda government policy permits non-Bermudians the ability to own two properties in Bermuda, although an application to the Department of Immigration must be made to acquire property, a process that can take several months.

Currently policy does not allow those on work permits to purchase condominiums, though stand-alone homes are available for purchase by nonBermudian guest workers.

Renting is always an option while waiting for the right opportunity. Rental prices in the more affordable ranges have softened since the America’s Cup, while luxury properties are in shorter supply with values continuing to be firm.

Bermuda properties are as unique as the

property market itself. You can embrace over 200 years of history in a stunning estate presently owned by Michael Douglas, or enjoy your own private beach along Bermuda’s famed South Shore at the recently completed Residence at The Loren at Pink Beach in Tuckers Town.

Whatever your price point, an opportunity awaits in the Bermuda real estate market, and, although it may take a while to get to heaven, it certainly appears to be well worth the wait. Q

LIVE VIBRANT RESIDENTIAL SALES RENTALS COMMERCIAL VALUATIONS PROPERTY MANAGEMENT TENANT SERVICES

441.292.3921 regosothebysrealty.com info@regosir.com 83-85 Front Street, Hamilton, HM AX

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Bermuda Business Visitor 2020 41

PROPERTY Innisfree has dramatic ocean views from every room

The finest properties on the rock Hundreds of people from all over the world have bought homes here. Here’s your best choice.

B

ermuda has a large inventory of properties that are available for non-Bermudians to purchase, but with its finite amount of land and in order to ensure that adequate property is preserved for Bermudians, there are a few restrictions on overseas purchasers.

Each property is allocated an ARV, which is an estimate of its annual rental value. Overseas purchasers may buy a house with an ARV of $126,000 or more, a condominium with an ARV above $25,800, or certain properties that are part of a development with a hotel component.

Fractional ownership has become a popular form of property ownership in Bermuda by non-Bermudians and locals, offering the purchaser a deeded real estate interest in a “residence,” which provides amenities such as swimming pool, tennis courts, golf club and course, and beach club. Examples include Tuckers Point, The Reefs, and Newstead, where ownership of between 8 to 12 weeks a year can be purchased for as little as $69,000.

Nautilus, on South Shore, is an example 42 Bermuda Business Visitor 2020

of a house above the ARV threshold of $126,000, making it available to nonBermudians. It is a fabulous waterfront house in an elevated coastal position with its own private access to a beach. Set in almost two acres with its own pool, this large home of approximately 4,500 square feet has the most amazing sea views.

The house also has a lovely large kitchen with a center island, which leads onto an ocean-facing family room.

From the kitchen, you walk through double cedar doors to a dining room, which in turn leads to a living room with an open fireplace. There is an extensive covered external terrace, which is accessed from the family and living rooms. Wake up in the master suite with full-length windows affording panoramic views over the ocean. It features a dressing room and huge bathroom with a walk-in shower and his and her sinks. Two other bedrooms (one is currently set up as a library) share a Jack and Jill bathroom.

These two bedrooms are on the same floor as the master bedroom. Downstairs, accessed from the entrance hall, is the lower floor suite comprising of a living

room, bedroom, kitchen, and bathroom with a separate external entrance, ideal for rental income or as a guest suite.

There is an integral garage, beside which is a smaller guest suite with a bathroom and kitchenette, currently being used as a gym.

A little further down South Road and only five minutes from the famous

PROPERTY Coral Beach and Tennis Club is the beautiful home named Innisfree. It enjoys a picturesque location with dramatic ocean views from every room. On the 1.1 acres of thoughtfully planted grounds is a large, heated swimming pool, a lanai with built-in barbecue, tennis court, potting shed, and putting green, plus many patios overlooking the ocean and perfect for entertaining. The bright and airy entrance hall, with a lovely working fireplace, leads to the spacious and elegant living room, which also has a fireplace and wide glass doors leading to the deep covered porch. The formal dining room, with gracious bay window and wraparound porch, is adjacent to the living room and to the state-of-the-art kitchen with its own breakfast area. On the main level is a comfortable TV room with another fireplace and two generous size en suite bedrooms.

An elegant staircase from the entry hall leads to the upper and lower levels.

The upper level comprises the enormous master suite with a feature fireplace, large water-view patio, deluxe bathroom, separate, huge, conveniently outfitted his and hers dressing rooms and a small office. On the spacious lower level there is a larger office and two additional en suite bedrooms and a large billiard and games room. There is generous storage throughout, a generator and a selfcontained, one-bedroom apartment with its own ARV.

AZURA BERMUDA: Luxurious Contemporary Oceanfront

Opportunity Nestled on a dramatic cliff among Bermuda’s coveted South Shore beaches, Azura offers discerning buyers a luxurious contemporary oceanfront ownership opportunity.

Ownership is available to Bermudians, work permit holders, and international buyers. As a hotel residence, there is no license fee for international buyers, plus additional government incentives are available.

For details of the above and so many more properties, please contact The Property Group.

Azura. Call Sallyann Smith: 441-234-6900; Cell 441-5354521; Email sallyann@tpg.bm Nautilus. Call Georgina Bowie 441-517-2424; Email Georgina@tpg.bm Innisfree. Call Gill Butterfield 441-534-7746; Email gill@tpg.bm Innisfree. Cal Vicky Hamshere 441-537-5337; Email: Vicky@tpg.bm Q

AZURA BERMUDA

The Property Group has a luxury portfolio of desirable properties in Bermuda. Contact us to get in touch with an agent.

Featured Property:

• Situated cliffside along coveted South Shore just 10 minutes from Hamilton • Available to Bermudians, Work Permit Holders, and International Buyers • No license fee for International Buyers, plus additional incentives • Owners can generate revenue by renting part or all of residence through the Azura Hotel

• 2, 3 and 4 bedroom condominiums with prices starting from $1,395,000 • Fantastic amenities including hotel concierge, pool, bistro & bar, a private beach, spa, fitness and shuttles Agent: Sally Ann Smith Phone: (441) 535-4521, SallyAnn@tpg.bm

Phone: (441) 234-6900, info@tpg.bm, www.property-group.com

Nautilus, with private access to a beach

Bermuda Business Visitor 2020 43

PROPERTY

Whole Ownership Resort Developments

T

here is a wide choice for buyers from overseas looking to purchase in Bermuda. One of the newest and popular trends is condo-hotels.

Azura has carved out a niche for itself in this market, the resort development offering whole ownership real estate that can be owned by non-Bermudians as well as Bermudians. Some owners live at Azura full-time, while others purchased to use whenever they choose. When they are not in residence, they make part or all

Bermudiana Beach Resort

Azura

of their unit available as hotel inventory and receive income from the hotel rental.

Another option is Bermudiana Beach Resort, part of Hilton’s Tapestry Collection. The two- and three-bedroom condominiums come fully equipped and fully serviced. Owners can stay up to 90 days each year – a condition that ensures the hotel side of the business

44 Bermuda Business Visitor 2020

remains viable – and can the choose to rent out the days or weeks they are not in residence through the hotel.

Both resorts are in beachfront locations with ocean views and access to resort amenities.

For more details, visit www. azurabermuda.com and www.bermudiana. com. Q

INSIGHT Waterloo House: on the waters of Hamilton Harbour

A Tale of Two Offices For landlords, it is the best of times, it is the worst of times

T

here is estimated to be a half million square feet of empty office space in Hamilton, and some say it’s a tenant’s market. But demand among top international companies for space in high-end buildings means landlords of impressive new properties situated on the waterfront in Hamilton, with even more impressive views, are still able to enjoy top rental returns.

Newest among these buildings is Point House, where rent for the most prestigious space is said to be in the region of $100 per square feet – the highest for office space on the island.

Previously, the headquarters of the Bank of Bermuda and, later, HSBC Bermuda, the building is a product of the 1960s that is being transformed for the twenty-first century. It was bought by

the Green family, who in 2013 also built Waterloo House, another of the breed of prestigious new buildings in top demand from international companies looking to create the right image.

Outside of the airport, the rejuvenation of Point House is possibly the largest construction project in Bermuda. The building provides a total of 80,000 square feet. The ground floor Bermuda Business Visitor 2020 45

INSIGHT is intended for retail and leisure units.

The uppers floors will be leased to office tenants, for which there will be a separate entrance. Underground parking will also be available, and some solar energy may also be introduced to cut electricity costs.

Point House, Waterloo House, and a few others such as The Waterfront Complex and Sir John’s Swan’s 141 Front Street, could be called “Outliers” – they command far higher rents than the majority of office buildings, around $70 to $100 per square foot.

As existing companies move into these “Outlier” buildings, they leave behind them superior office space in good, but slightly older buildings that landlords are naturally keen to keep fully occupied.

So, for companies looking for offices, but where creating a five-star image isn’t so important, there is a fine choice of space available right now at what could be called “negotiable” rents.

Generally, outside of the “Outlier” buildings, you can expect to pay around $40 per square foot or less. There is usually a service charge per square foot to cover maintenance, that would usually be around $10, plus you’ll need to budget taxes at $4 to $7 per square foot and electricity at $6 to $8 per square foot.

Due to the competitive nature of the market, many landlords of older properties have invested to upgrade their buildings to keep them attractive to potential tenants. Landlords are also working to keep operating costs down by being more efficient with electricity usage: installing LED bulbs, putting in energy management, and other energyefficient systems.

If you’re new to the island and looking to set up a business, the good news is that companies great and small move to the Island every month, and it is something Bermuda handles with remarkable efficiency.

Point House: How it will look once renovation is complete

Everyone from attorneys to IT experts know exactly what the new business on the block wants, often before being asked.

Unlike a lot of palm-fringed spots, Bermuda really does work. You can always get what you want – if not exactly when you want it. This being the second most remote inhabited island in the world, things can take a little longer getting here and cost a bit more when they finally appear.

Mark Twain, a frequent visitor to the island, called this the “biggest little place in the world.” Although the population of the “entire” country is barely 62,000, the services and facilities are that of a much bigger centre.

The banks are Bermuda-based with perhaps unfamiliar names – with the exception of HSBC – but they are

THE BEST ADDRESS Preferred business areas are all in Hamilton FRONT STREET with views across the Harbour REID STREET and environs, close to all the action PAR-LA-VILLE ROAD and surrounding areas, between the city centre and the insurance giants CHUBB and AXA XL. PITTS BAY ROAD. The Waterfront Complex

46 Bermuda Business Visitor 2020

among the most secure and savvy in the world, offshore or on. The same applies to the law firms, and the “big four” public accounting firms are here in force.

In fact, Bermuda produces more lawyers, accountants, and bankers per capita than anywhere else.

If you’re not quite ready to set up your own dedicated offices, the Island also has shared office environments – an ideal starting point for businesses looking for a “touch down centre” in the city. They can provide fully equipped on-demand shared office and meeting space, and you can even host lunches or receptions to launch a product or service. Plus, you get to collaborate with like-minded business people.

As for buying and/or building your own office, this option is extremely complex and expensive and only worth contemplating if you’re sure you’ll be in Bermuda for the long haul.

We strongly advise the use of commercial real estate professionals and lawyers in your office negotiations.

All in all, doing business in Bermuda is not much different from working in any other major business centre, except perhaps that it’s much more pleasant here. Q

KEY CONTACTS POLITICAL LEADERSHIP Cabinet Office

David Burt, Premier

292-5501

premier@gov.bm

www.gov.bm

Ministry of Finance

Curtis Dickinson

295-5151

cdickinson@parliament.bm

www.gov.bm

Jeremy Cox, CEO

295-5278

enquiries@bma.bm

www.bma.bm

OFFICIALS & REGULATORS Bermuda Monetary Authority

Bermuda Stock Exchange (BSX) Greg Wojciechowski,CEO & President 292-7212

gwojo@bsx.com

www.bsx.com

Cabinet Office

Dr. Derrick Binns, Cabinet Secretary

292-5501

dsbinns@gov.bm

www.gov.bm

Customs

Lucinda Pearman, Collector

295-4816

lpearman@gov.bm

www.customs.gov.bm

Finance

Anthony Manders, Financial Sec.

295-5151

amanders@gov.bm

www.gov.bm

Immigration

Dr. Danette Ming, Chief Officer

295-5151

dwming@gov.bm

www.gov.bm

Register of Companies

Kenneth Joaquin, Registrar

297-7574

kjoaquin@gov.bm

www.gov.bm

Shipping Register

Edward Robinson, Registrar

295-7251

erobinson@bermudashipping.bm

www.bermudashipping.bm

295-2000

pwc.bermuda@bm.pwc.com

www.pwc.com/bermuda

Corporate Communications

295-1111

info@butterfieldgroup.com

www.butterfieldgroup.com

Arch Reinsurance Ltd

Maamoun Rajeh, Pres & CEO

278-9200

maamoun.rajeh@archreinsurance.bm

www.archreinsurance.bm

AXA XL

Greg Hendrick, CEO

292-8515

greg.hendrick@axaxl.com

www.axaxl.com

Bacardi Limited

Jessica Merz, Media contact

294-1110

jmerz@bacardi.com

www.bacardilimited.com

Chubb

Samantha Froud, Chief Administration Officer

295 5200

chubbbermuda@chubb.com

www.chubb.com

FIL Limited

Allan Pelvang, General Counsel & Head of Bermuda 295-0665

Allan.Pelvang@fil.com

www.fidelityinternational.com

PROFESSIONAL SERVICES PwC BANKING Butterfield Bank BUSINESS & FINANCE

Waterloo House, 1st Floor 100 Pitts Bay Road Pembroke, HM 08 Bermuda P.O.Box HM 339 Hamilton, HM BX Bermuda Tel: (441) 278-9200 Fax: (441) 278-9230 Website: www.archre.bm Arch Reinsurance Ltd. provides specialty property and casualty reinsurance products through reinsurance intermediaries worldwide. These programs range from Property Catastrophe reinsurance to Medical Professional Liability and Property Excess of Loss treaties. Our Bermuda-based operation has a strong, proven management team, a commitment to underwriting discipline, and financial strength that is rated A+ by A.M. Best.

4th Floor, Washington House 16 Church Street Hamilton HM11, Bermuda Telephone: 441-295-2000 Website: www.pwc.com/bermuda Email: pwc.bermuda@bm.pwc.com PwC Bermuda is the largest professional services firm in Bermuda, and the leading provider of services to the Bermuda insurance and reinsurance industry. Our purpose is to build trust in society and solve important problems. We’re part of a network of firms in 158 countries with more than 250,000 people who are committed to delivering quality in audit and assurance, tax, and advisory services. We help to resolve complex issues and identify opportunities across industries including: Asset & Wealth Management, Banking & Capital Markets, Insurance & Reinsurance, Government & Public Sector and Private Client Services.

Bermuda Business Visitor 2020 47

KEY CONTACTS BUSINESS & PLEASURE Belmont Hills Golf Club Cuarenta Bucaneros K. S. WaterSports Bermuda Zara Charters

Darron Swan Ian Gordon, Director Reservations Jonathan Kempe, Captain/Operation Manager BUSINESS RELATED ORGANISATIONS Assn of Bda Int’l Cos (ABIC) Patrick Tannock, Chairman Chamber of Commerce Kendaree Burgess, Executive Director Employers’ Council Keith Jensen, President Bermuda Insurance Institute Malcolm Butterfield, CEO HEALTH SERVICES Bermuda Cancer and Health Centre Dr. Arlene Basden BMSG Family Medicine & Diagnostics (GP’s, Internists & Specialists) BMSG Health Express Urgent Care Dr. Arlene Basden MEETING FACILITIES BUEI Wendy Wilson Nineteen Tim Miller PHARMACIES Phoenix Centre REAL ESTATE Bermuda Longtail Real Estate Ltd Cesa Edwards, Broker Keller Williams Bermuda Rego Sotheby’s Int’l Realty The Property Group Ltd Attractions Crystal Caves BUEI

Albert Moura Buddy Rego Brittany Archer Sally Ann Smith

236-6400 golf@belmonthills.com 295-4523 info@cigarbox.bm 238-4155 info@watersportsbermuda.com info@bermuda-yachts.com

www.golffusion.com www.cigarbox.bm www.kswatersports.com www.bermuda-yachts.com

293-4600 295-4201 295-5070 295-1596

info@abic.bm info@bcc.bm kjensen@bec.bm mbutterfield@bii.bm

www.abic.bm www.bermudacommerce.com www.bec.bm www.bii.bm

236-1001

info@chc.bm

www.chc.bm

541-2674

info@bermudamedical.com

www.bermudamedical.com

292-0022 info@bermudamedical.com

www.bermudamedical.com

294-0209 rentals@buei.org 333-0357 tim@nineteen.bm

www.buei.bm www.nineteen.bm

279-5451

www.phoenixstores.bm

232-2769 cesa@bermudalongtail.com

www.bermudalongtailrealestate. com www.kwbermuda.com www.regosothebysrealty.com www.property-group.com

236-0737 292-3921 505-1466 535-4521 Retail

293-0640 292-7219

albert.moura@kwbermuda.com sales@regosir.com brittany@tpg.bm sallyann@tpg.com

295-0176

Burrows Lightbourn

YOUR Y O OUR OFFICE OFFIC OF

IN BERMUDA BERMUD MUD DA

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Tel: 292-7279, Email: hello@bm.bm, www.bermudamedia.bm 48 Bermuda Business Visitor 2020

BERMUDAMedia

“ If you only eat out on ce in Berm uda,

Royal Palms is just a short walk to -EQMPXSR SǽGIW

Savor vibrant, fresh cui si ne i n Bermuda’s most breathtaki ng sett ing offering p an orami c ocean views of the famous South Shore.

Only five min utes from downtown Ham ilton.

WHERE TO STAY T

here are almost infinite options, from luxury beachfront resorts to antique-filled mansions. These days, almost all guest rooms are specially equipped to cater to the business visitor, with high-speed Wi-Fi and other amenities. As for location, some business people prefer to stay close to Hamilton to be able walk to meetings and restaurants; but nowhere on the island is more than half an hour from town, so a resort or guest house on the beach is also a welcome change for business people often accustomed to staying in an airport or urban hotel. Plus there is the benefit 4YX SJ XS[R LSXIPW SǺIV relaxing environments

of being able to enjoy one of the most beautiful commutes in the world. Choose from our selected resorts listed on the next two pages.

Inverurie Executive Suites on the water in Paget

Hours of Op erati on: (Open Seven D ays) Break fast : 7:00- 10:00am L unch: Noon – 3:00pm Lounge M en u: 3:00-6:30pm Di nner: 6:30 – 9:30pm I nqui re about The Library — for the ult imate in elegant pri vat e di ning...

For reservat ions pl ease c ont act us a t: 3 St oning ton Ci rcle , South Sh ore Road , P ag et - P G 04 Tel: 236-5416 / Fa x: 2 36 -9766 d eal s co coreef.bm

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Bermuda Business Visitor 2020 49

TIME OUT

Friday night fever popular hangouts.

A few minutes out of town are two tempting options. The poolside patio at Beau Rivage, with it’s view looking across the harbour at Hamilton, is a popular retreat among office workers after a long day. On the South Shore at Elbow Beach Hotel is Sea Breeze, right on the ocean and serving tapas and sushi. Q

Marina nights take place on the dock at the Hamilton Princess Hotel

F

riday night happy hour, when the drinks are cut-price and Bermudians and expats traditionally let their hair down after a hard week at the office, has become a popular tradition on the Island.

In the summer, one of the most popular

places to be and be seen is at Marina Nights at the Hamilton Princess Hotel.

There’s food and live music from 5pm to 9pm.

City bars like Port O Call, Astwood Arms, Little Venice and Flanagan’s are all

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50 Bermuda Business Visitor 2020

WHERE TO STAY Cottage colonies, world class resorts, apartments and small hotels # Rooms

General amenities

Business amenities

Lovely bou199 low; tique reso 499 nestled on the high South Shore beaches, minutes to downtown

63 rooms and one 1-bedroom suite

Two restaurants, beach dinners, bar, swimming pool, private beach, lobby gi shop, private dining rooms, cycle rental assistance

Coco Reef Reso South Shore Road, Paget Tel: 441-236-5416 Fax: 441-236-9766 Email: reservations@cocoreef.bm www.cocoreefbermuda.com

Lovely bou199 low; tique reso 499 nestled on the high South Shore beaches, minutes to downtown

63 rooms and one 1-bedroom suite

Edgehill Manor Guest House Rosemont Avenue, Pembroke Tel: 441-295-7124 Email: edgehill@logic.bm www.edgehill.bm

Small boutique 182– guest house 250 with kitchene es and private patio/ balcony, 5 minute walk to Hamilton

14 (7 with kitchens, 3 with mini kitchens)

Fourways Inn Middle Road, Warwick Tel: 441-236-6517 Fax: 441-236-5528

Small but elegant prope y 15 minutes from town

295– 395 high; 195– 225 low

5 deluxe, Gourmet restau5 suites rant, bar, entertainment, pool

Meeting facilities, Air con, cable, fax, Xerox and courier kitchens in rooms services

Rosemont Guest Suites 41 Rosemont Avenue, Pembroke Tel: 441-292-1055 Fax: 441-295-3913 Email: rosemontguestsuitesd@gmail. com, rosemont@ibl.bm www.rosemont.bm

An all-suite hotel with full kitchens.

Five-minute walk to Hamilton

270– 310 high; 234– 296 low

47 Studio and one bedroom suites

Swimming pool, complimentary continental breakfast and wireless internet, wheelchair access

Internet, voicemail, fax,copier, same day laundry. Extras: Full kitchens, iron and boards, in-room safes to fit a lap top

Terrace overlooking Large swimming harbour, hairdryer, pool flatscreen TV, 7 movie Channels

Royal Palms 24 Rosemont Avenue, Pembroke Tel: 441-292-1854 Fax: 441-292-1946 Email: reservations@royalpalms.bm www.royalpalms.bm

An elegant boutique hotel centrally located on a tree lined lane near Hamilton

From 435 high From 299 low

32 individually decorated mini suites & one bedroom suites

Buffet continental breakfast and daily evening wine hour included in rate Ascots fine dining restaurant, casual dining bar and lounge.

Free Wi-Fi, ipod docks, fax, copier, laptop and printer with air-printing capabilities.

Discounts for extended stays. A/C, flat screen TV’s, DVD playerand rental library, coffee kitchene e, laundry bathrobes and hairdryers

Outdoor swimming pool Complimentary access to nearby gym Golf & tennis nearby

The Reefs Reso and Club 55 South Shore Road Tel: 441-238-0222 Fax: 441-238-8372 Email: generalinfo@thereefs.bm www.thereefs.com

Beachfront reso , beautiful ocean views. Enjoy magnificent sunsets as each guest room faces west.

595– 1,070

62 guest rooms and suites

Free WiFi, 2 gourmet restaurants, award winning spa, private beach, daily events, infinity swimming pool, hot tub, evening ente ainment, hammocks

Free WiFi, meeting room facilities, on staff meeting & events coordinator, fax, copier, meeting equipment such as projectors

Flat screen TVs, safe, AC, hair dryer, iron, water views, coffee

Swimming, tennis, pu ing, snorkeling, paddle boarding, yoga, kayaking, golf courses nearby

Rosedon Hotel – Relais & Chateau Prope y Pi s Bay Road, Pembroke Tel: 441-295-1640 Fax: 441-295-5904 Email: reservations@rosedon.com www.rosedon.com

An intimate Bermudian luxury boutique hotel, centrally located near Hamilton

399– 670 high; 340– 525 low

40 individually decorated rooms

Included in rate: traditional a ernoon tea. On-site full services Huckleberry restaurant. In room and poolside dining available.

Free Wifi, printer, copier iPod docks, fax, laundry service, voicemail. Private event space. Express check in and check out available

Flat-screen TVs, cable, AC, fridge, DVD, safe, hair dryer, iron, slippers, Nespresso coffee & tea machine and complimentary local newspaper.

Calming Essential oil room diffuser of your choice.

Swimming pool, complimentary taxi to beach, access to a nearby state of the a Fitness Center. Private yoga sessions.

Complimentary Yoga Tuesdays and Fridays (Private lessons available)

Name

Description

Coco Reef Reso South Shore Road, Paget Tel: 441-236-5416 Fax: 441-236-9766 Email: reservations@cocoreef.bm www.cocoreefbermuda.com

$ Rates

Extras

Spo s

Concierge room with computer and printer, complimentary Wi-Fi in lobby, bar, restaurant and guest rooms, two private meeting rooms, in house event coordinator

Flat screen TV, in room safes, all rooms ocean view, private balcony or patio

Tennis, swimming pool, (gym, dive shop and golf courses nearby)

Two restaurants, beach dinners, bar, swimming pool, private beach, lobby gi shop, private dining rooms, cycle rental assistance

Concierge room with computer and printer, complimentary Wi-Fi in lobby, bar, restaurant and guest rooms, two private meeting rooms, in house event coordinator

Flat screen TV, in room safes, all rooms ocean view, private balcony or patio

Tennis, swimming pool, (gym, dive shop and golf courses nearby)

Home-baked light continental breakfast. Pool and subtropical garden

All rooms have wifi Air con, cable TV, Golf or tennis can access throughout fridge, microwave, be arranged and some rooms have safe, hair dryer, iron private phone line

Pool; golf, tennis nearby

Bermuda Business Visitor 2020 51

D I N I N G B E R M U DA LEADERS OF INNOVATION IN DINING

LITTLE VENICE

L’ORIENTAL

32 Bermudiana Road, Hamilton T 441-295-3503 I E: info@littlevenice.bm

32 Bermudiana Road, Hamilton (Above Little Venice) T 441-296-4477 I E: info@loriental.bm

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Above Little Venice is Hamilton’s best Oriental & Chinese Restaurant; %HUPXGD¬V GRRUZD\ WR WKH (DVW $ VWXQQLQJO\ EHDXWLIXO UHVWDXUDQW ZKHUH \RX ZLOO ²QG $VLDQ FODVVLFV VXFK DV VXVKL WHSSDQ\DNL DQG IXVLRQ GLVKHV DUWLVWLFDOO\ SUHVHQWHG LQ DQ DWPRVSKHUH RI VHUHQLW\ 6HDWLQJ DYDLODEOH LQVLGH XQGHU WKH H[TXLVLWH 3DJRGD RU RXWVLGH XQGHU WKH VWDUV

BLÛ BAR & GRILL

HARBOURFRONT

At the Belmont Hills Golf Club, Warwick T 441-232-2323 I E: info@blu.bm

At the BUEI, 40 Crow Lane, East Broadway T 441-295-4207 I E: info@harbourfront.bm

%HUPXGD¬V SUHPLHU EDU DQG JULOO UHVWDXUDQW ORFDWHG LQ WKH VFHQLF EHDXW\ of the Belmont Hills Golf Club. Varied menu offers bold American FXLVLQH ZLWK JHQHURXV ,WDOLDQ DQG $VLDQ LQ³XHQFHV DV ZHOO DV D GHOLJKWIXO VXVKL PHQX ,QFUHGLEOH DPELDQFH ZLWK PHVPHUL]LQJ YLHZV of Hamilton Harbour and the Great Sound.

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FOURWAYS INN RESTAURANT

SUL VERDE

0LGGOH 5RDG 3DJHW T 441-236-6517 I E: info@fourways.bm

Rosewood Bermuda, Hamilton Parish T 441-298-6983 I E: Bermuda@rosewoodhotels.com

The Grande Dame of Bermuda’s restaurants, famous for its celebrity JXHVW OLVW UHQRZQHG PHQXV VLJQDWXUH GLVKHV DQG %HUPXGD¬V PRVW ODYLVK 6XQGD\ EUXQFK /LYH SLDQR PXVLF LQ WKH HYHQLQJ DQG WKH PRVW H[WHQVLYH ZLQH FHOODU RQ LVODQG IRU GLVFHUQLQJ FRQQRLVVHXUV UHJXODUO\ UHVWRFNHG E\ 6RWKHE\¬V

/RFDWHG DW WKH &OXEKRXVH 6XO 9HUGH EULQJV WKH ZDUPWK DQG VSLULW of Southern Italy to the fairways. Enjoy delectable cheeses, pastas, EUHDGV DQG VDXVDJHV ZKLFK DUH ORYLQJO\ SUHSDUHG LQ KRXVH XVLQJ WKH ²QHVW LQJUHGLHQWV 7KH PRRG LV UHOD[HG DQG JHQXLQH reminiscent of a classic Italian family dinner

441-295-8279

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D I N I N G B E R M U DA LEADERS OF INNOVATION IN DINING

CAFÉ LIDO

MICKEY’S BEACH BAR & BISTRO

7KH VLJQDWXUH UHVWDXUDQW RI WKH &RPSOH[ %UHDWKWDNLQJ RFHDQ YLHZV DQG DQ HOHJDQW EXW LQIRUPDO DWPRVSKHUH $ZDUG ZLQQLQJ UHVWDXUDQW IRU DPELDQFH VHUYLFH DQG IRRG 9DULHG PHQX IHDWXULQJ our famous Mediterranean seafood, steaks and chops.

This one of a kind beach bar and restaurant lies RQ WKH SLQN VDQGV RI (OERZ %HDFK VHUYLQJ ELVWUR VW\OH GLVKHV in a casual environment with fun cocktails. The “to be seen” venue for a casual lunch, cocktail or summer dinner.

SEA BREEZE LOUNGE

FOURWAYS CATERING

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LA TRATTORIA

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CAFÉ 4

:DVKLQJWRQ /DQH +DPLOWRQ T 441-295-1877 I E: info@trattoria.bm

At Windsor Place, 18 Queen Street, Hamilton T 441-295-8444 I E: info@cafe4.bm

Perfectly placed in the heart of Hamilton, makes it the ideal restaurant IRU D URPDQWLF GLQQHU IRU WZR RU D JDWKHULQJ ZLWK IULHQGV /D 7UDWWRULD KDV WKH LVODQG¬V RQO\ ZRRG EXUQLQJ SL]]D RYHQ DV D FHQWHUSLHFH DQG LV UHFRJQL]HG DV EHVW LQ %HUPXGD IRU WKHLU hearty Italian food, warm and kid-friendly environment.

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441-295-8279

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DINING OUT

Our guide to the island’s top restaurants IN TOWN AND THE CENTRAL AREA Price Guide per three-course dinner, approximately, including 15% tip but not drinks $ less than $30 $$ $30 to $40 $$$ $40 to $50 $$$$ $50 to $60 $$$$$ $60 plus

Astwood Arms: 85 Front Street, 2925818. $$ Newly opened in December 2017, The Astwood Arms brings a new twist to classic British pub grub, offering guests hearty home cooking that is fun to eat and a warm, inviting atmosphere.

All dishes are made in house and range from pub classics such as Scotch eggs, fish & chips and bangers & mash, to some fun new ideas such as haggis nanchos and banoffee sundaes. The bar boasts a selection of imported English, Irish and French beers, plus an extensive choice of international bottled craft beers. You will also find an amazing array of Gin and Malt Whiskey. This locale offers a

casual environment and decor reminiscent of the traditional British pub, complete with an oak bar imported from Yorkshire, England. Guests can relax on the Front Street porch, enjoy a jug of Pimm’s and watch Hamilton city life pass. With 5

HDTV screens, The Astwood Arms is a prime Front Street spot for all the top sporting action. If your game isn't showing, just ask! Your bartender will happily take requests.

Bistro J: Chancery Lane, 296-8546, www.bistroj.bm. $$$ Tucked away in one of Hamilton's most enchanting and historical alleys, Bistro J offers a unique, wholesome and imaginative daily changing blackboard menu, with an option of 6 appetizers, 6 entrees and 6 desserts, with one set price, all served in a lively bistro setting. All wines on list are available by the glass. Open for lunch five days a week and dinner nightly.

Café Coco at Coco Reef Resort, 3 Stonington Circle, South Shore, Paget, 236-5416. $$$ Café Coco is the Resort’s signature restaurant. Elegant casual with spectacular views of the South Shore.

Café 4 Windsor Place, 18 Queen Street, Hamilton. 295-8444. www.cafe4.bm. $ Stylish and sophisticated take out of organic, local, fresh dishes. Offers

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Tel: 292-7279 Email: hello@bm.bm www.bermudamedia.bm

56 Bermuda Business Visitor 2020

homemade bread, healthy soups and a make-your-own pasta bar with Keto diet options. Best of Bermuda’s winner of Best Salad Bar. Enjoy the indoor/outdoor dining facility.

Harbourfront at the BUEI, 40 Crow Lane, Pembroke. 295-4207. www. harbourfront.bm. $$$$ Reservations recommended. Smart casual. Offers a varied menu featuring a selection of the freshest fish and seafood in addition to outstanding meats, fusion dishes created by management and award-winning sushi.

Enjoy perfect harbour views.

House of India North Street, Hamilton.

295-6450. $ Reservations suggested.

Smart casual. Great atmosphere and outstanding, authentic menu — whether dine in or take out.

La Trattoria 23 Washington Lane, Hamilton. 295-1877. www.latrattoria.bm. $$ One of Bermuda’s longest standing restaurants and a favourite of locals and visitors. Perfectly placed in the heart of Hamilton, makes it the ideal restaurant for a romantic dinner for two or a gathering with friends. This festive trattoria has the Island’s only wood-burning pizza oven as a centerpiece and is recognised as Best in Bermuda for their hearty Italian food, and warm, kid-friendly environment, all at an extraordinary value.

La Trattoria Shop Washington Lane, Hamilton. 295-9499. $ Super convenient location and the best take out in town.

It offers traditional favourites on-thego including tempting pizzas, pastas, sandwiches and salads as well as hot and cold dishes from varying cuisines around the world.

Little Venice 32 Bermudiana Road, Hamilton, 295-3503. www.littlevenice.bm. $$$ Reservations recommended. Smart casual. Bermuda’s first and most famous Italian restaurant, celebrating over fortyfive years of fabulous service, fine food and meticulously prepared classic and contemporary regional Italian specialties.

Enjoy fabulous wine and tasty bites with the in-crowd in the adjacent Wine Bar. L’Oriental 32 Bermudiana Road, Hamilton (above Little Venice). 2964477. www.loriental.bm. $$$ Reservations recommended. Smart casual. The only place to get the best Oriental Fusion cuisine, featuring a welcoming Sushi Bar and Bermuda’s only Teppanyaki table. Seating available inside under the

DINING OUT

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exquisite Pagoda or outside under the stars.

L’Oriental Express. On the corner of Church Street and Par-La-Ville Road.

296-7475. $ We’ve got you covered in the heartbeat of the urban community.

Offering everything from soup and sushi, to wraps and sandwiches, to amazing salads and daily hot food specials. We have a pasta bar plus specialty coffees, teas and smoothies – the selection is unbeatable.

Pearl: 87 Front Street, Hamilton, 2959150, www.pearl.bm. $$$ Located above Port O’ Call on Front Street. Skilled sushi chefs have combined their traditional Japanese culinary training along with the culinary styles garnered through worldwide experience. A unique and extensive sake and wine list is available.

The result is a modern and creative menu, which satisfies the classic sushi experience.

Open for lunch five days a week and dinner nightly.

Port O' Call: 87 Front Street, Tel: 295-5373 www.portocall.bm $$$$ One of Bermuda’s most popular restaurants.

Enjoy award-winning signature dishes featuring contemporary styles with an emphasis on fresh Bermuda seafood.

Enjoy our award winning wine list, with over 40 selections by the glass, or a cocktail designed by our award-winning bartenders. Open for lunch five days a week and dinner nightly. Dine inside or on our al fresco harbour view terrace.

Red Carpet Reid Street, Hamilton.

295-6774. $$ Reservations recommended.

Smart casual. Informal continental restaurant.

Robin Hood Pub & Restaurant: 25 Richmond Road, Pembroke, 295-3314. robinhoodpub@logic.bm. $$ (Dine in or take out). Bermuda’s most popular sports bar with over 25 HD TV’s on 2 levels showing all your favorite sports. Daily food & happy hour specials with a wide selection of draft & bottled beers. Great food at affordable prices. All day breakfast, Indian curries and our famous pizza.

Plus all the standard pub favorites. Great service, in a relaxed atmosphere, together with our outside bar and patios. Centrally located with convenient parking and free Wi-Fi. Ruby Murrys: Indian Cuisine. 2 Chancery Lane, Tel: 295-5058, www. yellowfin.bm. $$ The newest addition to Bermuda’s restaurant scene for discerning diners who yearn for the real taste of India. Menu features some of the most popular gastronomic delights from the many diverse regional styles of India, served in a relaxed and friendly atmosphere. Open for lunch 5 days a week and dinner 7 nights a week. Take-out and catering available.

TEN: 10 Dundonald Street, 295 0857, www.ten.bm. $. TEN is your best choice for home-brewed coffees, fresh and delicious salads, pastas, sandwiches, daily blackboard specials, home-made desserts for breakfast and lunch. And for dinner, join us for Bermuda’s best tapas, wines by the glass and cocktails.

Yours Truly: Red door Chancery Lane, 295-0429. Something different. Yours Truly provides a unique experience unlike any other in Bermuda. Our dedicated

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THE RED CARPET

BAR & RESTAURANT

Bermuda Business Visitor 2020 57

25 Richmond Road, Pembroke 295-3314 robinhoodpub@logic.bm www.robinhood.bm (Dine in or Take out) Bermudas most popular Sports bar with over 25 HD TVs on 2 levels showing all your favorite sports.

Daily food & happy hour specials with a wide selection of draft & bottled beers.

Great food at affordable prices. All day breakfast, Indian curries and our famous Pizza. Plus all the standard pub favorites.

Great service, in a relaxed atmosphere, together with our outside bar & patio.

Centrally located with convenient parking and free Wi-Fi. Every Tuesday night, we have a Quiz night starting at 8:00 pm. We also have Folk and Latin nights-please call for details.

Henry VIII overlooks Bermuda’s beautiful South Shore in Southampton Parish. Our menu features locally sourced produce, freshly caught fish and the finest grades of meats and poultry. Plus the Sushi Bar produces a superb selection of sashimi,makimono and other special dishes. After dinner, stay and dance to the music of our local entertainers.

On Sundays, try our scrumptious Brunch, a local favorite. Henry’s also operates a Pantry, open daily, replete with all the essentials, Henry’s is the ultimate in Fine Casual Dining.

HENRY VIII RESTAURANT / SUSHI BAR / PUB 69 South Road, Southampton, SN02, Bermuda Tel: 238 1977 N www.henrys.bm

58 Bermuda Business Visitor 2020

bartenders create handcrafted cocktails using house made syrups, bitters, infused liquors and hand carved ice. Yours Truly offers a playful, seasonally changing cocktail menu, craft beers and boutique wines. A comfortable low-lit room, table service and bartenders who are happy to create your own bespoke cocktail should you take Dealer's Choice, Yours Truly will suit both classic and contemporary tastes alike.

OUT OF TOWN Bella Vista Bar & Grill Port Royal Golf Course, Southampton, 232-0100. $$ Join us for lunch, dinner, and drinks and find out for yourself why Bella Vista Bar & Grill is the #1 ranked among all of Bermuda’s West End restaurants.

Blû Bar & Grill 25 Belmont Hills Drive, Warwick, 232-2323. www.blu.bm. $$$$ Reservations recommended. Smart casual.

Bold American cuisine with generous Italian and Asian influences that will satisfy any palette. Overlooks picturesque Hamilton Harbour and the Great Sound.

Bone Fish Bar & Grill 2 Dockyard Terrace, Dockyard. 234-5151. $$ Reasonable-priced menu filled with seafood, top-grade meat (the only smoker in the west end) homemade pastas, great wine list, draft beer, and desserts to die for.

Open for lunch and dinner 7 days a week.

11:30am to 10:30pm.

Café Amici Clock Tower Mall, Dockyard, 234-5009, $$ Italian familystyle restaurant in the heart of historic Dockyard offering a friendly, intimate atmosphere and simple, uncomplicated and affordable Italian cuisine. Open 7 days a week.

Café Lido Elbow Beach Hotel, Paget, 236-9884. www.lido.bm. $$$$ Award winning restaurant offers an exciting menu featuring Mediterranean dishes, local fish and an enticing meat selection.

Enjoy a gem of a view of the South Shore too. Eliana’s Restaurant 106 Southside Road, St. David’s. 777-0555. $$$ Bermuda’s unique dining experience where you can choose from premium cuts of steak, seafood and lamb cooked to perfection.

Fourways Inn 1 Middle Road, Paget, 236-6517, www.fourways.bm. $$$$.

Reservations recommended. Smart. The Grande Dame of Bermuda’s restaurants, famous for its celebrity guest list,

renowned menus, signature dishes and Bermuda’s most lavish Sunday brunch.

Live piano music in the evenings and the most extensive wine cellar on the Island.

Henry VIII Restaurant/Sushi Bar/ Pub: 69 South Road, Southampton, 2381977, www.henrys.bm. $$$ Henry VIII offers a unique dining experience located on Bermuda’s beautiful South Shore in Southampton. The restaurant’s head chef has created a new menu emphasising locally sourced produce, freshly caught fish and the finest grades of meats and poultry.

The Sushi Bar produces a superb selection of sashimi, makimono and other special dishes. After dinner, enjoy dancing to the sounds of Bermuda’s best entertainers.

Henry VIII has been recently refurbished to create a brighter, more relaxed ambience, coupled with a new menu for fine casual dining. On Sundays, Henry’s offers a popular Sunday brunch, a local favourite. In addition, Henry’s operates a Pantry, open daily, with all conveniences and sundries for your hotel room or when sightseeing.

Mickey’s Beach Bistro Elbow Beach Hotel, Paget, 236-9884. www.lido.bm. $$$ The only true bistro on the Island, right on the sand. Offering fun and eclectic menu, loved by visitors and locals.

Sea Breeze Lounge Elbow Beach Hotel, Paget. 236-9884. www.lido. bm. $$$. Provides the best spot for an al fresco drink, great sushi and tapas.

Live entertainment during the summer months.

Pizza House Southside, St David’s, 2935700; Shelly Bay, 293-8465; Heron Bay, Southampton, 238-2753. Casual. $.

Somerset Country Squire 10 Mangrove Bay, Somerset. 234-0105. $$. Casual.

Bermudian and British favourites, outdoors (magnificent views) or indoors.

Sul Verde Rosewood Bermuda, Hamilton Parish, 298-6983, www.rosewoodhotels. com. $$$ Reservations recommended.

Open daily, Sul Verde brings the warmth and spirit of Southern Italy to the fairways. In an open and convivial setting, the heritage and simple, authentic flavours of Campania are celebrated in signature dishes. Guests enjoy delectable cheeses, pastas, breads and sausages which are lovingly prepared in house using the finest ingredients. The mood is relaxed and genuine—reminiscent of a classic Italian family dinner. Q

TIME OUT Bermuda Fashion Festival

Celebrate with us

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Bermudians love a holiday — and who doesn’t.

f you’re here close to one of our national celebrations, it’s definitely worth staying another day or so to join in the fun.

Here are some of our most important events.

Contrary to North American prejudice, there’s nothing boring about cricket. In fact the island stops for a two-day match in the middle of the summer to celebrate Cup Match. Thousands gather to watch the game, eat, drink, socialise and try their hand at Crown and Anchor gaming tables – much more fun than Las Vegas!

If you’re here for the Bermuda Day parade on the last Friday in May you’ll enjoy a seemingly endless procession of bands, majorettes, floats and wild costumes. There is also a half-marathon running race, bicycle race and fitted dinghy racing. This is also the official start of the Bermudian summer.

A celebration imported from the Caribbean islands 1,000 miles to our south is the carnival held over the

Crown and Anchor gaming tables

weekend of National Heroes Day in June.

At Easter, Good Friday in Bermuda is a public holiday, a family day of hot cross buns, codfish cakes and kite flying.

You will see kites right across the island, but head to Horseshoe Bay Beach on the South Shore to see the most spectacular aerial display.

The Christmas Boat Parade take place every other year, early in December.

Dozens of boats decorated with thousands of lights cruise around Hamilton Harbour creating a uniquely Bermudian spectacle.

One of the most highly anticipated events on Bermuda’s social calendar is the Fashion Festival with high-energy runway shows, a fashion expo, glamorous gala dinner, boat cruise and golf tournament.

Chef and bartender competitions and other events celebrating fine food take place during TASTE of Bermuda, formerly the City Food Festival.

This is a must for those that love eating and drinking. Q

Cup Match cricket

Bermuda Heroes Weekend Parade of Bands Christmas Boat Parade

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The pursuit of pleasure Bermuda style 2

011 Masters Champion Charl Schwartzel stood on the 16th hole at Port Royal Golf Course (pictured here) and said it was the most nervous he had ever been standing over a par 3 tee shot.

Schwartzel was playing the PGA Grand Slam of Golf, a season ending tournament featuring the winners of the Masters, US Open, British Open and the PGA Championship, which was held in Bermuda from 2007 to 2014. And the good news is that Port Royal is a public course, so if golf ’s your game, you really must experience this beauty.

Port Royal is now home to the Bermuda Championship, an event on the regular PGA TOUR event that takes place each October, with a 120-player field and $3 million purse.

The island boasts six courses and they are all exceptionally well groomed and feature spectacular views of the ocean. November to March is considered our golf season, but keen locals play year-round. Tee times are easy to obtain with the exception of the private clubs where an introduction from your hotel is required. Q

Rory McIlroy during the 2014 PGA Grand Slam at Port Royal Golf Course

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Gone

fishing

D

espite the island’s tiny dimensions, there are still some significant stretches of open space here, including endless ocean. A deep sea fishing trip is an experience not to be missed — the island is even shaped like a fish hook! Bermuda provides quick access to deep-sea fishing where marlin, tuna and wahoo take the bait.

Our waters and weather also provide the perfect place for sailing. The world’s best sailors compete here and in 2017 Bermuda was home to the most prestigious sailing event in the world, the America’s Cup. There are many boat charter options that can get you out on the water.

For a wild ride on the water, rent a jet ski . There are several locations throughout the island that offer tours. Q

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Put on your running shoes Y

ou can run anywhere in Bermuda, including right from the front door of your hotel. So don’t forget to pack your trainers. The Railway Trail and of course along the beaches are very popular places to run. If you enjoy cross country, ask for directions to the Warwick dunes. There are several miles

of trails in this area with stunning views of the ocean. If the run doesn’t take your breath away, the views will. If you’re a road runner, one word of caution. Only a few roads have sidewalks, so stay close to the edge, be sure to wear bright or reflective clothing, and when it’s dark wear a flashing light.

ZARA LUXURY CATAMARAN CHARTERS

Business on the beach

Zara, a 77ft luxury sailing catamaran, is the ultimate way to experience Bermuda’s beautiful waters in style, sophistication and comfort.

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ou’re never far from a world-class beach in Bermuda. Bermudians usually wait until Bermuda Day, celebrated on the last Friday in May, before taking their first dip in the ocean. But the water is warm enough for swimming year round. At the very least, you’ll want to enjoy a walk along the beaches in the winter, and in the summer cool off in the clear blue waters.

The large resort hotels have private beaches. The most popular public beach, Horseshoe Bay on the south shore in Southampton, is rated among the world’s finest. There’s a restaurant and bar, changing facilities, showers and lockers. You can even rent a chaise lounge and umbrella. A lifeguard is on duty in summer. And best of all for those who need to stay in touch with the office back home — WiFi is available.

www.bermuda-yachts.com

info@bermuda-yachts.com

(441) 516-5999

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HEALTH CARE

Cancer on a small island W

ith 1 in 3 people worldwide diagnosed with cancer in their lifetime, it is likely you or someone you know has been affected by cancer. Bermuda Cancer and Health Centre (BCHC) is the Island’s leading entity providing cancer prevention, early detection, treatment and support care for those affected by cancer.

BCHC is a registered not-for-profit (charity #70) working to serve the community, building healthier lives free of cancer and disease. Clinical services include 3-D and Digital Mammography, Ultrasound, Breast and Prostate Biopsy, Bone Densitometry and Radiation Therapy cancer treatment. Prevention is a vital part of the BCHC’s mission and is provided through a variety of community outreach programmes.

BCHC has a multi-disciplinary, 64 Bermuda Business Visitor 2020

experienced team consisting of radiologists, oncologists, diagnostic imaging technologists, radiation therapy nurses and therapists, patient service staff, community outreach professionals, accounting and administrative personnel.

This dedicated team provides compassion with care throughout all areas of the cancer journey.

In line with its charitable purpose, BCHC firmly believes that health screenings such as mammograms and ultrasound and treatment like radiation therapy need to be available to everyone, regardless of insurance coverage or ability to pay. BCHC’s Equal Access Fund subsidises the cost of clinical services including radiation therapy, ensuring that all who require our services receive them.

To make this possible, BCHC relies on the generosity of the local

community, corporations, foundations and fundraising. In recent years over $8 million was raised funding the build and opening of the Island’s only Radiation Therapy Unit which has a clinical affiliation with Dana-Farber/ Brigham and Women’s Cancer Centre for Radiation Therapy.

To book a screening mammogram appointment call BCHC directly at 2361001. For other clinical appointments, speak to your doctor about making Bermuda Cancer and Health Centre your choice. BCHC provides a specialist approach to patient care, flexible hours (including after work and Saturday appointments), a convenient central location, and lots of free parking. For more information on Bermuda Cancer and Health Centre call 236-1001 or visit www.chc.bm. Q

www.c hc.bm

Early cancer detection and radiation Therapy WE ARE COMMITTED TO PROVIDING PATIENTS WITH THE HIGHEST STANDARD OF CARE, IMPROVING THE SPEED OF DIAGNOSIS AND EXCELLENT RADIATION ONCOLOGY SERVICES AND SUPPORT IN BERMUDA.

Diagnostic Imaging 3-D and Digital Mammography Breast and Prostate Biopsies Bone Densitometry Ultrasound Services

radiation therapy Able to treat 95% of cancer cases where radiation is recommended. Our Centre has a FOLQLFDO DɝOLDWLRQ ZLWK Dana-Farber/Brigham and Women’s Cancer Center for Radiation Therapy.

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236-1001

info@chc.bm

www.chc.bm

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To be crafted is to meet exacting standards.

©2019 Chubb. Coverages underwritten by one or more subsidiary companies. Not all coverages available in all jurisdictions.

SM Chubb®, its logo, Not just coverage. Craftsmanship.SM and Chubb. Insured. are protected trademarks of Chubb.

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