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Business Visitor BERMUDA BERMUDA


2017 2017


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30 People Meet the Island’s famous residents

Agenda 2017

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

31 Bermuda’s Parliament Our democracy explained 32 Facts & Figures All the key statistics about Bermuda 36 Bermuda Business Map Your A-Z of all the major Hamilton offices 38 Company Reports In their own words, three of our top corporate citizens

6 Local Intelligence Inside information that will make you feel like a local

43 Property All the options, from renting to buying

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

44 Where to Stay From luxury waterfront hotels to intimate inns

10 Bermuda Means Business How and why Bermuda really does work

55 Dining Out A surprisingly broad selection of restaurants

13 Rules of Engagement The dos and don’ts that will spare you a blush or two

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



Business Visitor

14 Good Grooming Essential advice to be well dressed — island style 15 Countdown to the Cup All eyes are on Bermuda as we host the 2017 America’s Cup SPECIAL SECTION: INVEST BERMUDA

PRESIDENT & PUBLISHER Ian Coles DIRECTOR OF MARKETING Lissa Fisher ART DIRECTOR Tim Parker Editorial, Advertising & Distribution: PO Box HM 2032, Hamilton HM HX, Bermuda. Tel: (441) 292-7279. Fax: (441) 295-3189. Email: Website: Bermuda Business Visitor is published annually by Bermuda Media. © 2017 Bermuda Media. All rights reserved. No part of this publication may be reprinted or reproduced without the written permission of the editor.


18 A Good Time to Invest in Bermuda America’s Cup a catalyst for optimism as Bermuda 23 Bermuda business buoyed by America’s Cup America’s Cup already has a Winner — Bermuda 26 An American’s Eye View Mary Ellen Koenig, US Consul General, shares her views 28 Why We Are Here International companies explain the benefits of being based in Bermuda

62 Hidden Agenda Compelling reasons to play hooky while you’re here

Bringing your business to th e island?

PUT YOUR TRUST IN BERMUDA’S OWN BANK For over 150 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 six international financial centres and correspondent relationships that span the globe, our expertise extends far beyond Bermuda’s shores. To learn how our local knowledge and international reach can benefit your business, call us on (441) 295 1111 or visit our website. The Bahamas | Bermuda | Cayman Islands | Guernsey | Switzerland | United Kingdom

Bermuda Business Visitor

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 for the simple reason that you can’t rent a car here — the congestion would be intolerable. You can rent a moped, catch a cab or use the regular bus and ferry services. CELLULAR/MOBILE PHONES See page 6. CLEARING CUSTOMS Visitors can bring in 200 cigarettes, a litre of wine and a litre of liquor plus $30 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 without a government permit. DIRECT DIALING to 225 countries. Bermuda’s area code is 441. DISABLED TRAVELLERS These hotels are particularly wheelchair accessible: Elbow Beach, Fairmont Hamilton and Southampton. The Bermuda Physically Handicapped Association can provide

WORTHWHILE WEBSITES specific advice. Telephone Willard Fox, 293-8148 DRESS CODE Advice for men and women, page 14. 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 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

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 4 BERMUDA BUSINESS VISITOR

$35-$45 $35 $240 $9.75 $14 $180 $225 $525 $262

Updated flight times and details News, business and vacation info Chamber of Commerce resources Official Tourism Site & hotel bookings Official Bermuda Government site Bermuda Monetary Authority Local daily paper Bermuda Weather Service Independent media organisation News headlines Entertainment American money is accepted everywhere. No other currency is accepted at shops, restau rants, 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. NEWSPAPERS British, American and Canadian papers are often available here same-day at several Hamilton pharmacies and news-stands. WEAPONS Firearms and ammunition carry heavy penalties. WORSHIP Lots of options for Christians, precious few for others. See the local Yellow Pages “Churches” section.


Katarina Hoskins 494 4019/704 3377


Phillippe Dutranoit



Heather Conyers



Bent Poulsen



John Riihiluoma



Nicole Aziza



Jens Alers



Dr Leonard Teye-Botchway 232-3937


John Kane



Gioacchino Di Meglio



Winston Laylor


LUXEMBOURG Curt Englehorn




Rod Attride-Stirling

NETHERLANDS Marijke Peterich




C N A Butterfield




ACJ Dean



Jens Juul


Andrea Monize DeSouza SWITZERLAND Fabian Schoenenberg


UNITED STATES Mary-Ellen Noonan Koenig 295-1342

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
























Relative humidity (%) Jan








Rainfall (cm/inches) Jan










Based on 10-year averages

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. 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 (JFK) 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. From the US 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 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. From Canada In addition to Air Canada and WestJet service out of Toronto, look out for seasonal flights by Air Canada out of Halifax, usually once a week on a Saturday during the summer months. Flight time from Toronto is 3 hours; from Halifax under two hours

Permission to work here

Sea temperature (°C/°F)




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 Profession-

al” 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 BERMUDA BUSINESS VISITOR 5

Bermuda Business Visitor

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 stores also open 1–5 Sundays. Some open earlier.

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).

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

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 Fares are on Government-regulated meters, which (at press time) should read $4.15 at the start, then $6.40 after the first mile. Each subsequent mile is $2.25. Surcharges between midnight and 6am, Sundays and public holdays as well as for suitcases and more than four passengers. Call 295-4141 or hail a cab with its yellow light on. Tip 10%–15%. OFFICE SERVICES If you need a tem-

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. MEETINGS, CONFERENCES & RECEPTIONS Several local hotels are

porary 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 59

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; 8 to noon on Saturday. Tel: 297-7893.

PUBLIC HOLIDAYS 2017 New Year’s Day holiday Monday January 2; Good Friday April 14; Bermuda Day, Wednesday May 24; National Heroes’ Day, Monday June 19; Cup Match, Thursday August 3 and Friday August 4; Labour Day, Monday September 4; Remembrance Day, Monday November 13; Christmas Day, Sunday December 25; Boxing Day Monday December 25. (Public holiday Tuesday December 26).

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.

TAXES & TIPPING Bermuda has no

SCOOTERS Anyone over 18 can rent,

sales tax. At most restaurants, a 15% or 17% tip is added to the bill. There is


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 77) 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 (5005000). They both have international roaming agreements which your mobile device should pick up automatically. Check roaming charges though, which could be relatively expensive.

BUSINESS A–Z Opportunities in the country that thinks like a company

BERMUDA STOCK EXCHANGE Now in its 45th 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 and Approved Stock Exchange status under

Bermuda is a jurisdiction of choice for aircraft owners and operators, with more than 700 private and commercial aircraft registered here.

Australia’s Foreign Investment Fund taxation rules. Contact: Greg Wojciechowski, CEO, BSX, 292-7212 / 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: Stephen Lowe, Registrar of Companies, 295-7574 / 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 non-US content. Contact: Stephen Lowe, Registrar of Companies, 297-7574 / 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.


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 /


Bermuda Business Visitor


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 designs may be registered. Contact: Aubrey Pennyman, Registrar General, 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, 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 shareholders in local companies, but the aggregate shareholding by nonBermudians may not exceed 40 percent of the issued shares. Nor may non-Bermudians control a company by any other means — for example, by controlling its board. Contact: Stephen Lowe, Registrar of Companies, 297-7574 / 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. 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: Capt Pat Nawaratne. TRUSTS 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 non-charitable. 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-balance-sheet” transaction can be enabled. The Trusts (Regulation of Trust Business) Act 2001 prohibits the carrying on of trust business in or from

Bermuda Business Visitor

BUSINESS A-Z Bermuda’s legal system is based on English common law. The Commercial Division of the Supreme Court hears actions of a commercial nature under the direction of Chief Justice Ian Kawaley (pictured here). The legal system permits a right of appeal to the Privy Council, the highest judicial body in the UK

What’s so special about Bermuda? 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.

1. REPUTATION Bermuda is widely per-

provided in the standard for e-businesses.

ceived 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.

6. TAX ASSURANCE Like most offshore

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

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-of-the-art communications systems. BERMUDA BUSINESS VISITOR 9

Bermuda Business Visitor


Bermuda Means Business ark 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. Unlike a lot of palm-fringed spots, Bermuda really does work. The banks are Bermuda-based with

Endurance Supports the Bermuda Business Visitor







Many offices have water views

perhaps unfamiliar names — with the exception of HSBC — but they are among the most secure and savvy in the world, offshore or on. The same applies to the law firms, and all the top global public accounting firms are here in force. In fact, Bermuda produces more lawyers, accountants and bankers than anywhere else. You’ll be impressed by the first-class office space and maybe even more impressed with the stunning water views from many of these high-quality buildings. You can always get what you want here — if not exactly when you want it: this being the second most remote inhabited island in the world, things take a little longer getting here and cost a bit more when they arrive. But suppliers from freight forwarders to office-products salespeople to IT firms know exactly what businesses need and want, and they bring goods to the island often before being asked. 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.

Worldwide Deliveries. (441) 295 4523 ( )

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Thinking about locating your business in Bermuda? Our Orientation Tours will give you all you need to know to make an informed decision. Already decided to move to our island? Let our relocation and recruitment support help both you and your company make an easy transition. Tel: (441) 296 8663 Bermuda’s Largest Home Store! 2 F LO OR S o f L E AD I N G B R AN D S A T EVERYDA Y LO W PRI CES!


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Get ready to have the time of your life!

Boat Rentals & Charters

SELF DRIVE BOATS / PRIVATE BOAT CHARTERS Boston Whaler Rentals - Self drive your very own sporty 13’ or 16’ Boston Whaler motor Experience the adventure of a lifetime on one of our amazing tours, boat charters boat. Comfortable, safe and easy to control. or rentals. Perfect for families, couples and the business traveler who seeks fun and Pontoon Boat Rentals - Self drive your very own 23’ Pontoon motor boat. Great for larger adventure in Bermuda. Available at 3 locations (Dockyard / Hamilton / St. George’s) groups, families and friends up to 12 persons. ˆ Rated #1 in Jet Ski Tours by visitors & locals alike. Private Boat & Luxury Charters (Several Jet Ski Adventures to choose + private tours) with a Captain: Several charter ˆWildCat takes guests on a thrilling sightseeing boats available from 23’ to 55’. adventure tour around Bermuda’s coastline. Perfect for families, couples ˆ Parasail above Bermuda’s gorgeous ocean & reefs. and groups of all sizes. (swim, ˆPlan your own adventure on one of our brand new snorkel, tour the island, cruise, Boston Whaler Boats, Pontoon Boats, Kayaks, or SUP relax and more) Tel: 232-4155 rentals. (Whaler 6 person max, Pontoon 12 max) ˆBest Rates on Jet Ski Tours & Rentals - Call or visit us online for specials, information and Online Bookings. ˆReservations Advised ˆ Open daily from 8am-7pm


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Kayaks, Paddle Boards & Sail Boat Rentals

Bermuda Business Visitor


Rules of Engagement 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. 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.” 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 so-

cial 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. BERMUDA BUSINESS VISITOR 13

Bermuda Business Visitor


Good grooming The Authentic Bermuda Shorts

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. The Authentic Bermuda Shorts (TABS) should be your first choice. 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 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 fe-

male 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.

Bermuda Business Visitor


Countdown to the Cup As the host of the 35th America’s Cup all eyes will be on Bermuda in 2017

ermuda may be known for its pink sand beaches and colorful namesake shorts, but thanks to the arrival of the 35th America’s Cup, the island is now synonymous with one of the world’s greatest sporting events — an international regatta that has transformed this mid-Atlantic nation. “There is no question that Bermuda hosting the America’s Cup will have a positive legacy impact on the island,” says Mike Winfield, CEO of America’s Cup Bermuda Limited, the local organization 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.” Of course, there’s much to gain by hosting the world’s preeminent sailing event. As teams from around the globe vie to win the oldest trophy in international sport — the silver Auld Mug, dating back to 1851 — its venue is afforded worldwide notoriety and a significant economic boost. For example, recent government statistics show that Bermuda’s economy has grown for the first time since 2008, a boost that can be attributed to an estimated $250 mil-

lion in on-island spending plus additional gross revenue of $14 million from taxes and duties. In fact, Bermuda’s gross domestic product was $5.9 billion in 2015, which is an increase of 4 percent from the year before. “The island’s GDP growth is a very encouraging milestone,” says Ross Webber, chief executive officer of the Bermuda Business Development Agency. “It’s also a testament to the America’s Cup legacy, which includes tangible long-term benefits like new super yacht marinas and hotel projects and softer advantages like a higher BERMUDA BUSINESS VISITOR 15

Bermuda Business Visitor

AMERICA’S CUP worldwide profile and a positive spotlight on blue chip business culture.” It’s also an indicator of how much impact the America’s Cup has had on Bermuda’s tourism infrastructure. Existing hotels have received massive facelifts, new resorts are being constructed, and restaurants, shops and attractions are popping up monthly. That includes the Fairmont Hamilton Princess & Beach Club, which recently completed a $100 million renovation to refurbish all of its guest rooms, built two new restaurants, two harbor front pools, a new spa and wellness facility plus constructed a 60-berth luxury marina; The Loren at Pink Beach, a chic new boutique hotel that opens in April 2017; Ariel Sands, an 85-room cottage colony owned in part by actor Michael Douglas, which is scheduled to break ground in January 2017; and the Ritz Carlton Reserve, an ultra-luxury resort that’s planned to open in 2018 alongside a new mega-yacht marina on Morgan’s Point. “Certainly the hotel tourism industry here in Bermuda has gotten quite an uplift from this news,” says Penny MacIntyre, executive vice president at Rego Sotheby’s International Realty. “We’re seeing major hotel properties that are either under renovation, coming out of receivership or building brand new construction projects altogether as a result of the America’s Cup coming to the island.” So what’s the best way to experience it all? Expect to attend a dizzying array of events, concerts, and races, for starters. Beginning on May 26, 2017, five international teams, including Artemis Racing (Sweden), Land Rover BAR (England), Emirates Team New Zealand, Groupama Team France, and Softbank Team Japan, will race in round-robin tournaments to determine who will be the challenger to defending champion Oracle Team USA, which pulled off a stunning comefrom-behind victory to win the Cup in 2013. High-speed racing on foiling AC45 catamarans will commence daily 16 BERMUDA BUSINESS VISITOR

America’s Cup world series racing in the Great Sound

throughout June, interrupted only by J Class and Super Yacht regattas plus the Red Bull Youth America’s Cup, not to mention a host of events and concerts both in the City of Hamilton and the Royal Naval Dockyard, where the America’s Cup village is located and many of the sailing teams are based. “A continually growing list of events is being planned by global sponsors of America’s Cup 2017, which will provide a wide variety of entertainment and business opportunities during the season,” says America’s Cup Bermuda Limited CEO Mike Winfield. “Many Bermuda-based companies are also issuing invitations to people from around the world to witness the America’s Cup and to experience Bermuda at its best.” Thanks to new legislation that has eased restrictions on foreign-flagged vessels, some of those invites will include viewing the racing aboard super yachts, which are expected to descend upon Bermuda for the three-month period before, during, and after the America’s Cup. “From our perspective, super yachts are a key component of our event,” says Sam Hollis, chief operating officer of the America’s Cup Event Authority. “We’ll provide unfettered access for those owners who come to Bermuda, including front-row viewing of the race course, premium berthing in the heart of the village, plus some incredible ex-

periences and opportunities that money can’t buy.” That includes access to the official VIP hospitality venue called Club AC, team-based tours, VIP access to concerts, functions, and parties plus other value-added perks such as dutyfree fueling and immigration clearances. For business visitors looking to make a splash, there will be no better venue; however, Bermuda is home to an array of sporting events where clients and colleagues can be wined and dined year-round. Most notably, the World Rugby Classic when some of the sport’s top athletes compete in November; the Bermuda Goodwill Golf Tournament, a 72-hole pro–am in December; the Newport-Bermuda race, a biennial sailing regatta that draws hundreds of participants in June; and the Bermuda Triple Crown Billfish Championship, a three-day deep sea fishing tournament in July. Indeed, there’s plenty to keep Bermuda’s most frequent of fliers occupied throughout the calendar year, but make no mistake, the America’s Cup will be the big show in town when it comes to the island in 2017. “Bermudians always rise to the occasion, and we love to be hospitable,” says Premier Michael Dunkley, who’s bullish on Bermuda’s future thanks to the impact of this world-renowned regatta. “The America’s Cup and this island are a match made in heaven.”


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Bermuda Business Visitor


Bermuda very much

back in business By Tony McWilliam alm-fringed beaches of pink sand, candy-coloured cottages and sub-tropical warmth fanned by gentle trade winds; Bermuda’s physical delights offer few clues to its steely resilience in the face of adversity. The island’s ‘otherworldliness’ is much vaunted but when recession hit western economies in 2008, ‘Paradise’ was not spared; scores of local and Bermuda-based international businesses folded and 5,000 jobs were lost. And, unlike the mythical disappearances of the Bermuda Triangle, the human pain was all-too-real as livelihoods — and, in some cases, hope — vanished. But Bermuda survived. Islanders took stock, drew from their innate resourcefulness and counted on the territory’s undimmed reputation as a sound place to do business. And though recovery from recession has been sluggish, with burdensome public debt chaffing against progress, a palpable optimism has returned to business circles. The jobs have yet to come back in big numbers but, buoyed by the glamorous prospect of hosting the America’s Cup next summer, signs suggest Bermuda once again has the wind at its back. One of the key figures responsible for steering Bermuda on the right course, while casting a wide net for new business from overseas, is Dr. Grant Gibbons, Minister for Economic Development. Asked why Bermuda is a draw for new business, he is upbeat not only



America’s Cup a catalyst for optimism as Bermuda business once again has the wind at its back about recent developments, but also about the fruit that is being borne from projects started not long after his One Bermuda Alliance took office in December, 2012: “At the end of 2012 and into 2013, there was a lack of confidence in the business sector; we had seen a huge exodus of jobs and the economy, as a consequence of a loss of spending, was going downhill at a rapid rate. We had to restore confidence.” Gibbons cites movement on legislation, policy and infrastructure that has made Bermuda “more attractive and more competitive as a place to do business”. Immigration rules have been loosened; freshly-minted legislation offers greater flexibility for investors; alternative sources of energy are being sought to reduce the cost of doing business and a raft of construction projects —including new hotels and a new airport — will create jobs. Gibbons sees the America’s Cup as a catalyst for much of the current positivity [see separate story on page 23]. “If you look at it by the numbers,” Gibbons says, “in 2015 all quarters re-

flected positive GDP growth. We are clearly moving in a good direction.” GDP was $5.9 billion in 2015, up four per cent on 2014.

CAPTIVE INSURANCE Numbers specific to International Business show that Bermuda’s captive insurance market is now the global leader, with 800 companies generating nearly $50 billion in annual gross written premiums. Some 22 new captives incorporated in Bermuda in 2015 while new insurers totalled 64. More than 60% of Bermuda’s vital foreign revenues (and 27% of GDP) can be attributed to International Business activity and at the end of December 2015, assets under administration and management in Bermuda totalled almost $200 billion. An uptick in tourism is also boosting the economy.

INSURANCE-LINKED SECURITIES Gibbons is excited about the “enormous growth” of Insurance-Linked Securities, financial instruments whose values are driven by insurance loss events: “We now have some 70% of the

“We are much more focused on quality rather than quantity. We have worked on the principle that Bermuda is a good place to raise capital, not hide capital”

Dr. Grant Gibbons, Minister for Economic Development

Bermuda Business Visitor


world market in ILS structures. The next largest is 14% in Cayman and Ireland has a little over 7%. These are 2015 numbers. Bermuda has created an environment in which ILS are now a significant part of our business.” He credits the Bermuda Stock Exchange and fund managers who have set up the Special Purpose Vehicles through which insurers finance ILS. “It has brought capital into the insurance markets and allowed CAT bonds and other [vehicles] to have much more prominence in terms of finding capital to underpin risk structures.” Bermuda’s depository of ILS was worth $19 billion at the end of 2015.

LLC’s Growth also stems from businessfriendly legislation. Passed by Parliament in June, 2016, the Partnerships and Companies Amendment Acts provide more flexibility for the management and operation of partnerships, with the overall goal of encouraging more businesses to have a physical presence in Bermuda. The move was supported by the Opposition Progressive Labour Party, with Shadow Minister Jamahl Simmons stating: “To be pro-labour, the PLP must also be probusiness, and support creating suitable environments that attract businesses, investment and jobs to Bermuda.” A new law has recently come into effect, establishing the Limited Liability Company as a commercial vehicle. Based on a Delaware model, LLCs are seen a hybrid utilising the best charac-

“There is a huge amount of investment coming into the island and we are constantly looking at ways to stay competitive” 20 BERMUDA BUSINESS VISITOR

teristics of corporations and partnerships — but with added flexibility. “Members can be active in the business,” Gibbons explained, “but still maintain their limited liability, which would not be true in a partnership. So you have the best of both worlds.” An LLC is easier to set up than a corporation but the protection it provides from liability does not remove accountability; creditors are able to pierce the veil of an LLC in cases of fraud or when legal requirements have not been met. LLCs can help asset managers more easily establish on and offshore strands of their business. “The onshore component of a fund is often set up as a LLC,” Gibbons says, “and a Bermuda LLC will now allow managers to set up an offshore component in a parallel way, with similar contractual arrangements. So they will be almost identical whereas before, you might have had to set up a partnership or a company for the offshore structure if you were using Bermuda, or another offshore jurisdiction.” The Delaware model (some 800,000 LLCs are registered in the state) was followed closely because it is familiar to the network of law firms and service providers in the US that do business with Bermuda. Gibbons said: “At the same time we have [retained] protections, in terms of transparency and awareness of beneficial ownership, to maintain our reputation.” Gibbons says the LLC initiative has been well received. Bermuda-based corporate lawyer Brian Holdipp concurs; he wrote on his company MJM Limited’s website: “The flexible contractual arrangements possible through the use of the Bermuda LLC will be applied in a variety of private equity fund, joint venture, asset holding and other structures. Bermuda’s development as an offshore jurisdiction responsive to the needs of its market continues apace.”

BDA This ‘responsiveness’ has been cultivated in part by the Bermuda Business Development Agency (BDA), effec-

tively an umbilical cord between the public and private sector that is funded by both. Its focus groups garner input from ‘customers’ and ideas on what might make Bermuda more business friendly are developed and often shaped, with the help of Gibbons’s Business Development Unit (BDU), into policy or legislation. The LLC law sprung from this process and similarly, legislation passed in October, 2013 created two new categories of exempted funds, Class A and Class B, designed to be easier and less expensive to incorporate. Just months earlier a few dozen lawyers and brokers had been invited to Bermuda to talk about their needs. “We asked what we could do to make Bermuda more attractive for fund management,” Gibbons says. “We listened, reacted quickly and created legislation. It’s a time-tested approach in Bermuda — an effective Government/private sector partnership.” A recent BDA innovation created a Bermuda business alumni, through LinkedIn, which taps into the ideas and expertise of ex-island residents and Bermudians overseas.

JOB CREATION The public/private sector dynamic has also yielded results in the sensitive realm of immigration. The Incentives for Job Makers Act was extended to give senior non-Bermudian job makers more security. “If they meet certain requirements,” Gibbons explained, “they are eligible to apply for exemption from work permit restrictions as long as their presence in Bermuda is responsible for the retention of Bermudian jobs, as well as the hiring and training of Bermudians. The Act also provides a route to Permanent Residency Certificates. This has helped retain a very important core of job makers who have brought business to Bermuda. “Also, we have improved the ability of both local and international businesses to purchase property for specific commercial use by their business.”

Bermuda Business Visitor

INVEST BERMUDA pli presentation as its substance — and was swiftly returned to the drawing board. A more consultative approach has been adopted, and generally, Gibbons feels his Government is back on track: “Worldwide, there is understandable emotion around the degree to which non-citizens are able to work and live in a country. We have to make sure the benefits of a business are reflected in the community. What’s very positive is that for every non-Bermudian working in International Business, there are two Bermudians… The degree to which immigration empowers locals and creates jobs — that’s the balance that has to be met.”

Caroline Bay featuring Ritz-Carlton Reserve hotel and residences is one of many new developments on the island


Another policy change designed to enlarge the welcome mat allows for exempted companies that are new to Bermuda to receive near-automatic approval of work permits within the first six months of operation. There is no pre-set maximum for these permits. However, those seeking more than 10 permits have to submit a plan detailing how they intend to hire Bermudians. There are also special exemptions for companies seeking to hire senior (chief level) executives. “This is designed to stimulate International Business and investment with a physical presence,” Gibbons said, adding that the Business Work Permit initiative is closely allied to a Concierge Service, run by the BDU and BDA, to assist international companies considering a move to

Bermuda. Services range from help with immigration, tax and regulatory issues to providing lists of local schools and law firms. “There have been 30 to 40 new businesses set up as consequence of this programme,” Gibbons enthuses. Such changes please business folk but, on an island with a population of just 62,000, immigration is always a sensitive issue. Especially when economic times are tough, expatriates can sometimes pick up on a tangible, though usually muted, sense of resentment among locals. The spring, 2016 rollout of Pathways to Status legislation, which would have opened the door to citizenship for foreign workers, sparked a public backlash — as much for the brash manner of its fait accom-

Large-scale job creation tends to ease immigration tensions and there are major construction projects afoot. Work could begin on a new, $250 million airport as early as this year and a handful of hotel refurbishments/newbuilds are underway or scheduled to break ground in the mid-to-long-term. The landmark Hamilton Princess has had a spectacular makeover and ambitious plans to re-model the Pink Beach Resort are in motion. A St Regis Hotel is planned for St George’s while a fivestar Ritz Reserve resort is scheduled to open at Morgan’s Point in 2018. Actor Michael Douglas, who has deep family roots on the island, is seeking partners to develop the Ariel Sands resort and meanwhile, major redevelopments are planned for the Elbow Beach and Surf Side hotel complexes. There is also provisional talk of a new hotel in Dockyard. “There will be a lot of growth in this area [construction] in the next year or two,” Gibbons says. “We will see an increase in jobs and investment.” Some of the work is specialised; a $39 million investment at Dockyard involves major land reclamation in the South Basin and renovation of buildings in readiness for the America’s Cup, and at least 200 people have been involved in the work. BERMUDA BUSINESS VISITOR 21

Bermuda Business Visitor


ENERGY At the other end of the island, a utility-scale solar photo-voltaic facility will be built on a site known as ‘The Finger’ at Southside, next to the airport. The solar PV facility will challenge the 100-year monopoly held by BELCO, the island’s sole supplier of electricity. BELCO will continue to control transmission and distribution but the Government wants power generation to be competitive and is also looking at other renewables and more sustainable fuel sources such as LNG. A Request For Qualifications has gone out to build the solar power plant. “We have had an extraordinary response,” Gibbons says, “close to 30 companies and syndicates have said they would like to build it.” The first phase will see a portion of the 60-acre site used to generate 6 megawatts; a second phase will likely push output to 25MW. “We need to make our electricity sector more sustainable and less expensive, both to businesses and domestic consumers.” The Finger is part of a sprawling, largely undeveloped parcel of land at Southside that was previously a US Naval Air Station. The site is adjacent to both the airport and large docks, and opportunities for business development are plentiful. Progress has been slow but the Government entity that manages the site, the Bermuda Land Development Company, is now working closely with an economic development sub-committee of Cabinet, which takes a holistic view of major projects across Bermuda. Southside is well positioned as an entry point for fibre optic cables from overseas and Gibbons is confident about its overall potential: “Its one of the few areas where we still have open space and it’s a significant transport hub. We are looking at a number of projects at Southside.” Opportunities abound in other areas as they relate to infrastructure, too; ISP providers plan to increase band22 BERMUDA BUSINESS VISITOR

“Business people and companies have a choice of jurisdiction and our job is to make sure we’re attractive and on the cutting edge” width and improve ICT capacity; quangos are being set up for new shipping and aircraft registries; office space is plentiful (though premium space is always in high demand) and the island boasts a well-educated and computer literate workforce. Among that workforce are Bermudians who have started to take up 150 scholarships provided by the USbased, 80,000-member Regulatory Compliance Association, with whom the Bermuda Government has struck up a partnership. “Compliance is a growth industry,” Gibbons says, “and whether you are in banking, insurance, asset management or trusts, everyone needs well-trained compliance professionals.” A landmark achievement in this area in January 2016 saw Bermuda and the Bermuda Monetary Authority (BMA), achieve ‘full equivalency’ under Solvency II, a European Union insurance regulatory framework. It increases regulatory standards for insurers, but Gibbons stresses the benefit to Bermuda’s reputation: “The BMA understood that to be world class, we had to have EU equivalence in terms or regulation. This has given us an extraordinary amount of credibility as an insurance jurisdiction, and helped us to maintain and grow business, particularly for Bermuda-based insurers doing business in the EU.” Solvency II also helps distinguish Bermuda from other offshore jurisdictions to our south: “Bermuda has never been about high volume; there are

just over 11,500 international businesses set up here. Cayman just passed the 100,000 mark, BVI has around 400,000 companies. We are much more focused on quality rather than quantity. We have worked on the principle that Bermuda is a good place to raise capital, not hide capital. And that quality is important because physical presence is what has driven our economic model; it’s having people here, on the ground, which has enhanced our credibility as well.” So what about Brexit? Does this nod to protectionism and isolation by the Mother Country, mirrored in the US by support for Donald Trump, augur badly for Bermuda and its ability to attract investment? Gibbons points out that adherence to Solvency II was a Bermuda initiative, rather than a UK one; an example of the island’s ability to stand on its own two feet: “Part of our association with the EU has been direct and many of Bermuda’s external relations don’t depend on the UK.” While the UK spends the next few years unraveling itself from the EU, Gibbons says Bermuda’s agility and business savvy will prevail: “Bermuda has always been nimble enough and clever enough to find its way through these things.” Simultaneous progress on key fronts stoke Gibbons’s positivity about business development; economic diversification; a responsive legislature; public sector downsizing to reduce national debt; the prospect of new jobs in construction — plus the entrepreneurial buzz and ‘can do’ spirit fanned by the America’s Cup. “Business people and companies have a choice of jurisdiction and our job is to make sure we’re attractive and on the cutting edge as much as possible. There is a huge amount of investment coming into the island and we are constantly looking at ways to stay competitive. We have seen growth, we have seen opportunities and we are seeing great visibility as a consequence of the America’s Cup. I’m very optimistic.”

Bermuda Business Visitor


Bermuda business

buoyed by America’s Cup America’s Cup already has a winner — Bermuda By Tony McWilliam he prestige and confidence engendered by hosting the America’s Cup are having a significant impact on business activity in Bermuda. This from Dr. Grant Gibbons, Minister for Economic Development, who says the excitement and optimism surrounding the event is boosting economic prospects in a myriad of ways. “The most obvious benefit comes through new hotel developments, which have been accelerated as a consequence of the visibility that Bermuda is getting, both from a tourism and a business perspective.” He cites the America’s Cup warm-up event, the World Series; the Bermuda leg last October drew 1,000 spectator boats to the water and was followed by racing in New York Harbour in May, 2016. “It was broadcast to 150 countries, with millions of people seeing it on TV, online, or through social media — and it has put Bermuda back in the spotlight in a very positive way. This kind of media visibility is extraordinary. “The new hotel developments are benefiting from a growing confidence in Bermuda as a tourism destination. This has also helped existing hoteliers, who have had a rough time over the last ten to 15 years.” It’s not easy to picture a major sporting event and a small host country better suited to one another. Bermuda’s rich sailing heritage and sophisticated infrastructure, coupled with its highend hospitality and reputation as a blue-ribbon centre of finance — not to


mention its Atlantic trade winds — are natural draws for the world’s best (and wealthiest) sailors. “The overlap with the international business community is very strong,” Gibbons says. “It turns out that many business people are sailors, or sailing enthusiasts, who have followed the America’s Cup before. They are excited about it and corporate hospitality opportunities arise as a consequence. It has put Bermuda front of mind for

many businesspeople who are thinking about how they can thank existing clients and drive new business.” Both local and Bermuda-based international companies have risen to the occasion through sponsorship of the event. Gibbons cites Gosling’s liquor merchants as a good example of a local firm gaining international attention, with its flagship Dark ‘n’ Stormy brand (black rum and ginger beer) going down very well at America’s Cup

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Nine acres of land was reclaimed in Dockyard on which the America’s Cup Village is being built

events in Europe and the US. International companies, too, have stepped in to provide sponsorship. Gibbons says they are motivated on the one hand by loyalty to Bermuda and also “because it offers extraordinary brand visibility”. He adds that international sporting organisations have expressed interest in hosting events in Bermuda in the future, having been impressed by how the island has seized and managed the America’s Cup opportunity. There is clearly an overlap between sailing and business opportunities. Gibbons points to fact that the Bermuda will host some 80 superyachts (plus 300 smaller yachts) next year, more than twice the number that berthed in San Francisco at the last America’s 24 BERMUDA BUSINESS VISITOR

Cup. “These vessels are owned by high net worth individuals and it’s no secret that we have been interested in getting more of the yachting business that goes between the Caribbean and the Mediterranean. The America’s Cup has been catalytic in terms of bringing people here to do business.” Two ‘legacy’ committees have been formed to explore long-term economic and other sustainable benefits from hosting the event. Already, more than 1,000 local youngsters have been involved with the America’s Cup Endeavour (youth education and sailing) Programme. Gibbons looks to Auckland, New Zealand, former hosts of the America’s Cup twice in succession; its waterfront was transformed and a raft

Warm-up event: Dr Grant Gibbons at the World Series in Gothenburg, Sweden in August, 2015

Bermuda Business Visitor

It’s not easy to picture a major sporting event and a small host country better suited to one another of nautical and high tech engineering businesses related to sailing were set up. Superyachts, international sailing associations and sail training schools could also present future business opportunities. Historic Dockyard – many of its buildings were constructed around the time when the first predecessor race of the America’s Cup was run in 1851 – is enjoying an economic renaissance, and there is talk of a new hotel. “We have opportunities, we are seeing growth, we are enjoying great visibility and clearly tourism is now on a roll,” Gibbons says. “It’s unprecedented to have such significant occupancy in many of the hotels [some smaller accommodations have sold out] so many months ahead of the America’s Cup.” Modest by nature, Gibbons does not play up the fact that he was instrumental in securing the event for Bermuda. Asked if he is personally invested in its success, he quipped, “Well, I think I’ll get blamed if something goes wrong!” He says race organisers were impressed by Bermuda’s beauty, the natural amphitheatre of the Great Sound and the favourable time zone for TV viewing. They were also attracted by the relative simplicity of dealing with the Bermuda Government compared to the multilayers of bureaucracy found in competing jurisdictions. “Government, working with the private sector, was instrumental in getting this event to Bermuda. Our ability to be nimble and make quick decisions was very much part of it.” BERMUDA BUSINESS VISITOR 25

Bermuda Business Visitor

INVEST BERMUDA rs. Koenig, who took up her position in 2015, thought first about the welcome to be enjoyed in Bermuda. “A first time visitor will find the warmth and hospitality that are renowned trademarks of Bermuda. Hundreds of thousands of visitors come to Bermuda each year, whether for business or pleasure or for family reasons, so the island is used to receiving people graciously. One of the first things I noticed, and I think others will notice as well, are the manners, the ‘Good morning,’ the ‘Good afternoon.’ It’s really lovely to find in this day and age, the civility. It stands out in Bermuda.” When asked about things to enjoy in Bermuda, Mrs. Koenig smiled broadly. “Bermudians love to show off their island. And why not? It’s an absolutely drop-dead beautiful place. So don’t hesitate to ask locals for recommendations on what to see and do while you are here. Bermudians have lots of great ideas because there is so much to see.” “I like to take visitors for a walk along the beautiful coves between Warwick Long Bay and Horseshoe Bay. If you can, get out on the water, even if you just take a ferry ride over to Dockyard and back. Go to the top of the Gibbs Hill Lighthouse, just to look around, it is a beautiful vantage point, and you can just about see the whole island from there. It’s amazing that this small 21-square-miles have been created in the middle of the Atlantic — just a small spec of Earth in the vastness of the ocean. Turning to Bermuda’s business aspects, the Consul General touched briefly on the pace of life. “I can’t speak for the business community, but my impression is that things here are a little slower than in a place like New York, for example, and that is part of the charm. That being said, I find the small size of the island makes it very responsive, it’s easy to network, it’s easy to get to know people. People are very willing to say “You should



An American’s

Eye View What is Bermuda like for an American business visitor? We asked Mary Ellen Koenig, who is the US Consul General in Bermuda. She says the many Bermuda–US connections make it almost home from home. talk to so and so; let me introduce you to…” or “Have you heard about this?” A SPECIAL RELATIONSHIP The Consul General praised the longstanding and close relationship between Bermuda and the United States. “We talk about the UK and the US having a ‘special relationship.’ I talk about Bermuda and the US having a ‘very special relationship.’ There are so many close connections between our two countries. It’s partly because of the close historical ties over the past 400 years. Plus many Bermudians went to American schools and universities and Bermudians take shopping trips to the US. We get much of our media and, in particular, hundreds of cable TV channels from the US, so I believe that Bermudians understand the United States more than other countries – and appreciate the connections.” BERMUDA’S INTERESTING COMMUNITY “I would encourage business visitors to take any advantage that may come their way to get involved with the local community,” suggests Mrs. Koenig. “That could be through sports or the arts, or they may be lucky enough to

get invited to a Bermudian’s home for dinner. You may have to make a little extra effort to get to know people outside your immediate business world, but it’s not that difficult and is well worth it.” BERMUDA’S US COMMUNITY There are an estimated 8,000 American citizens residing in Bermuda, and the Consul General recommends tapping into this useful resource. “Another thing I suggest is to ask questions of the US citizens who have been in Bermuda for a while, just to compare notes and get recommendations or advice. ABOUT POLITICS She considered some of the island’s tensions arising from political and other issues. “One thing I’ve observed is that when there are issues on the island that are troublesome, one group against another, the rhetoric can be harsh, and it can sometimes feel quite personal. The lines are drawn, and whatever the issue, it can get wound up pretty quickly. I think it’s because this is a small and tightly knit community. In a larger environment it wouldn’t feel so personal. Things can get magnified in a community this size

Bermuda Business Visitor

WOMEN IN BUSINESS We then asked Mrs. Koenig how comfortable women feel about doing business here. “Speaking as a woman, I can say that women have done very well here in business. Women play a strong role in the economic vitality of the island. There are many business organisations promoting opportunities and giving training and encouragement to people from different groups, across gender, race, and economic strata. There’s assistance to get into the market and individuals are doing exciting things. Visiting businesswomen will feel comfortable here.”

US Consul General Mary Ellen Koenig

because, I feel, there is nowhere these tensions can be deflected. An outsider should understand that this is in part because of Bermuda’s size and relative isolation. NETWORKING The Consul General explained the importance of networking on the island. “Maintaining relationships is really important in Bermuda. To an outsider, it feels like everyone knows each other. Word will quickly spread if someone’s reputation is questioned or a

business is not doing well. There’s so much history here that business visitors wouldn’t necessarily be familiar with, so you should be cautious in making assumptions. There are always two sides to every story. You may receive guidance and advice from somebody, but may I suggest you also listen to what others say on the same subject and make your own decision. There are many different aspects to how Bermuda works — history, politics, the economy, and many other areas of influence.”

ROBUST REGULATORY AUTHORITY “American businesses are warmly welcomed in Bermuda,” encourages Mrs. Koenig. “It’s an easier environment in which to maneuver than, say, going to the EU. Bermuda has ‘light regulation,’ which is easy to work with and understand. Competition for business is fierce out there, and Bermuda is competing against many other financial centres around the world. You’ve got to be on your toes to attract new business, and Bermuda works hard at it. The island fiercely protects its reputation and is vigilant regarding matters such as money laundering and tax avoidance. The Panama Papers are a good example. Bermuda was not caught up significantly in that matter. It’s because they have checks and balances, strong rule of law, and other compliance regulations in place,” she says. “The Consulate is here to represent US interests. We want to know if there are issues or problems and we have an open door policy. We can’t solve every problem, obviously, but we are very interested in hearing from American business people about their experiences in Bermuda. I would also point businesses to our website: where visitors will find a commercial guide to Bermuda, which we put out with the assistance of the US Department of Commerce,” she concludes. BERMUDA BUSINESS VISITOR 27

Bermuda Business Visitor


Why we are here Three major international companies explain the benefits of being based in Bermuda 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. “I am not sure where else in the world you can get that combination of first-class 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 28 BERMUDA BUSINESS VISITOR

Allan Pelvang

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.” BACARDI Exiled from Cuba, Bacardi established its offices in Bermuda in 1965, which subsequently became its worldwide headquarters. More than 50 years on, Bacardi’s Bermuda office remains the worldwide hub for the Bacardi company. Still family-owned, Bacardi now operates in more than 160 countries and employs nearly 6,000 people, including a staff of around 80 in Bermuda. CEO Mike Dolan points to some key points that are important to keeping Bacardi in Bermuda. One of the things we found to be very pertinent is the amount of financial talent in Hamilton. A good portion of people in our Bermuda headquarters are financial types rolling up the numbers, analysing the numbers—the controller is here and the treasurer is here. Bermuda is a hotbed for good financial talent, so you don’t have to bring in people from New York or London or Miami; they’re already here. The insurance industry in Bermuda is thriving, so there’s a mass of high-quality financial talent that we have been able to tap into on the island. We are happy with the quality of the staff, and we think it is a pleasant secret.” Being a global company, Mr. Dolan and other executives travel a great deal, and being headquartered in Bermuda is also an advantage. “It’s geographically easy,” says Dolan. I love the ads that Bermuda Tourism runs in New York City that say, 90 minutes to Bermuda.’

Bermuda Business Visitor

Mike Dolan

It’s easier to get from New York to Bermuda than it is to get from New York to Washington, D.C. or Boston, or even to Philadelphia. It is very convenient, and not only for the people in the metropolitan New York area where a lot of our creative services agencies are based, but also for the people we have in London and Switzerland.” Bacardi places a strong emphasis on inspirational architecture, and in 1972 it opened its iconic building in Hamilton based on the design by the famed German-American architect Ludwig Mies van der Rohe. “We love this building” enthuses Dolan, “and the other part of it is, whenever you bring someone in and show them the office, it’s a lure for high-quality talent.” One of the easiest decisions about Bermuda may be actually living here, says Dolan. “Last winter was bitter, bitter on the east coast of the United States. It would be zero degrees and snowing. Then when I got off the plane in Bermuda after just a short flight, it would be 65 degrees and I would be walking around with a light jacket and enjoying the stroll home from a restaurant in the evening. It’s fabulous.” JARDINE MATHESON It is more than likely that Scots William Jardine and James Matheson had no idea where Bermuda was when they founded their trading company in 1832 in China. But almost 200 years

later, Bermuda is at the very centre of Jardine Matheson’s vast global operations – and the one thing that Jardine and Matheson craved was the one thing that drove them to Bermuda: stability. Former UK prime minister, the late Margaret Thatcher, had agreed to hand Hong Kong back to China in 1997. With that transfer came much doubt, and a global search ensued to identify a suitable location to domicile. In 1984 that search ended, and Bermuda was chosen as the preferred location, and the company has not looked back. John C. Lang, who has very recently retired as company secretary and president of Jardine Matheson International Services, says, “What prompted us to come here? The joint declaration between the UK and China taking back Hong Kong in 1997. “Jardine decided it would prefer to be guided by its key principles – a UK legal system and a location with a good regulatory framework,” he continues. “The firm is located here, but it must have had a very thorough look at other domiciles.” Mr. Lang says that the key reasons for domiciling in Bermuda are “even better today” adding that the Bermuda Monetary Authority has gotten even stronger. “It does its job very well.” “We invested here. We have gone beyond the first platform. We felt it was important that we had an office here,” adds Mr. Lang. John Lang

In partnership with Gibbons Company, it built four offices, including its base, Jardine House, on Reid Street in Hamilton. It is also a top 10 shareholder in the Island’s Butterfield Bank. Jardine also has a 42 percent stake in JLT, its insurance associate, based in Bermuda. Jardine Matheson Holdings Ltd is incorporated in Bermuda and has a premium listing on the London Stock Exchange with secondary listings in Bermuda and Singapore. Jardine Matheson is today a diversified business group focused principally on Asia. As well as the Mandarin Oriental, its interests include Jardine Pacific, Jardine Motors, Jardine Lloyd Thompson, Hongkong Land, Dairy Farm, Jardine Cycle and Carriage, and Astra International. But it is firmly rooted in Bermuda – not just in terms of brick and mortar. Board meetings are held on the Island, and the AGM is held on the Island, also. That is quite an accolade, considering the group’s global reach. Mr. Lang adds, “The working environment is very efficient. If we have something to discuss, we can do it at five minutes’ notice. It is a very friendly working environment. “The communications are faultless, the infrastructure in Bermuda is in place, and we are happy with our international communications network, and the reason for us to stay is the business environment.” On the group’s long-term prospects, he says Jardine is “here as long as the situation continues. Unless something drastic happens, we are here very, very long-term. “There has been no issue that has caused us alarm,” he continues. “There have been no problems getting work permits. There are no barriers. We have had no issues with red tape.” With a big, enthusiastic smile on this face, Mr. Lang adds, “The Island has an absolutely fantastic history, and there is no shortage of things to do here.” BERMUDA BUSINESS VISITOR 29

Bermuda Business Visitor


MEET THE LOCALS Michael Bloomberg Billionaire Michael Bloomberg has been a long-time admirer of Bermuda, owning a home in Tucker’s Town, which he regularly visits. 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 selfmade multimillionaire 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. Dr. James Martin Dr. James Martin died while kayaking near his home in Bermuda. His death was reported worldwide, such was his standing. 30 BERMUDA BUSINESS VISITOR

His is an amazing story — he was the largest individual benefactor to the University of Oxford in its 900-year history. He founded the James Martin 21st Century School at the University of Oxford, which encourages researchers to work together in innovative ways to address future challenges. He has written 105 textbooks, some of which were seminal works that changed perceptions in the information technology industry. He was well known for the accuracy of his predictions about technology, the Internet, and their impact on modern society. His book Technology’s Crucible, published in 1987, depicts a scenario in which Arab terrorists and a major terrorist attack New York City in 1998. A business “guru” and a leading technology “guru,” he was enormously respected around the world — he was awarded doctorates on all six continents.

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, 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.

Michael Douglas

Ross Perot

Actor and producer Michael Douglas has strong ties with Bermuda — his father Kirk married Bermudian actress Diana Dill, a member of a very well-known family on the Island. For some time, he lived on the Island with his Oscar-winning wife Catherine Zeta Jones and their two children, who attended a private school here. He has produced and starred in many memorable films, not least his Oscar-winning performance in Wall Street, when he played ruthless businessman Gordon Gekko.

Ross Perot has been a longtime resident of Bermuda and is perhaps best known as a two-time US presidential candidate. He made his fortune in IT, eventually selling his firm, Perot Systems, to Dell for $3.9 billion in 2009. According to Forbes, while building up his business empire, Mr. Perot dedicated an immense amount of time to the plight of POW/MIAs in Vietnam. The son of a cotton broker, he told Forbes: “The world wants things done, not excuses. One thing done well is worth a million good excuses.”

INVEST BERMUDA Bermuda Monetary Authority BMA House

Premier of Bermuda, The Hon. Michael Dunkley, JP, MP

Democracy, Bermuda-Style 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 moment the majority belong to the One Bermuda Alliance, a relatively new political party formed in 2011 as a result of the merger of two main opposition parties, the United Bermuda Party and the Bermuda Democratic Alliance. The OBA won 19 seats in the election held in December 2012 while the Progressive Labour Party has 16. There is one independent MP. 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 four 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 $24 billion, an investment funds sector with an aggregate Net Asset Value of $144 billion, and an insurance sector comprising more than 1,200 companies with capital of $214 billion, total assets of $583 billion and writing $116 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 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 and insurance companies. It also regulates the Bermuda Stock Exchange. BERMUDA BUSINESS VISITOR 31

Bermuda Business Visitor

FACTS & FIGURES Everything you need to know THE BASICS Population 64,237 Gender ratio 52% female Bermuda-born 69% 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

A new airport is scheduled to open in 2019

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

1.7 84 76 28 78 12

RACIAL RATIO Black White and other colours

54% 46%


Average work week (hours) Unemployment (est)

Percentage of 25- to 34-year-olds with a degree Bermuda 19% Britain 11% Canada 16% United States 24%

33 9%

Sources: Facts & Figures 2016 by the Bermuda Government Statistics Department. Consumer Price Index, July 2016. Government of Bermuda Employment Brief 2016. Labour Market Indicators 2016. Bermuda Census 2010.

ECONOMIC INDICATORS GDP (market prices) Current inflation rate

$5.9b 1.6%

MIDDLE-CLASS MAJORITY Economic position Bermuda vs United States Poor 19% 24% Near poor 11% 8% Middle 46% 34% Well-to-do 24% 34%


Bermuda’s young workforce is very well educated.


Total workforce Proportion of jobs held by Bermudians expatriates Trade union membership


Median annual salary Median household income

$63,657 $106,389

71% 29% 7,026

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.

EXECUTIVE PROTECTION racle (the computer software company), spent $1.8 million protecting Chief Executive Officer, Larry Ellison last year. And he is far from alone. Companies around the world are spending millions protecting their ‘C-level’ employees. Then there are the celebrities and VIP’s who need personal protection and security. In Bermuda, Bermuda Security Group (BSG) is gearing up to provide executive protection to high net worth individuals who will be visiting the Island during the 2017 America’s Cup. BSG has partnered with the world’s leading organisations, EPI and IPG, to bring intensive training and expertise to their specialist staff who are equipped to provide executive protection, VIP escorts and executive chauffeurs. Bermuda Security Group is a 47year-old firm that also offers many other safety, security and personal protection services, for business and VIP visitors, as well as residents. Its electronic and camera security services provide the confidence of knowing that wherever you may be, your home or business is secure, through 24-hour, 365 days a year monitoring at its own security centre. Mobile management for clients is also available via BSG Connect, or its suite of web and mobile-based apps. Finally, BSG can provide discreet transportation with uniformed guards for carrying of jewelry, trophies, artwork, or any other property of significant value. For more details: or



Your Guide to Wellesley House North Waterfront Properties Willis (Bermuda) Ltd Willis Towers Watson Management (Bermuda) Ltd Willis Re Wellesley House South PartnerRe Ltd Zurich Bermuda Schroders (Bermuda) Limited

Chesney House Athene Holding Ltd Athene Life Re Ltd Tokio Millennium Re Tokio Solution Management Ltd

AXIS Capital Holdings Ltd

Ideation House Novae Bermuda Underwriting Ltd Wafra Financial & Management Services Ltd Wafra InterVest Corporation

Miles Market Harry’s Restaurant Point House Third Point Re

Waterfront Marina and Fuel Station



1 2 3 4

Arch Reinsurance Ltd Astwood Dickinson Bacardi Limited Bermuda Cancer and Health Center 5 Bermuda Media 6 Bermuda Offshore Investment Services (BOIS) 7 Bermuda Security Group 8 Bermuda Stock Exchange 9 Bistro J 10 BUEI

44 43

3 1 21




49 16 26 40 29

32 28


31 34 38 14

52 23

5 50



11 12 13 14 15 16 17 18 19 20 21

Burrows Lightbourn Butterfield Head Office Café 4 Chubb 17 Clarendon Pharmacy Coldwell Banker Bermuda Realty Consultancy House Corporate Concierge Cuarenta Bucaneros Decisions Ltd Endurance Speciality Insurance Ltd

22 24 24 25 26 27 28 29 30 31

FIL Limited Fintra International Limited Harbourfront Restaurant House of India Jack Kripl (Coldwell Banker Bermuda Realty) K.S. WaterSports (Hamilton location) L’Oriental Restaurant L’Oriental Express La Trattoria Restaurant Little Venice Restaurant & Winebar

32 33 34 35 36 37 38 39 40 41 42











Lobster Pot Restaurant Moura & Associates Nineteen Pearl Phoenix Centre Port O’Call Portofino Restaurant PriceRite PwC Red Carpet Restaurant Rego Sotheby’s International Realty

43 44 45 46 47 48 49 50 51 52

Rosemont Guest Suites Royal Palms Hotel Ruby Murrys Sears TABS Tangles TEN Walker Christopher Woodbourne Chemist XL Catlin

46 18



48 30



41 47 12







A Global Leader in Property and Casualty Insurance ACE Limited’s acquisition of the Chubb Corporation in January 2016 created the world’s largest publicly traded property and casualty insurer by market cap. Following the acquisition, ACE Limited adopted the renowned Chubb name. A truly global 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. The new Chubb has $160 billion in assets, and $37.5 billion of gross premiums written in 2015 as if ACE and Chubb were one company. Chubb’s core operating insurance companies maintain financial strength ratings of AA from Standard & Poor’s and A++ from A.M. Best. As an underwriting company, we assess, assume and manage risk with insight and discipline. We service and pay our claims fairly and promptly. 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 is defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations globally. The company serves multinational corporations, mid-size and small businesses with property and

casualty insurance and risk engineering services; affluent and high net worth individuals with substantial assets to protect; individuals purchasing life, personal accident, supplemental health, homeowners, automobile and specialty personal insurance coverage; companies and affinity groups providing or offering accident and health insurance programs and life insurance to their employees or members; and insurers managing exposures with reinsurance coverage. In Bermuda, Chubb’s operations offer a wide range of insurance and reinsurance products to large commercial clients worldwide. Chubb Bermuda writes a range of excess casualty, professional liability and property products that provide broad coverage with sizable capacity to

meet the needs of large multinational clients. With 30 years of underwriting and claims experience, we target risks that are generally low in frequency and high in severity. We also offer political risk insurance through our subsidiary Sovereign Risk Insurance Ltd. and segregated accounts and captive management through Paget Reinsurance Ltd. A leader in the catastrophe reinsurance market, Chubb Tempest Re offers property catastrophe, casualty and specialty reinsurance products worldwide. Our underwriting, actuarial and analytical capabilities enable us to tailor solutions to meet the unique and often complex needs of each client. Of course, we also support the communities where we do business. The Chubb Charitable Foundation Bermuda, formerly known as the ACE Foundation - Bermuda, has a rich history of fostering philanthropic engagement in the community. We are proud to invest in the well-being of our community through volunteerism, charitable grants, sponsorship, employee matching gifts, scholarships and internships. Chubb Limited, the parent company of Chubb, 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, New York, London and other locations, and employs approximately 31,000 people worldwide.

‘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.’




Bacardi Limited

Building brands with a rich heritage for more than 150 years Bacardi Limited, the largest privately held spirits company in the world, produces and markets internationally recognised spirits and wines. The Bacardi brand portfolio comprises more than 200 brands and labels, including BACARDÍ® rum, the world’s best-selling and most-awarded rum, as well as the world’s mostawarded spirit; GREY GOOSE® vodka, the world’s leading super premium vodka; DEWAR’S® Blended Scotch whisky, the world’s most awarded blended Scotch whisky, and the number-one selling premium blended Scotch whisky in the United States; BOMBAY SAPPHIRE® gin, the top-valued and fastest-growing premium gin in the world; MARTINI® vermouth and sparkling wines, the world’s leading vermouth and the world’s favorite Italian sparkling wines; CAZADORES® 100% blue agave tequila, one of the most popular premium tequilas in Mexico and the United States; and other leading and emerging brands, most of which are sold globally. Founded 154 years ago in Santiago de Cuba on February 4, 1862, familyowned Bacardi manufactures its brands at 29 facilities and sells in more than 160 countries. Headquartered in Hamilton, Bermuda, Bacardi Limited refers to the Bacardi group of companies, including Bacardi International Limited. Since 1862, Bacardi Limited has constructed a legacy on quality, prestige and creativity, and building brands with

rich heritage. The Bacardi Building in Bermuda was originally designed 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. Cuban architect Ricardo Eguilor was hired to design a permanent home for the company in Bermuda. Using Mies’ 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 colourful fountain, has been a visual gift to the people of Bermuda - Bacardi’s adopted island home. Bacardi has long recognised 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. On June 18, 2015, Bacardi celebrated 50 years of being established in Bermuda. As part of its on-going commitment to Bermuda, Bacardi regularly supports and contributes to local arts, sports, education, heritage and cultural endeavours including the Bermuda Aquarium, Museum and Zoo, the Bermuda Biennial, the GREY GOOSE World Par 3 Championship, the Bermuda Festival, the National Museum of Bermuda Museum, The King Edward VII Memorial Hospital and so many more. From its portfolio of premium brands to its landmark structures that have won worldwide architectural acclaim such as the original design for the corporate headquarters building in Bermuda, this legacy is a hallmark of Bacardi Limited.




Offering a full range of banking and investment services to Island residents Butterfield: Bermuda’s Own Bank 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 159 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 key financial centres around the globe.

Products and Services to Meet Your Needs in Bermuda Butterfield has Banking Centres and ATMs located across the Island, and offers advanced Internet and mobile banking services, making access to funds and services very convenient for clients. With its longstanding commitment to delivering the best in customer service, Butterfield has been the bank of choice for generations of Island residents.


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.

Community Focused

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 long-term, multi-generation financial solutions encompassing investment advisory, wealth transfer, estate planning, and asset protection. Through its network of offices around the

Giving back to the local communities in which it operates is a Butterfield tradition. The Bank proudly provides support and funding to many local organisations that are working to provide needed assistance, encourage progress, and enrich the lives of Bermuda’s residents. Butterfield is an Official Supplier and the Official Bermuda Bank of the 2017 America’s Cup. For more information on Butterfield’s products and services, please visit or call (441) 295 1111. 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.

New Treatment Centre ermuda’s healthcare services are second to none. Up until now, however, cancer patients living in Bermuda had to fly abroad to receive radiation treatment. Now, a new radiation therapy unit is opening at the Bermuda Cancer and Health Centre. This means that patients can receive the highest standard of radiation treatment on the island while staying at home with the support of their family and friends. Standard courses of radiation are often six to eight weeks in length, and the psychological benefits of receiving this type of cancer treatment while being close to home with familial support are evident in the success of treatment. Studies have shown that having good social support during treatment improves how well people recover both physically and mentally. The new facility also will house an “integrative oncology suite” to provide the best holistic care for all cancer patients in Bermuda. The radiation unit is a collaboration among the Bermuda Cancer and Health Centre, the Bermuda Hospitals Board and the Dana Farber and Brigham and Women’s Cancer Institute in Boston. The unit will be led by Dr. Chris Fosker, a clinical oncologist at Bermuda Cancer and Health Center and Bermuda Hospitals Board, in Bermuda. Dr. Fosker is also an affiliate physician at the Dana Farber Cancer Institute and a consultant for Brigham and Women’s Hospital. The Bermuda Cancer and Health Centre is a registered not-for-profit charity in Bermuda. Fundraising will continue to help provide radiotherapy for all patients in Bermuda once the radiation centre is up and running. To donate or for more information visit


Cancer Care Close to Heart and Home Bermuda’s First Radiation Treatment Facility. There are three stages to the project: STAGE 1: Construction of our specialised underground facility STAGE 2: Installation of radiation therapy equipment STAGE 3: Patient treatment will begin

Please call 236-1001 or visit for more information.

Chartered Architects

53 King Street, HAMILTON HM JX Tel. 295-9160

Bermuda Underwater Exploration Institute

Looking for a unique rental or dinner experience? Book our exhibit hall and receive free exhibit tours including the exciting and interactive America’s Cup exhibit ‘Built to Win’! p: 294-0209 e:

40 Cr Crow ow Lane, Pembr Pembroke oke HM 19

Voted V oted ‘Best Of Off-Site ff-Site f-Site Meeting Meet ing Facil Facility’ ity’ 6 years in a rrow! ow!


appraisals . commercial . hospitality . land surveying . property management . referrals . rentals . sales . vacation services

Global Power with Local Expertise


Real Estate Professionals working together to create a better client experience by providing comprehensive real estate solutions that bring you peace of mind. Welcome Home!

Atlantic House P.O. Box HM 1886 11 Par-La-Ville Road Hamilton, Bermuda HM HX

Contact Coldwell Banker Bermuda Realty Today (441) 292-1793 Each office is Independently Owned and Operated. Coldwell Banker Bermuda Realty is a trade name of Bermuda Realty Company Limited.


Your dream Bermuda

home awaits Brian Madeiros, President, Coldwell Banker Bermuda Realty, explains the options available. t’s now more attractive than ever for overseas buyers to purchase residential and commercial property in Bermuda, thanks to new legislation and policy changes recently introduced by the Government. To be eligible for purchase by an international buyer, a residential property's annual rental value (ARV) as established by the Bermuda Government must exceed a designated amount ($25,800 for a condominium, $126,000 for a house). Generally speaking, this represents entry-level prices of around $3 million for a standalone home and under $1 million


for a condominium. Prospective international buyers must first enter into an agreement in principle with a seller (i.e. conditional sales contract) and provide a deposit of 10 percent of the purchase price. The deposit is held in escrow and deducted from the overall purchase price in the event of a sale. The purchaser’s attorney will then submit an application to purchase to the Government, along with a consideration fee, and, if a license is granted, the sale will be subject to a percentage Government license fee, depending on the type of property purchased.

License fees are currently 8% and 6% for standalone homes and condominiums respectively, but are subject to review and are expected to increase to 12.5% and 8%. International purchasers may also buy property in a development designated under the Bermuda Immigration and Protection Amendment (no.2) Act 2010 as tourist accommodation and hotel residences, which in some cases would be exempt from licensing fees. In addition, overseas buyers can now receive up to two licenses for residential property, an opportunity previously limited to one. The purchase of such investment property as land, commercial real estate or property intended mainly to earn rental income is further regulated for individuals; however, the Government has the authority to permit international companies domiciled in Bermuda with a physical presence to purchase both residential and commercial property for their own purposes. There is a wide range of luxury properties currently on the market, including fractional units starting at $160,000 and a variety of condominiums ranging in price from $450,000 to $4,250,000. At the upper end of the spectrum, more than 30 luxury residences (with ARVs in excess of $126,000) are available to international purchasers. This level of inventory is unprecedented, providing international buyers with significantly more selection and sparking a number of price adjustments. Prices range from $2.7 million to $45 million. Finally, high-end hospitality and residential developments currently under construction will provide discerning international buyers with very high-end bespoke residential accommodations, whilst benefiting from amenities provided by luxury global hospitality brands. As we welcome America’s Cup guests to our shores, our real estate market is well positioned to embrace the growing demand for Bermuda real estate. BERMUDA BUSINESS VISITOR 43

Bermuda Business Visitor


Buying a piece of th


undreds of people from all over the world have bought homes in Bermuda — some because they chose to retire here, some due to work commitments on the Island, still more for vacation purposes and others for any combination of the above.


Bermudian property has proved to be a superior long-term investment. Over the decades, it has grown steadily in value while remaining secure due to Bermuda’s history of political and social stability. There are opportunities for people

from abroad to buy grand local houses from about $4 million up to $25 million. There are also some condominiums available to overseas buyers, and these range from roughly $1 million to upwards of $3 million. Buying here involves a bit of red tape

Bermuda Business Visitor

he rock

likely to rise in the near future, so now is the time to buy. If a year-round home is more than you need, there are several first-class fractional ownership properties to contemplate. Whichever option you eventually choose, the current buyer’s market will

make the apparently hefty initial investment seem positively shrewd in a few years time. However, it is the lifestyle rather than the investment opportunity that motivates most buyers of luxury Bermuda homes. And that — the Bermudian way of life — is truly priceless.

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but nothing too onerous. And there is a one-off Government fee for foreign acquisition of a local property of 8% for houses and 6% for condos. The purpose is an honourable one — to negate the risk of international speculation in the local property market. These figures are

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Bermuda Business Visitor


Property Market Update Buddy Rego, President and Penny McIntyre, Partner/Executive Vice President, Rego Sotheby’s International Realty, bring you up to date on the Island’s property market.

Longford House. Available through Rego Sotheby’s International Realty:

The 5.5 acre Bellevue. Available through Rego Sotheby’s International Realty:

Jack Kripl 441-705-4500 or 441-247-1815

Buy Sell Homes Condos

Certified International Property Specialist FIABCI

Are you looking to buy or rent property?

Bermuda Longtail Real Estate Ltd

BERMUDA REALTY Each office is independently owned and operated. Coldwell Banker Bermuda Realty is a trade name of Bermuda Realty Company Limited.


SALES & RENTALS Office: (441) 232-2769 / Cell: (441) 535-2769 Cecilia (Cesa) Edwards - Broker Antwan Edwards - Owner

buyers this year. Good opportunities can be found with the choice of condominiums available. Prices still remain attractive, and are considerably lower than the market highs realised in 2008/9 before the worldwide recession. The average sale price of homes with an ARV less than $126,000 remained

firm at just under $1.3 million. Condominium sales at this lower end of the market have been sluggish, with an average sale price of $285,000—the lowest in 8 years. We are expecting 2016 to show the same sales volume as 2015, which was the best year since 2010.

The government recently lowered the minimum value (Annual Rental Value or ARV) for houses and condominiums that overseas buyers may purchase, and the market has responded well. 75% of the transactions that closed at the time of publication in 2016 with an ARV of $126,000 or more were purchased by Bermudians or those holding Permanent Resident Certificates (PRC). In the luxury condominium market (those units with an ARV greater than $25,800), 84% were bought by Bermudians or PRC Holders. South African, Swiss, and American buyers rounded out the diversification of condominium

Forty Palms. Available through Rego Sotheby’s International Realty:





BBV 2017_out_BBV 2016 11/29/16 2:28 PM Page 48

Bermuda Business Visitor


MAKING IT HAPPEN any business visitors are eager to buy property in Bermuda and who can blame them? But with an area of just over 20 square miles, real estate is at a premium. In an effort to manage the accessibility of real estate on the Island, the Government established regulations to govern the purchase of property by non-Bermudians. Non-Bermudians are able to purchase only specific properties and may not purchase undeveloped land. In order to purchase a property that is available to them, non-Bermudians must apply to the Ministry of National Security for a “licence to acquire” the particular property. The approval process can take between


Overboard in Tucker’s Town available through The Property Group.

four and six months. Once purchased, property owned by a non-Bermudian must be used only for private residential use by the owner and the owner’s family. Renting the property is restricted to working residents for up to 12 months when the owner is not on the island;

rentals require the consent of the Ministry of National Security and incur a five per cent tax on the rental income. Rental to tourists in competition with hotels and guest houses is discouraged. Non-Bermudians may inherit or be gifted properties but must apply for the same licence to acquire as when purchasing a property. Purchasing a property in Bermuda as a non-Bermudian takes time and money, but owning a piece of island paradise is priceless. This article contributed by Denis de Frias, a Director in law firm MJM Ltd’s property, trusts and estates practice group. Email: Tel: 441 2921345.

WE TAKE CARE OF YOU... And all of your rental needs. Whether you are an individual seeking a rental property or company needing interim housing for your employees, Moura & Associates provide quality rental apartments service. and homes backed by superior customer ser vice. You Y o have more to worr worry w y about than wandering ou about the island seeking a property so let us worry, take on the worr y, so s you can sit back and We’ll e’ll find a property that suits relax a little! W your exact needs and requirements.


• • • •

More efficient use of your valuable time Peace of mind & reduced stress Professional advice relating to leasing Knowledge & experience of local market conditions

today. y. Our experienced and Call us today professional advisors are ready to assist you. Debbie Moura - Rental Manager 441-535-1400 Cell: 44 1-535-1400


w w w. m o u r a a n d a s s o c i a t e s . c o m 48 BERMUDA BUSINESS VISITOR


“ If y o u o n l y ea t o ut on ce in B er m ud a ,

& WHAT TO DO here are almost infinite opfrom May to September. A few mintions, from luxury beachfront utes out of town are two tempting opresorts to antique-filled mantions. The poolside patio at Beau Risions. Most guest rooms are specially vage, with it’s view looking across the equipped to cater to the harbour at Hamilton, is a business visitor. As for lopopular retreat among cation, some business office workers after a people prefer to stay close long day. On the South to Hamilton, but nowhere Shore at Elbow Beach on the island is more Hotel is Sea Breeze, than half an hour from right on the ocean and town. This might just be serving tapas and sushi. the most beautiful commute you will ever experi- Sea Breeze Lounge and Terrace Nothing to do? ence. Choose from our Although there are no selected resorts listed on regular shows or conthe next two pages. certs, there are still plenty of things to do in Friday night fever Bermuda. Check out the Friday night happy hour, websites below for what’s when the drinks are cuton while you’re here. price and Bermudians Throughout the year and expats traditionally there are special theatre let their hair down after a A local production of South productions, concerts, hard week at the office, film festivals, art exhibiPacific has become a popular trations, comedy shows, dition on the Island. City bars like dinner shows, night time sports events Port O Call, Little Venice and Flanaand night cruises. You’ll also find gan’s are popular hangouts. If you pre- many activities tied into seasonal celefer a water view, try the patio at the brations. Hamilton Princess Hotel where you can enjoy drinks and barbecued ies from 5pm to 9pm every Friday


The Loren

S a vo r v ib r a n t, f r e sh c ui si n e i n B e r mu d a’ s mo st b r ea th ta k i n g s ett in g o f f e r in g p an or a mi c o c ea n v ie w s o f th e f a mo us S ou th Sh o r e . O nl y fiv e min ute s from downto wn Ham ilton.

H o ur s o f Op er a ti o n : ( O pe n Se v en D ay s ) B r e ak f a st : 7: 0 0- 1 0: 0 0 am L un c h : N oo n – 3 :0 0 pm L o u n g e M en u: 3: 0 0 -6 :3 0 p m Di nne r: 6 :3 0 – 9 :3 0 pm I nqui re a bo ut T h e Libra ry — fo r th e u lt ima te in e le g a n t pr i v at e d i n in g . ..

Fo r r e s e r v at i o n s pl e as e c o nt act u s a t: 3 St o ni n g to n C i r cle , S o u th Sh o re Ro ad , P ag et - P G 0 4 T el: 23 6 -5 4 16 / Fa x : 2 36 -9 76 6 d e al s

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Cottage colonies, world class resorts, apartments and small hotels Name


$ Rates

# Rooms

General amenities

Business amenities


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


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

Coco Reef Resort South Shore Road, Paget Tel: 441-236-5416 Fax: 441-236-9766 Email:

Lovely boutique resort nestled on the South Shore beaches, minutes to downtown

199 low; 499 high

63 rooms and one 1bedroom suite

Two restaurants, beach dinners, bar, swimming pool, private beach, lobby gift 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

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

Small but elegant property 15 minutes from town

245–325 high; 195– 225 low

5 deluxe, 5 suites

Gourmet restaurant, bar, entertainment, pool

Meeting facilities, fax, Xerox and courier services

Air con, cable, kitchens in rooms

Pool; golf, tennis nearby

Newstead Belmont Hills Resort Paget Reservations 441-236-6060; US 866706-7801; Canada 866-706-7778;

First new hotel in 35 years, island’s only all-suite property and its only true golf and spa resort

500– 1,045

45 suites

Two restaurants, fitness room, hair salon, water ferry, infinity pool, whirlpool, tennis courts

Business centre, dedicated concierge service, private event assistance

Samadhi Spa. Suites offer private balcony with Harbour views

18-hole semi private golf course

Paraquet South Shore Road, Paget Tel: 441-236-5842 Email:

Near beaches, five mins to town

195-295 (rates may change)

8 suites

Restaurant on property (guests receive 10% off); kitchen facilities, coffee maker, ironing board and hair dryer

WiFi and cable

Air con, grocery nearby

Arranged on request

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Rosemont Guest Suites 41 Rosemont Avenue, Pembroke Tel: 441-292-1055 Fax: 441-295-3913 Email:

An all-suite hotel with full kitchens. Fiveminute walk to Hamilton

218–298 high; 78–248 low

Royal Palms 24 Rosemont Avenue, Pembroke Tel: 441-292-1854 Fax: 441-292-1946 Email:

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

From 495 high From 299 low

The Loren at Pink Beach 116 South Road, Smiths Tel: 441-293-1666 Fax: 441-293-8935 The Reefs Resort and Club 55 South Shore Road Tel: 441-238-0222 Fax: 441-238-8372 Email:

General amenities

Business amenities



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 harbour, hairdryer, flatscreen TV, 7 movie channels

Large swimming pool

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 kitchenette, laundry bathrobes and hairdryers

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

Luxury boutique $500hotel located on 1500 the water in Tuckers Town; 15 minutes to Hamilton and 10 minutes to the airport

45 rooms; includes 2 twobedroom suites, 2 two-bedroom penthouse suites, and three 3-bedroom villas.

Oversized rooms (600 sqft), five-piece bathrooms, two restaurants, gym, luxury spa, hair salon, two pools, private cabanas.

Business center,“boardroom” meeting room, private dining room, al-fresco rooftop dining area, free high-speed WiFi, concierge service, private event planning.

Each room is ocean-facing with large (150 sqft) private terrace, A/C, cable TV, in-room coffee machine

State-of-theart gym and 2 heated outdoor swimming pools; Golf and Tennis nearby

Beachfront resort, 595– 1,070 beautiful ocean views. Enjoy magnificent sunsets as each guest room faces west.

62 guest rooms and suites

Free WiFi, 2 gourmet restaurants, award winning spa, private beach, daily events, infinite swimming pool, hot tub, evening entertainment, 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, putting, snorkeling, paddle boarding, yoga, kayaking, golf courses nearby

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32 Bermudiana Road, Hamilton T 441-295-3503 | E

32 Bermudiana Road, Hamilton (upstairs Little Venice) T 441-296-4477 | E

Celebrating over 40 years of fabulous food and fine wine, with classic and contemporary regional Italian specialities. Spectacular wine list and an ambiance that sparkles with zest. Great outdoor dining on the terrace.

Above Little Venice is Hamilton’s best Oriental & Chinese Restaurant. Fusion cuisine, authentic Chinese dishes, a teppanyaki table and a sushi bar all in one place. Seating available inside under the exquisite Pagoda or outside under the stars.



At the Belmont Hills Golf Club, Warwick | T 441-232-2323 | E

At the BUEI, 40 Crow Lane, East Broadway T 441-295-4207 | E

Bermuda’s premier bar and grill restaurant. Varied menu offers bold American cuisine with a south-western flavour featuring fine steaks, ribs and fish. Incredible ambiance with mesmerizing views of Hamilton Harbour & the Great Sound. Winner of Best Ambiance in Bermuda.

On the harbour, with its own dock, water lapping gently by the romantic table setting. Catch the sunset from the upper deck. Try our sushi and tempura or savoury dishes featuring the best selection of meats in Bermuda.



1 Middle Road, Paget | T 441-236-6517 | E

60 Tucker’s Point Drive, Hamilton Parish | T 441-298-4000

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 evening and the most extensive wine cellar on island for discerning connoisseurs, regularly re-stocked from Sotheby’s.

Sul Verde offers stunning views of the Tucker’s Point Golf Course to accompany a selection of unique dishes from special regions in Italy. Striving to deliver the most authentic taste, chefs seek out ingredients from each Italian region, and combine them with fresh local products from Bermuda.



W W W. D I N I N G B E R M U DA .C O M








Elbow Beach Sea Terrace, Paget | T 441-236-9884 | E

Elbow Beach Sea Terrace, Paget | T 441-236-9107 | E

The signature restaurant of the Complex. Breathtaking ocean views and an elegant but informal atmosphere. Award winning restaurant for ambiance, service and food. Varied menu featuring our famous Mediterranean seafood, steaks and chops.

This one of a kind beach bar and restaurant lies on the pink sands of Elbow Beach, serving bistro style dishes in a casual environment with fun cocktails. The “to be seen” venue for a casual lunch, cocktail or summer dinner.



Elbow Beach Sea Terrace, Paget | T 441-236-9884 | E

Luxurious 100 ft Azimut Benetti | T 441-704-3000 | E

Overlooking Elbow Beach, this outdoor lounge, bar and deck is unlike anything else on the island. The covered Gazebo with al fresco dining, the lively entertaining terrace, often with live bands, stunning sushi and tempting tapas add up to a magical Bermuda experience.

Specially commissioned with sumptuous detail and privacy that only a yacht like this can command. Four spectacular staterooms to pamper you at night. Entertainment options from the large and lavish to intimate dinners. Make this YOUR yacht for the ultimate in Bermuda experiences.



Washington Lane, Hamilton | T 441-295-1877 | E

At Windsor Place, 18 Queen Street, Hamilton T 441-295-8444 | E

The only choice for local residents, a favourite for families and a haven for groups of young professionals looking for value. Succulent veal, flavourful fish, seductive steak, and of course the only wood-burning pizza oven in town. The sense of Italy in every bite. Pizza, Pasta, Perfection.



A combination of a stylish and sophisticated take out and a modern sushi bar with an indoor/outdoor dining facility. Open for breakfast, lunch and dinner and features the only outdoor BBQ in Hamilton!

W W W. D I N I N G B E R M U DA .C O M

Bermuda Business Visitor


Our guide to the island’s top restaurants In town and the central area Bistro J Chancery Lane, Tel: 296 8546, $$$. Tucked away in one of Hamilton's most enchanting and historical alleys, Bistro J offers a unique, wholesome and imaginative daily changing blackboard menu, with an option of 6 Appetizers, 6 Entrees & 6 Desserts, with one set price all served in a lively Bistro setting! All wines on our list are available by the glass. Open for lunch five days a week and dinner nightly. Café Coco at Coco Reef Resort, 3 Stonington Circle, South Shore, Paget, 236.5416. $$$ Café Coco is the Re-

sort’s signature restaurant. Elegant casual with spectacular views of the South Shore Café 4 Windsor Place, 18 Queen Street, Hamilton. 295-8444. $. Stylish and sophisticated take out with a modern sushi bar and an indoor/outdoor dining facility. Harbourfront At the BUEI, 40 Crow Lane, Pembroke. 295-4207. $$$$. Reservations recommended. Smart casual. Offers a varied menu featuring a selection of the freshest fish and seafood in addition to outstanding dry-aged meats,

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handcrafted salads and irresistible desserts. Enjoy perfect harbour views. House of India North Street, Hamilton. 295-6450. $. Reservations suggested. Smart casual. Great atmosphere and outstanding, authentic menu whether dine in or take out. &"'0 )%, 2* )- *+ ' La Trattoria 23 Washington Lane, * '' * + + *$ & 2* $ & Hamilton. 295-1877. $$. One of Bermuda’s longest % )# * '' ) *+ ,) &+ !& standing restaurants and a favourite of '& + ) * *+ !* & + locals and visitors alike. Perfectly - )0 *+ - )! +0 ' placed in the heart of Hamilton, !% !& +!- *( ! $!+! * makes it the ideal restaurant for a ro1%,*+2 ') - )0'& . ' mantic dinner for two or a gathering ,& % (% with friends. This festive trattoria has &"'0* !& '' )! & $0 !&& ) (% 1+!$ $'*!& the island’s only wood-burning pizza * )-! & % %') $ !&!& oven as a centerpiece and is recognized )%, ! & ' !& %!$+'& !&& ) (% 1+!$ $'*!& as best in Bermuda for their hearty * )- +!'&* ) ** &+! $ Italian food, and warm, kid-friendly $ environment, all at an extraordinary !&& ) (% 1+!$ $'*!& / value. % !$ $' *+ )('+ $' ! % La Trattoria Shop Washington Lane, Hamilton. 295-9499. $. Super convenient location and the best take out in town. It offers traditional favourites on the go including tempting pizzas, pastas, sandwiches and salads as well as hot and cold dishes from varying cuisines around the world. Little Venice 32 Bermudiana Road, Hamilton. 295-3503. $$$. Reservations recommended. Smart casual. Bermuda’s first and most famous Italian restaurant, celebrating over forty years of fabulous service, fine food and meticulously prepared classic and contemporary re(Located at the Newstead Hotel in Paget) gional Italian specialties. Lobster Pot & Boathouse Bar BermuOPEN DAILY diana Road, Hamilton. 292-6898. Breakfast 7AM Lunch 11:30AM Dinner 6:30PM Reservations recommended. Casual. $$$. Enjoy Bermuda’s harvest of seafoods at the Island’s landmark 232-8686 Sunday Brunch 11:30AM-2:30PM FOR RESERVA 232-8686 232-8686 seafood restaurant. Dine on the fresh$42.95 Plus 17% gratuities 232-8686est fish and the very best variety of imaginative specialities. We also have FOR RESERVATIONS please contact: 232-8686 meat dishes for the landlubber. A ‘must’ for everyone who enjoys fine food, friendly service and memorable Seafood, Vegetarian and Meat The T he U ULTIMATE LTIMA LT ATE AT dining. Tapas and a Burger Menu with 14 different Burgers and one deluxe L’Oriental 32 Bermudiana Road, THE ULTIMATE TAPAS & BURGER BAR SanziBAR Burger. Hamilton (above Little Venice). 296OPEN DAILY l 5PM-11PM



Tapas & Burger MENU U



Bermuda Business Visitor

DINING OUT 4477. $$$. Reservations recommended. Smart casual. Highly rated Oriental/Fusion cuisine. Indoor Pagoda and Bermuda’s only Teppanyaki table. L’Oriental Expresses We’ve got you covered on either side of Hamilton. West is in the heartbeat of the urban community, on the corner of Church Street and Par-La-Ville Road. 296-7475. $. East outlet is located in the Atlantis Building, Victoria Street. 296-5378. $. Offering everything from soup and sushi, to wraps and sandwiches, to amazing salads and daily hot food specials. Pasta Bar at West plus specialty coffees, teas and smoothies – the selection is unbeatable. Pearl 87 Front Street, Hamilton, Tel: 295 9150 $$$. Located above Port O’ Call on Front Street. Our skilled Sushi chefs have combined their traditional Japanese culinary training along with the culinary styles garnered through worldwide experience. A unique and extensive sake & wine list is available for you. The result is a modern and creative menu, which still satisfies the classic sushi experience. Open for lunch five days a week and dinner nightly. Port O' Call 87 Front Street, Tel: 295 5373 $$$$. One of Bermuda’s most popular restaurants. Enjoy award-winning signature dishes featuring contemporary styles with an emphasis on fresh Bermuda seafood. Award winning wine list, with over 40 selections by the glass. Open for lunch five days a week and dinner nightly. Portofino Bermudiana Road, Hamilton. 292-2375/295-6090. $$. Reservations for three or more. Smart casual. Popular with locals for its quality, price and service. Red Carpet Reid Street, Hamilton. 295-6774. $$. Reservations recommended. Smart casual. Informal continental restaurant. Ruby Murrys 2 Chancery Lane, Tel: 295 5058 $$. For discerning diners who yearn for the real taste of India. Open for lunch 5

days a week and dinner 7 nights a week. Take-out and catering available. TEN 10 Dundonald Street, Tel: 295 0857 $. Home-brewed coffees, fresh and delicious salads, pastas, sandwiches, daily blackboard specials home-made desserts.

OUT OF TOWN Beau Rivage Restaurant & Bar Newstead Hotel, 27 Harbour Road, Paget. Tel: 232-8686 $$$$. Bermuda’s most exquisite French Restaurant. We serve breakfast, lunch and dinner daily. Sunday brunch and an exclusive chef ’s table in kitchen. Bella Vista Bar & Grill Port Royal Golf Course, Southampton. Tel: 232-0100. $$. 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. Blu Bar & Grill 25 Belmont Hills Drive, Warwick WK 06. 232-2323. $$$. Reservations recommended. Smart casual. SouthwesternAmerican menu influences among others. Overlooks picturesque Hamilton Harbour and the Great Sound. Bone Fish Bar & Grill 2 Dockyard Terrace, Dockyard. 234-5151. $$. 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. Tel: 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.


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A Taste of Land & Sea 441 234 5151

Dine on the Green, Oceanside 441 232 0100

Italian Culture & Cusine 441 234 5009





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Café Lido Elbow Beach Hotel, Paget. 236-9884. $$$$. Award winning restaurant offers an exciting menu featuring Mediterranean dishes, local fish and an enticing meat selection. Enjoy a gem of a view of the South Shore too. Eliana’s Restaurant 106 Southside Road, St. David’s. 777-0555. $$$. 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. $$$$. Reservations recommended. Smart. Superb international cuisine. Elegant and charming atmosphere. Lady Tamara/Lady Charlotte Hamilton Harbour. 236-0127. Luxurious cruise yachts for lunch, cocktail and dinner charter. Mickey’s Beach Bistro Elbow Beach Hotel, Paget. 236-9884. $$$. The only true bistro on the island, right on the sand. Offering fun and eclectic menu, loved by visitors and locals. Paraquet Restaurant South Shore Road, Paget. 236-5842. $$. Enjoy fine meals at reasonable prices at this familyfriendly dining for tourists and locals. Sea Breeze Lounge Elbow Beach Hotel, Paget. 236-9884. $$$. 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, 293-5700; Shelly Bay, 293-8465; Heron Bay, Southampton, 238-2753. Casual. $. Somerset Country Squire 10 Mangrove Bay, Somerset. 234-0105. $$. Casual. Bermudian and British favourites, outdoors (magnificent views) or indoors. Sul Verde Rosewood Tucker’s Point Hotel, Hamilton Parish. 298-6983. $$$. Reservations recommended. Offers stunning views of the Tucker’s Point Golf Course to accompany a selection of unique dishes from special regions in Italy.

Bermuda Business Visitor

KEY CONTACTS POLITICAL LEADERSHIP Cabinet Office Ministry of Finance Ministry of Economic Develp Legal Affairs

Michael Dunkley, Premier Bob Richards, Minister Grant Gibbons, Minister Trevor Moniz, Attorney General

OFFICIALS & REGULATORS Cabinet Office Customs Finance Immigration Insurance Monetary Authority Register of Companies Shipping Register Bermuda Stock Exchange (BSX)

Dr. Derrick Binns, Cabinet Secretary292-5501 Lucinda Pearman, Collector 295-4816 Anthony Manders, Financial Sec. 295-5151 Dr. Danette Ming, Chief Officer 295-5151 Shelby Weldon, Supervisor 295-5278 Jeremy Cox, CEO 295-5278 Stephen Lowe, Registrar 297-7753 Edward Robinson, Registrar 295-7251 Greg Wojciechowski, CEO 292-7212


292-5501 295-5151 295-5151 292-2463


Corporate Communications

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: 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+ (Strong) Stable by A M Best.


30 Victoria Street, 3rd Floor Hamilton HM 12

5th Floor, Richmond House, 12 Par La Ville Rd, Hamilton HM 08 Mailing address: Suite 481, 48 Par La Ville Rd, Hamilton HM 11 E-mail: Website: Telephone: 441-296-7247          Fax: 441-296-7248 Since 1997, Bermuda Offshore Investment Services has provided private, confidential financial services to a select group of corporate, trust and individual clients. We offer independent, unbiased investment advice including investment portfolio review and analysis, strategic investment planning, segregated and comprehensive financial planning, and portfolio management.

Tel: (441) 292-7212 Fax: (441) 296-1875 E-mail: Web: Bloomberg: BSX <Go> Contact: Greg Wojciechowski, President & CEO The Bermuda Stock Exchange (BSX) is the world’s leading fully electronic offshore exchange, listing local and international securities, offshore mutual funds, specialist debt, global depositary receipts and insurance-linked securities. Located in an OECD member country, the BSX is a full member of the World Federation of Exchanges and an affiliate member of IOSCO and is recognised by the US Securities and Exchange Commission (SEC) as a designated offshore securities market; by the UK Financial Services Authority as a designated investment exchange; a Recognised Stock Exchange by the U.K. HMRC; approved stock exchange by the Australian tax authorities and a Recognised Stock Exchange by Canada’s Ministry of Finance.


Bermuda Business Visitor

KEY CONTACTS BUSINESS & FINANCE Arch Reinsurance Ltd Bacardi Limited Bermuda Offshore Investment Services Chubb

Maamoun Rajeh, Pres & CEO


295-4345 296 7247         


Alana Rogers, Director of HR Matthew Cairney, FICB CFP Samantha Froud, Chief Administration Officer

295 5200

Consultancy House Decisions Ltd Zach Sagurs, CEO Endurance Speciality Services Ellen Erhardt, SVP FIL Limited Allan Pelvang, General Counsel & Head of Bermuda Fintra International Ltd John Walsh, Broker XL Catlin    Mike McGavick, CEO  

400-5034 295-4533 (914) 468-8072 295-0665

295-3320           292-8515         

BUSINESS & PLEASURE Belmont Hills Golf Club Burrows Lightbourn Cuarenta Bucaneros K. S. WaterSports Bermuda Lady Boats Port Royal Golf Club

236-6400 294-3553/505-7108 295-4523 238-4155 236-0127 234-0974

Darron Swan Derek E.E. Emery COO Ian Gordon, Director Reservations Nigel or Gloria Prescott Alex Madeiros

BUSINESS-RELATED ORGANISATIONS Assn of Bda Int’l Cos (ABIC) Patrick Tamock Chamber of Commerce Kendaree Burgess, Executive Director Employers’ Council Keith Jensen, President Bermuda Insurance Institute Dr. Dawnnelle Walker, CEO

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

Astor House 38 Union Street Hamilton HM 10 Tel: (441) 400-5034 E-mail: Web: Offering: Business development consulting  Private mailbox services  Registered office listings  Small board room rentals  Small event space rentals  And other support services currently in development to best serve your needs 

nineteen is Bermuda’s collaborative and shared workspace offering an open office environment in two idyllic locations in the centre of Hamilton. Why nineteen? nineteen is a business community where our members grow together nineteen is environment




nineteen is a team nineteen allows you to chart your own destiny meet other like-minded entrepreneurs who are growing their business Make your business ideas a reality at nineteen. Join us and become part of Bermuda’s most exciting office environment to do business. Contact Tim Miller at or visit our website at


Dorchester House 7 Church Street Hamilton HM11, Bermuda Telephone: 441-295-2000 Website: Email: PwC Bermuda is the largest professional services firm in Bermuda, and the leading provider of services to the Bermuda insurance and reinsurance industry. PwC helps organisations and individuals create the value they’re looking for. We provide Assurance, Advisory, Tax and Legal services and focus on the key industries that drive Bermuda's international economy, including: Asset management & banking, Insurance & reinsurance, Consumer Industrial products & services, and Public sector. At PwC, our purpose is to build trust in society and solve important problems. We’re a network of firms in 157 countries with more that 208,000 people who are committed to delivering quality in assurance, advisory and tax services.

Bermuda Business Visitor


Wendy Wilson Tim Miller

PHARMACIES Phoenix Centre RELOCATION SERVICES Corporate Concierge REAL ESTATE Bermuda Longtail Real Estate Ltd Bermuda Realtor Coldwell Banker Bermuda Realty Moura & Associates Rego Sotheby’s Int’l Realty The Property Group Ltd SECURITY Bermuda Security Group Attractions Crystal Caves BUEI HAIR / BEAUTY Tangles


294-0209 400-1919


Sylvia Jones, Managing Director


Cesa Edwards, Broker/Owner


Jack Kripl Kendra Mello, General Manager

705-4500 292-1793

Albert Moura, President Buddy Rego Brittany Archer Sally Ann Smith

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

Richard Pitcher


293-0640 292-7219 292-8294

Retail A.S.Cooper & Sons Astwood Dickinson Burrows Lightbourn Price Rite

295-3961 292-5805 295-0176 295-7111

Sears 405-3163 The Authentic Bermuda Shorts 704-8227 Walker Christopher Ltd 295-1466



Bulk Foods Personal Care Bedding Kids ’ Toys Of f ice Products Luggage Electronics Small Appliances Bathroom Accessories Indoor/Outdoor Storage Outdoor Fur niture Bicycles & More!

Pembroke Warwick 10 Mill Reach Lane 22 Middle Road 295-7111 232-0010 Mon.-Sat..8am to 8pm Mon.-Sat..8am to 9pm Sunday..9am to 7pm Sunday..9am to 7pm


Bermuda Business Visitor

HIDDEN AGENDA Waiting for a bite. A deep sea fishing trip is an experience not to be missed

Bermuda is the perfect place for sailing

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Although WiFi is available at our most popular beaches, you’ll want to leave work behind

Take a wild ride on a jet ski. Tours are available from several locations throughout the island

OUR WILD SIDE Despite the island’s tiny dimensions, there are still some significant stretches of open space here, and lots of (non-threatening) wildlife inhabiting it. The jewel in our environmental crown is Nonsuch Island, which the Government has been returning to its pre-colonial state. The rest of Bermuda is sprinkled with small but interesting national parks and nature reserves. Among the best are the oceanfront Spittal Pond bird sanctuary in Smith’s Parish and the Dockyard area in Sandys Parish. There are also miles of South Shore beachfront that are mercifully clear of development. They are public and therefore free to roam and swim. You can even camp there in the summer. The railway trail is another treat. It stretches from St George’s to Somerset, cutting through parts of the island you would otherwise never see. Great for walking, jogging or cycling. Offshore, our abundant reefs and wrecks make a paradise for divers. It is a major game fishing area, too. BERMUDA BUSINESS VISITOR 63

Bermuda Business Visitor


The pursuit of pleasure Bermuda style

Fairway to heaven 2011 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 has been held in Bermuda from 2007 to 2014. And the good news is that Port Royal is a public course, so if golf â&#x20AC;&#x2122;s your game, you really must experience this beauty. The island boasts seven courses and they are all exceptionally well groomed and feature spectacular views of the ocean. October to April 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.

Bermuda Bermuda Business Business Visitor Visitor

Rory McIlroy tees off during the 2014 PGA Grand SlamSlam at Port Rory McIlroy tees off during the 2014 PGA Grand at Port Royal Royal Golf Course Golf Course


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Business Visitor 2017