Bermuda Business Visitor 2023

The inside story on the leading offshore financial centre

2023

Small island Big business

• Expert Insights

• The Best Hotels

• Bermuda Economy

• Facts & Figures

• Island Etiquette

• Key Contacts

• Top Restaurants

• Movers & Shakers

• Business Map

Pass me on for a greener Bermuda

Welcoming Wellness While you’re in Bermuda, remember to make your wellness a priority.

Keep up with your recommended cancer screenings and be sure to practice sun safety.

For more information about screening recommendations, to schedule a cancer prevention presentation or to book your annual mammogram, visit www.chc.bm

Bermuda Registered Charity #070 chc.bm

info@chc.bm

441-236-1001

CONTENTS

4

20

People

6

22 24

Our Capital

The Waterfront

10

26

11 12

27

Preflight Check

All you need to know when planning your Bermuda trip

Local Intelligence

Inside information that will make you feel like a local

Meet the Island’s famous residents

33

Key Contacts

34 36

Office Space

38

Celebrate with us

39

Dining Out

People who can help you make the most of your trip

How Hamilton works

Bermuda Business Map

7

Business A to Z

Your A-Z of all the major Hamilton offices

Opportunities in the country that thinks like a company

Facts & Figures

Your guide to this business

district

All the key statistics about Bermuda

Sealing the Deal

Democracy Bermuda-Style

Understanding our unique ways

Our self-governing British Colony

History

How Bermudians became commerce chameleons

A look at all the possibilities

Where to Stay

From luxury waterfront hotels to intimate inns

The most exciting events in our calendar

28

Good Grooming

Essential advice to be well dressed — island style

14

30

16

31

17

32

Counsel from the Consul

Karen Grissette, US Consul General, shares her views

Our British ties

The Governor Rena Lalgie explains

Why We Are Here

CEO’s explain the benefits of being based in Bermuda

A surprisingly broad selection of restaurants

Rules of Engagement

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

43

Time Out

Compelling reasons to play hooky while you’re here

Bermuda’s New Airport

Just landed. Our new state-of-theart terminal

Property All the options, from renting to

buying

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

50 51

Casinos Bermuda’s big bet

Wellness in Bermuda

Maintaining your health while in Bermuda

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

Email: hello@bm.bm Website: www.bermudamedia.bm Bermuda Business Visitor is published annually by Bermuda Media. © 2023 Bermuda Media. All rights reserved. No part of this publication may be reprinted or reproduced without the written permission of the editor.

Bermuda Business Visitor 2023 3

PREFLIGHT CHECK

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

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

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

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

Cellular/mobile phones See page 6.

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

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

WORTHWHILE WEBSITES www.bermudaairport.com

Updated flight times and details

www.bermuda.com

News, business and vacation info

www.bermudachamber.bm

Chamber of Commerce resources

www.gotobermuda.com

Official Tourism Site & hotel bookings

www.gov.bm

Official Bermuda Government site

www.bma.bm

Bermuda Monetary Authority

www.royalgazette.com

Local daily paper

www.weather.bm

Bermuda Weather Service

www.bermudamedia.bm

Independent media organisation

www.bernews.com

News headlines

www.nothingtodoinbermuda.com

Entertainment

without a government permit.

Direct dialing to 225 countries.

Bermuda’s area code is 441.

Dress code Advice for men and women, page 28.

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

All hotels offer WiFi and you can

CONSULS Austria

Katarina Hoskins

494-4019

Belgium

Phillippe Dutranoit

232-3902

Canada

Isabelle Ramsay-Brackstone

293-0627

Denmark

Bent Poulsen

295-4806

Finland

John Riihiluoma

295-2244

France

Nicole Haziza

777-5557

Germany

Jens Alers

295-0614

Ireland

John Kane

295-6574

Italy

Sabrina Di Meglio

296-9884

Jamaica

Winston Laylor

295-5264

Luxembourg

Curt Englehorn

295-1082

Mexico

Rod Attride-Stirling

296-8314

Netherlands

Marijke Peterich

236-4578

Norway

C N A Butterfield

295-5519

Portugal

Andrea Moniz

292-1039

Spain

Nola Dean

295-3062

Sweden

Jens Juul

293-7242

Switzerland

Fabian Schonenberg

295-5588

United States

Karen Grissette

295-1342

4 Bermuda Business Visitor 2023

connect throughout Hamilton.

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

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

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

Weapons Firearms and ammunition carry heavy penalties.

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

Electric vehicles are now available to rent

PREFLIGHT CHECK FLIGHT PLAN Airline schedules to the island were severely curtailed and disrupted during the COVID-19 pandemic due to travel restrictions introduced by the Bermuda Government, and the flight situation changes from month to month. Go to www.bermudaairport.com to check for the latest information. In summary, the following airlines serve the island.

From the US and Canada American Airlines, United, Delta, Jet Blue, Air Canada, WestJet. They fly routes from the following East Coast cities: Miami, Atlanta, Charlotte, Philadelphia, Newark, New York, Toronto. Some routes are operated seasonally. Historically, Bermuda had direct flights from Boston. This route has not been operated since the pandemic, but it is hoped direct flights will be resumed during 2023.

Generally, flights depart the US East

Coast in the morning, arriving early afternoon. They then turn around and arrive back on the East Coast early evening. The only exception to this at press time is the American Airlines flight from Miami, which departs early evening. The aircraft remains at Bermuda airport overnight and returns to Miami early the following morning.

Flight times from New York and Philadelphia are under 2 hours. From Miami and Atlanta, approximately 3 hours.

When returning to the US, you’ll avoid long lines at US Customs and Border Protection because there is a ‘preclearance’ station at Bermuda

airport. This means that your flight will be treated like an arriving domestic flight, and you’ll be free to head home without delay, or race off to your connecting flight.

It also means that any checked baggage will be forwarded to your final destination.

From the UK British Airways flies from Heathrow to Bermuda. This is the only direct, non-stop flight to Bermuda from Europe. It arrives early evening and the return flight to Heathrow is a ‘red-eye’. Flight time is 7 hours. During the summer, this is a daily service.

During the winter it operates 4 or 5 days a week.

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

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

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

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

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

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

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

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

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

Apr 21 69.8

July 28.8 83.9

Oct 26.2 79.2

Sea temperature (°C/°F)

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

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

Jan 17 62.6

Apr 18 64.4

July 26 78.8

Oct 24 75.2

Relative humidity (%) Jan 74.2

Apr 71.8

July 81.6

Oct 77.8

Rainfall (cm/inches) Jan Apr July Oct 14.9 9.7 12.1 15 5.8 3.8 4.7 5.9 Based on 10-year averages Bermuda Business Visitor 2023 5

INSIDE INFO

Tips to save you time, money and trouble here BUSINESS HOURS Business and professional offices, 9 to 5, Monday to Friday. Retail shops, generally 10am to 5pm, Monday through Saturday.

Some retail store open limited hours on Sundays. Grocery stores open Monday to Saturday 7am to 9pm. Many are also open on Sunday 9am to 7pm.

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

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

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

Commuter tokens and passes available.

Information: 295-4506.

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

If you are suffering from a minor injury or illness, just walk-in for medical

6 Bermuda Business Visitor 2023

attention at HMC Urgent Care, 10-12 Burnaby Street, Hamilton. Tel: 4008378. It is open Mon-Fri: 8am-7pm. Sat: 9am-5pm.

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

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

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

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

OFFICE SERVICES If you need a temporary secretary, messenger, word processing, photocopying, faxing, mail services, meeting or presentation room, video recording or A/V equipment, there is competent, professional help at hand. See ‘Key Contacts’ page 37 POSTAL SERVICES Air mail takes around a week to arrive from the US, Canada and Europe and about the same to reach there from here. The General Post Office, 56 Church Street, Hamilton, is open 8 to 5, Monday to Friday. Tel: 297-7893.

PUBLIC HOLIDAYS New Year’s Day holiday, Monday, 2nd January Good Friday, Friday, 7th April Bermuda Day, Friday, 26th May National Heroes Day, Monday, 19th June Cup Match, Thursday, 3rd August and Friday, 4th August Labour Day, Monday, 4th September Remembrance Day holiday, Monday, 13th November Christmas Day, Monday, 25th December Boxing Day, 26th December TAXES & TIPPING Bermuda has no sales tax. At most restaurants, a 15% or 17% tip is added to the bill. There is no need to tip hotel staff individually as most resorts assess a fixed gratuity

on the final bill. In addition, all room rates are subject to a 7.25 percent “hotel occupancy tax.”

TAXIS All taxis are metered at government-set rates. For a 1- to 4-passenger taxi: $7.90 for the first mile, $2.75 for each additional mile. For a 5- to 7-passenger taxi: $9.95 USD for the first mile, $3.50 USD for each additional mile. Between midnight and 6 am, and all day on Sunday and on public holidays, fares are 25 percent higher for 1- to 4-passenger taxis, and 50 percent higher for 5- to 7-passenger taxis. The sightseeing rate is $50 per hour for a 1- to 4-passenger taxi or $70 per hour for a 5- to 7-passenger taxi. Tip 10%15%. Call 295-4141 or hail a cab with its yellow light on.

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

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

Bermuda has two cell phone providers, One (700-7000) and Digicel (500-5000).

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

BUSINESS A–Z

Opportunities in the country that thinks like a company

By Duncan Hall AIRCRAFT REGISTRATION Founded in 1931, Bermuda’s register includes more than 600 aircraft, many of which are corporate and privately owned jets. However, the majority of aircraft on the register are commercial aircraft. 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 General of Civil Aviation, 293-1640 / tdunstan@bcaa.bm

BERMUDA STOCK EXCHANGE The Bermuda Stock Exchange (BSX) is the global leading exchange for the listing of insurance linked securities (ILS) and specialises in listing services for ILS, debt, funds, derivative warrants, equities and structured securities. With more than 1,300 securities listed, the BSX is uniquely positioned between Europe and the Americas to deliver speed to market for international issuers. Part of the MIAX Exchange Group, the BSX facilitates electronic trading and settlement and operates the Bermuda Securities Depositary platform. Established in 1971, the BSX is a member of the World Federation of Exchanges, an associate member of IOSCO, holds Designated Offshore Securities Market (DOSM) status from the US SEC and is a recognised exchange in the UK, Ireland, Canada and Australia for tax purposes.

Contact: Greg Wojciechowski, CEO, BSX. Tel: 292-7212.

Email: info@bsx.com. www.bsx.com

requirements in respect of Bermudian ownership of the company, exempted companies are generally prohibited from carrying on business in Bermuda. Rather, they carry on business outside Bermuda from a base on the Island — or, in some limited circumstances, in Bermuda with other exempted undertakings. As for the benefits of forming such a company here, Bermuda does not levy taxes on profits, income, dividends or capital gains. Indeed, there is no requirement that a company pay dividends at all.

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

Contact: Kenneth Joaquin, Registrar of Companies, 297-7574 / kjoaquin@gov.bm

EXEMPTED COMPANIES

FOREIGN SALES CORPORATIONS

Exempted companies are the primary vehicles by which “non-Bermudians” incorporate in Bermuda. So called because they are exempted from legal

Set up by American companies, FSCs take the form of exempted companies, and are given preferential treatment by US tax authorities because they promote

the export of US goods. The benefits only apply to export property that is intended for sale, lease, use or consumption outside the US — and it must contain less than 50 percent nonUS content.

Contact: Kenneth Joaquin, Registrar of Companies, 297-7574 / kjoaquin@gov.bm

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

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

Trade marks, service marks, patents and Bermuda Business Visitor 2023 7

BUSINESS A–Z designs may be registered.

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

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

Contact: Bermuda Monetary Authority, www.bma.bm

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

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

LOCAL COMPANIES Non-Bermudians may become 8 Bermuda Business Visitor 2023

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

Contact: Kenneth Joaquin, Registrar of Companies, 297-7574 / kjoaquin@gov.bm

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

Contact: Francis Richardson. frichardson@bermudashipping.bm

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

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

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

PRIVATE ACTS Companies may incorporate in Bermuda

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

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

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

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

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

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

BUSINESS A–Z

What’s so special about Bermuda?

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

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

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

4. ELECTRONIC TRANSACTIONS ACT The ETA itself is an attraction

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

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

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

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

7. PRIVACY While Bermuda is by no

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

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

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

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

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

Bermuda Business Visitor 2023 9

FACTS & FIGURES

Bermuda’s vital statistics GEOGRAPHY Land area 20.5 sq. miles Length 21 miles Greatest width 2 miles Highest point 259 feet Islands in archipelago 138 Farmland: 735 acres Capital: Hamilton Climate: sub-tropical, frost free Nearest mainland: Cape Hatteras, North Carolina, US. 651 miles

POPULATION Total Total Foreign-born United Kingdom United States Caribbean Asian Countries Canada Azores/Portugal African Countries Other European Countries Other Gender ratio Female Male

63,880 19,332 4,088 3,598 2,755 2,563 2,140 1,643 627 1,231 687 52% 48%

HATCHES, MATCHES & DISPATCHES Births Deaths Marriages Divorces

540 566 248 150

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.

EDUCATION Private school enrollment Public school enrollment Bermuda College enrollment

3,177 4,112 1,305

EMPLOYMENT Total occupied jobs Work Permits in private sector Work permits in public sector

Customs Duty Land tax Company Tax Other

20% 6% 6% 21%

GOVERNMENT EXPENDITURE 32,427 6,140 499

GOVERNMENT REVENUE Total $998,280 million Payroll tax

44%

Total: $1,182,434 million Grants & contributions Wages & salaries Debt service Capital expenditure Other operating expenditure Government deficit: $184.2 million

34% 32% 11% 5% 18%

TRADE Total imports Total exports Imports by country USA Canada UK Caribbean All others Rate of inflation

$904 million $19 million 70% 8% 5% 2% 15% 9%

TRANSPORT Registered Road Vehicles: 49,114 Reported Accidents: 1,074 Road Casualties: 532 Road Fatalities: 6 Gibbs Hill Lighthouse stands 362 feet above sea level — the highest point on the island. Built in 1844, it is made one of the few in the world made of cast iron.

10 Bermuda Business Visitor 2023

Source: Bermuda Digest of Statics, 2021 by Government of Bermuda

THE BRIEF Bermuda monetary authority

T

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

Democracy, Bermuda-Style

B

ermuda remains a British Overseas Territory, but it is self-governing in almost all other 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 King, the House of Assembly — the so called ‘lower house’ of Parliament — is where the big decisions are made.

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

At the most recent election held in October 2020, the Progressive Labour Party (PLP), won 30 seats.

The remaining 6 were all won by the One Bermuda Alliance (OBA).

The PLP has held power for 17 of the past 22 years, with the OBA governing from 2012 to 2017.

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 a majority of its members joined the OBA. The Premier is chosen by the majority party from its elected members to lead the Government and therefore the country.

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

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

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

longevity risk or life insurance mortality.

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

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

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

BMA House

Bermuda Business Visitor 2023 11

HISTORY

Bermuda in the age of agriculture

Commerce Chameleon

G

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

12 Bermuda Business Visitor 2023

became masters of business adaption.

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

From the early years of settlement, the export of crops was important to

the country’s survival, but the cost of transporting them to market — if they got there at all — was always a problem.

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

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

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

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

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

HISTORY

Shakespeare in luck

A

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

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

Jourdain was among the crew and Strachey — the Secretary-designate of Virginia — was a passenger.

Shakespeare must have read these accounts, given that his patron, Henry Wriothesely, Earl of Southampton, was a member of the Virginia Company. (The earl later invested in the Somers Island Company and had a Bermudian parish named after him.)

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

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

How Bermuda was Juan

B

ermuda’s name game began in 1503 when Spanish explorer Juan de Bermudez spied the island and christened it “Las Bermudas”. However, in his Mappa Mundi, Sebastian Cabot identified us as Ya de Demonios — the Isle of Devils — due to a growing reputation for sudden storms and fiendish noises. As such, the Spanish duly crossed the island off their colonisation list.

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

When, three years later, the Virginia Company was granted permission to settle the Isle of Devils, someone — probably in an effort to please his boss — suggested renaming it Virginiola. Thankfully, this was soon abandoned for the more dignified Somers Islands, in honour of Sir George. But humans being fickle creatures, after ownership passed to the Somers Island Company, preference for the original name began to resurface. Q

Hiding in plain sight since 1609.

Bermuda Business Visitor 2023 13

AMERICA’S VIEW

Counsel from the consul U.S. Consul General to Bermuda, Ms. Karen Grissette, offers valuable advice for anyone visiting from America

K

aren Grissette, an experienced career Foreign Service officer of more than 20 years, came to Bermuda in July 2021.

Consul General Grissette shared her thoughts about moving to the island, saying, “Our family transitioned very easily to life here. Our children settled into school well and have made many friends. As a family we all enjoy the natural beauty of the island, particularly the sparkling blue seas. It seems like there’s always something new to explore. A highlight this year was seeing humpback whales in Bermuda’s waters, and we hope to observe these majestic animals again (from a safe distance) when they return in the Spring.

Ms. Grissette says meeting the people of Bermuda has been the greatest joy.

“Bermudians are so welcoming and friendly. There are certainly cultural differences, but Bermudians are very well acquainted with America. Most Bermudians have travelled to the U.S., and there are more U.S. connections and a deeper understanding of the United States than any other place I’ve lived — and I’ve lived in a lot of different places. That familiarity makes the island an easy place for Americans to adjust

places and settings — at your children’s school, in line at the grocery store, at a dance class—and this can help develop close friendships and business relationships Everybody is connected in one way or another to everybody else, so it’s kind of like one big family. I love that about Bermuda.”

Turning to the U.S. Consulate, one of the things Ms. Grissette is most proud of is customer service. “Customer service is the priority for our consular section. We respond very promptly to all enquiries made through our dedicated email address, hamiltonconsulate@state.gov. Travelers often contact us when unexpected travel comes up and we do our best to accommodate as many of those requests as we can. Many travelers also inquire about the COVID-19 requirements to travel from Bermuda to the United States. While there is no longer a testing requirement to enter the United States, travelers who are not U.S. citizens or U.S. Lawful Permanent Residents still require a COVID-19 vaccination.

“The services we provide at the Consulate are for American citizens as well as non-Americans. For Americans, we support emergency situations, which unfortunately are sometimes sad events,

Engagement with Bermuda reaches across international business, law enforcement, border security, space exploration, environmental sustainability, and education to. However, Bermuda is also uniquely Bermudian with its own culture and its own unique attributes.”

An insight to the island Ms. Grissette experienced very soon after moving here was the effect of living in only 21 square miles. “One of the things newcomers will quickly come to realise is that you encounter familiar faces in several different 14 Bermuda Business Visitor 2023

such as a sudden death, an arrest, or destitution, and then of course routine services such as passport renewals, reports of birth abroad, notarising a power of attorney or a legal document. For nonAmericans, most issues relate to their desire to travel to the United States. That means either visiting visas or immigrant visas.

“One thing worth mentioning here is that we estimate there to be about 8,000 Americans resident on the island, among a total population of 64,000, which is a significant percentage. And when a cruise ship visits the island, that number increases dramatically. That’s why consular services are a priority for us. We encourage and ask U.S. citizens to register with us here at the Consulate at https://step.state.gov. One of the many benefits of registering is that we can send official messages directly to registrants. Notifications might be about dangerous weather events like hurricanes, or travel requirements. We work closely with Bermuda’s Ministry of National Security and disaster management teams

AMERICA’S VIEW U.S. Consul General Karen Grissette, welcomes Lt. Justin Nease of the US Coast Guard Cutter Lawrence Lawson

The Consulate recently launched its “Study With US” campaign. The campaign (#StudyWithUs) includes a series of interviews running on all our social media pages (FB/IG @USConsulateHamilton) that spotlight Bermudian students currently attending U.S. colleges and universities, as well as Bermudian alumni of U.S institutions. The campaign reinforces the longstanding educational exchange ties between the United States and Bermuda, demonstrates the value of the U.S. college experience, and highlights accessible and affordable pathways to study in the U.S.”

It goes without saying that the U.S. insurance companies based in Bermuda are very important for us.

to track potential emergency situations, and as we get real-time information, we are able to pass it on through our official channels.” The Consulate’s engagement with Bermuda reaches across many other sectors including international business, law enforcement, border security, space exploration, environmental sustainability, and education. “I care deeply about public service, promoting American interests and strengthening ties,” says Consul General Grissette. “My team engages on these issues in partnership with the Government of Bermuda, non-profit organisations, public and private schools, and the business community.”

Well-established partnerships between the U.S. Consulate and the National

Aeronautics and Space Administration (NASA), with organisations like the Bermuda Institute of Ocean Sciences (BIOS) and Arizona State University, the Bermuda Aquarium Museum and Zoo (BAMZ), and the Bermuda Education Network, support our environmental sustainability and education priorities.

“Our partnership with NASA has provided training and resources for students and teachers as Bermuda continues to play an important role in space exploration. The NASA Tracking Station on Cooper’s Island, at the East end of Bermuda, plays an important role in supporting NASA’s Artemis Missions to land the first woman and first person of color on the Moon.

Ms. Grissette emphasizes that part of her mission is to deepen the strong economic ties between the United States and Bermuda. “There are a number of investment and business opportunities between the U.S. and Bermuda, and I’m working with my colleagues in the U.S. Commercial Service to highlight those opportunities for U.S. companies and U.S. investors, as well as to support Bermudian entrepreneurs. We work closely with the Bermuda Business Development Agency, the Ignite Incubator, and the Bermuda Economic Development Corporation to foster closer relationships in all areas of entrepreneurship and business.

It goes without saying that the international business sector on the island is of global significance and the U.S. insurance companies based in Bermuda are very important for us. We meet regularly with the companies and various industry and trade groups to discuss concerns; share information with the appropriate entities in London, Washington D.C., and beyond; and help wherever we can.”

More information on the U.S. Consulate in Bermuda is available at: https:// bm.usconsulate.gov Facebook (@usconshamilton) Twitter (@usconshamilton) Instagram (@usconsulatehamilton) LinkedIn (U.S. Consulate General Hamilton, Bermuda) Q Bermuda Business Visitor 2023 15

FROM THE GOVERNOR

Our strong ties with Britain B

ermuda was settled in 1609 by the British. And for more than 400 years Bermuda has shared a relationship with the UK unlike any other. Her Excellency The Governor, Rena Lalgie explains.

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

Answer: As a British Overseas Territory, Bermuda and the UK share history, a constitutional relationship, and cultural norms. The legal frameworks and the political systems are not the same but they have common roots and the Judicial Committee of the Privy Council is Bermuda’s highest Court of Appeal. Bermuda’s regulatory framework is clear, robust, and compliance with international standards and obligations is strong. The Bermuda Monetary Authority’s global reputation is key. Businesses in Bermuda have strong ties (historical and current) to businesses in the UK but also in North America. This is particularly the case in relation to the insurance markets, where many will attest to the symbiotic relationship between London and Bermuda. Bermudians are British Nationals and have extensive familial and cultural links to the UK. Bermudians attend British schools and Universities (where they are eligible for ‘home fees’) but there are also close ties to Canada, the United States and the Caribbean.

Q: Is there anything a first-time business visitor will find surprising about Bermuda?

A: Before arriving, you should already have heard that Bermuda is a beautiful, warm and friendly place to visit and to do business. You might also be surprised by the extent to which Bermudian

16 Bermuda Business Visitor 2023

business meetings in London for example, or any cultural ‘faux pas’ to avoid.

A: A ‘smart’ or even ‘smart casual’ dress code is smarter and more formal in Bermuda than elsewhere. This can be challenging for men and women during the hot and humid months. People tend to dress for the occasion regardless of the weather, so cotton and linen layers will feel welcome. Bermuda shorts for men in both business and formal settings is a real thing and a source of pride — so tread carefully with alternative views. There is a considerable amount of tradition, protocol and individual creativity about how and when to wear them.

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

A: From the moment you begin boarding your flight, work on the basis the person next to you, the people sitting behind you, the taxi driver etc. is related to or at least knows the person that you are talking about.

people have strong connections around the world. The wealth of intellectual and cultural capital crammed on this small archipelago in the middle of the Atlantic can be a real surprise.

Q: Is there anything a businessperson should know to make that important “first impression” when meeting Bermudians? Is there a different “dress code” here compared to attending

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

A: There are so many opportunities, you will be spoilt for choice. Bermuda is a perfect place to balance business and pleasure. You are never too far away from a golf course but more generally if you enjoy sport, you name it and there will more than likely be a group enjoying it. If you are here during one of the many international sporting events, such as the PGA Tour’s Butterfield Bermuda Championship, or SailGP, it is worth making the time to attend with your colleagues. If you enjoy art, there are a surprising number of galleries and some impressive collections in Bermuda.

Go for a walk at Clearwater Beach or along the beaches on the South Shore to or from Horseshoe Bay. If you get a chance to experience Bermuda from the water, do not turn it down. If you have limited time, you might need to come back. Q

INTERNATIONAL BUSINESS

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

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

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

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

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

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

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

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

Madhavan points out that, there’s a wealth of great talent available on the Island, especially in the financial and legal areas due to the large insurance business that’s based here. Also, unsurprisingly, talented staff are happy to relocate to Bermuda Business Visitor 2023 17

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

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

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

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

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

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

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

of appeal to the Privy Council was also important.”

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

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

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

JARDINE MATHESON

I

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

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

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

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

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

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

18 Bermuda Business Visitor 2023

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Logistically, it is good.”

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

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

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

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

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

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

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

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

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

Like other countries around the world, Bermuda did not escape the effects of the worst recession in living memory. But Mr. Pelvang adds: “It is encouraging to see Bermuda emerging from the recession and businesses growing again.” Q Bermuda Business Visitor 2023 19

PEOPLE

MEET THE LOCALS B

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

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

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

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

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

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

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

20 Bermuda Business Visitor 2023

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

Silvio Berlusconi The media tycoon and former Prime Minister of Italy has been a frequent criminal defendant in recent years. But he remains a powerful figure in Italian politics and his $9 billion fortune does not seem to have been affected by his

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

Michael Douglas Who is the most famous Bermudian?

Without doubt, Michael Douglas whose mother Diana Dill’s Bermudian bloodlines go back to 1630. Douglas and his family recently announced an $85 million redevelopment of their Ariel Sands hotel.

The property has been in Douglas’s family since the 1840s and Dill family members began running it as Ariel Sands Beach Club in 1954.The new luxury resort will consist of 85 hotel keys located in 33 cottages and six suites and aims to “embrace the romance, sophistication and unique architectural traditions of Bermuda”.

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

PEOPLE 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.

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

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

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

Dame Flora Duffy Flora become the only person ever to win Olympic gold for Bermuda when she won the triathlon at the 2020 Tokyo Olympics. Flora has also won the World Triathlon Championship series a record breaking four times, she is a four time winner of the Xterra World Championships, and a Commonwealth Games gold medalist. She was made a Dame by Queen Elizabeth in the 2022 New Year’s Honours list. She has also had a steep hill, part of a Bermuda triathlon course, renamed after her, the running track at the National Stadium is now known as the Flora Duffy Track, and a suite at the toney Princess Hotel and Beach Club is named the Flora Duffy Suite.

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

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

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

In 2000, shortly after the PLP won control of the Bermuda Government for the first time, the family moved its investment company and core business from Bermuda to Dublin. At the time, a spokesman for the company said that they were re-domiciling solely for business reasons, to be closer to their European investments. He denied speculations that they were leaving because of dissatisfaction with the policies of the PLP, but the decision was reminiscent of Sir Howard’s move out of the UK almost six decades earlier, following the election of a labour Government. Q Bermuda Business Visitor 2023 21

INVEST BERMUDA

CAPITAL

GAINS

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

I

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

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

Hamilton isn’t exactly sleepy either but it is sedate on the surface. Scratch that surface, though, and you might be stunned by the scope and sophistication of the business and financial activity.

It is, after all, the biggest captive insurance centre in the world as well as ranking high in reinsurance along with New York and London.

All this with a population of just

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22 Bermuda Business Visitor 2023

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Visit The Phoenix Stores today. www.phoenixstores.bm

INVEST BERMUDA buildings, which have given way to contemporary office buildings to meet the demand of international businesses. But by the standards of business cities worldwide, it still remains idyllic.

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

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

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

Hamilton is indeed hardly a town on the surface — but quite a city in reality. Q 1,100, swelling to almost 14,000 during the working day.

Centrally located with a magnificent natural harbour, Hamilton has been in existence since the 18th century. However, it wasn’t until 1815 that it became the governmental as well as the business capital of the Island.

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

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

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

A generation ago, Hamilton’s streets were lined with gracious old

FULL RELOCATION SUPPORT WITH A DEDICATED RELOCATION CONSULTANT

WWW.CORPORATECONCIERGE.BM Providing a white-glove service to INTERNATIONAL BUSINESS

for over fifteen years.

Bermuda Orientation Tour

House Search and Selection

Driving License Support

Shipping Coordination

Pet Importation

info@corporateconcierge.bm

School Enrollment

Settling in Support

Utilities Setup

Club Memberships

Tel: + (441) 296 8575

Bermuda Business Visitor 2023 23

Bermuda Business Visitor

HAMILTON BUSINESS MAP 1

2

Arch Rei Bermuda Bermuda Bermuda Bermuda Café 4 Chubb Clarendo Corporat Cuarenta Edge Hill

3

4

5

10 11

6

9 8

7

12

Bermuda Business Visitor

20

nsurance Ltd a Cancer and Health Centre a Media a Stock Exchange a Tourism Authority

on Pharmacy te Concierge a Bucaneros l Manor Guest House

4 20 10 5 17 13 7 19 12 22 2

Harbourfront Restaurant L’Oriental Restaurant L’Oriental Express La Trattoria Restaurant Little Venice Restaurant & Winebar Phoenix Centre Rego Sotheby’s International Realty Rosemont Guest Suites Royal Palms Hotel The Authentic Bermuda Shorts (TABS) Woodbourne Chemist

21

22

21 9 11 16 8 14 18 1 3 15 6

19 17 16 13

14 15 18

YOUR GUIDE TO

PITT S BA Y RO AD

1

2 5 ERL WAT OO L ANE

4

3

6

WELLESLEY HOUSE NORTH Willis (Bermuda) Limited Willis Towers Watson Management (Bermuda) Ltd Waterfront Wellness Gym & Health Club

4

AXIS HOUSE AXIS Capital Limited

2

CHESNEY HOUSE Miles Market

5

3

IDEATION HOUSE Conduit Reinsurance Ltd Maiden Holdings, Ltd North End Re Ltd Wafra Financial & Management Services Ltd Wafra InterVest Corporation Harry’s Restaurant

WELLESLEY HOUSE SOUTH Schroders (Bermuda) Limited Zurich Bermuda Waterfront Group of Companies The Cloud Restaurant

6

POINT BUILDING SiriusPoint

7

WATERFRONT MARINA & FUEL STATION

1

7

INVEST BERMUDA

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

I

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

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

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

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

Underestimate them at your peril.

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

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

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

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

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

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

Bermuda Business Visitor 2023 27

ISLAND ESSENTIALS

Good grooming O

ften the business visitor is conspicuous for being overdressed — as in dark wool suit in the sweltering summer sun. If your business requires a very formal look, a lightweight suit will more or less blend in here. Better still for men, 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.

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

And 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.

Bermuda shorts are typically worn three different ways which are dictated by

dress code and occasion. Here is your guide, from the experts at TABS (The Authentic Bermuda Shorts).

Traditional Formal For formal attire, a tie may be required, so select one with colours complementary or contrasting to your shorts.

Same rule applies to the knee socks, but we recommend the traditional navy. Your black or brown dress shoes should match your belt. A crisp, pastel dress shirt works with most colours.

The Shoreby, TABS take on the Bermuda blazer, which is both lightweight and stylish, will finish the look.

Business Casual For a more relaxed dress code, replace the knee socks, dress shirt and shoes with no-show socks, loafers, and a smart-casual button-up or a TABS polo shirt for an easy outfit.

You may want to keep your Shoreby blazer on hand for the cooler venues or offices. A quarter-zip sweater or vest is also a popular choice.

Weekend Casual Dress for comfort and style in TABS shorts on the weekend. TABS pair well with a polo or T-shirt, sneakers or cleats and a quarter-zip pullover or gilet for when the temperature drops.

Visit TABS at 12 Reid Street, Hamilton and let TABS help you step out in Bermuda style www.tabsbermuda.com. Q

The Authentic Bermuda Shorts www.tabsbermuda.com

28 Bermuda Business Visitor 2023

ISLAND ESSENTIALS

For the businesswoman Bermuda is more formal than the Caribbean, on par with major North American cities.

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

Evenings demand even more formal attire. “It doesn’t mean you have to dress like your granny,” a senior female executive

counsels, “but too much cleavage or makeup, 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.

12 Reid Street, Hamilton, HM 11 Bermuda hello@tabsbermuda.com (441) 704 8227 www.tabsbermuda.com

Bermuda Business Visitor 2023 29

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

Rules of Engagement

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

Show up on time

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

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

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

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

Do show up on time. But don’t lose your cool if you make a business or 30 Bermuda Business Visitor 2023

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

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

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

THE ECONOMY

Just landed: Bermuda’s New Airport You will be arriving and departing from a new state-of-the-art airport terminal

O

ur brand new $400 million terminal at L.F. Wade International Airport opened

in 2020.

A great deal of thinking and research went into assessing the size of the building so that it’s not too big nor too small. “It is able to comfortably handle the peak loads of incoming and outgoing flights between mid-morning and midafternoon, and, in the long term, if the need arises to expand, the plans are in place to extend the building accordingly,” says Colin Campbell, regional director of OBMI Architecture. “The new terminal is designed around today’s traveller and today’s technology. Ticketing is just one small example that an airline passenger will be able relate to. Remember that we’re now not only using kiosks to check in for our flight, we’re also ticketing our own baggage.”

The ground floor – approximately 182,000 square feet – houses the new departures hall, baggage and passenger screening for departures, arrivals concourse with customs areas, retail facilities, and restrooms.

The second floor – about 89,000 square

feet – houses the US and international hold lounges, retail shops, and dining areas.

A new concrete apron where the arriving aircrafts park at the terminal building also had to be built, to take the weight of airplanes.

Previously, passengers had to board and deplane using stairs and a walk across the tarmac to the old airport terminal.

Importantly, considering Bermuda’s unpredictable weather, the new terminal has six covered and accessible passenger boarding bridges for arrivals and departures.

The airport has been constructed in such a way that it is easy to add additional structures at either end of the terminal,

should future expansion be required.

The original airfield was constructed during World War II for use by the United States and UK air forces. Following the war, the Royal Air Force stayed on in limited numbers, and the airport converted into a civil facility. In 1970 it was transferred to the United States Navy, which operated it as the US Naval Air Station. When the US Navy terminated its base at the East End of the island in 1995, part of which included the airport, management was transferred to the Bermuda Government. The new terminal was constructed by, and is now operated by Skyport, wholly owned by Canadian firm Aecon, under a 30-year agreement. Q

Bermuda Business Visitor 2023 31

REAL ESTATE

Your best property choice W hy use the Property Group for your purchase?

The Property Group Ltd. was the sole agent and successfully sold all properties in the original four phases of the Tucker’s Point Development as well as the sole agents for the sale of all the Hidden Cove condominiums at Pink Beach. In addition, The Property Group has sold many of the most prestigious properties in the Tucker’s Town area.

Bermuda has properties that are available for nonBermudians to purchase, but with its finite amount of land and to ensure that adequate property is preserved for Bermudians, there are a

Beautiful views from the Atlanta-by-theSea property. Contact Vicky Hamshere: Vicky@tpg.bm or 234-6900

THE PROPERTY GROUP LTD

A boutique realtor personalizing your property search 9:749:7:/480-:8*:6719569,:7/9563:(26.:7:-733285:*84:#94+0,7:4971 936769&: .23:-733285:/02,93:9 94)6.25/:(9:,8:68:.91-:804:'129563:*25, .8+93:6.76:$936:3026:6.924:12*936)19& 805,9,:25:" : .9: 48-946): 480-:(73:75:7+71/7+76285:8*: :8* #94+0,7 3:$936:75,:+836:30''933*01:7/95'293:'8+$2525/:7:/480-:8* 7/9563:(26.:+75):)9743:8*: 58(19,/9:75,:9 -94295'9:25:$0)25/:75, 391125/:.8+93:25:#94+0,7&: 185/:(26.:38+9:+9+$943:8*:6.9:842/2571 '8+-75) :6.9:*24+:58(:$87363:8 94:"!:-48*93328571:7/9563& .9: 48-946): 480-:(73:6.9:-480,:3819:7/956:*84:6.9:*2436:*804 -.7393:8*:6.9: 0' 94 3: 8256: 81* :#97'.:75,: 95523: 93846 :73:(911 73:6.9: 2,,95: 8 9: 9 918-+956&: 04:7/9563:.7 9:49-4939569, +75):8*:6.9:23175, 3:+836:$97262*011):7--82569,:.8+93& 9:188 :*84(74,:68:.91-25/:)80:+7 9:8(525/:7:-48-946):25:#94+0,7 7:497126)&: 8567'6:804:8**2'9:68:36746:(84 25/:(26.:859:8*:804:7/9563 68,7)&

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few restrictions on overseas purchasers. Each property is allocated an ARV, which is an estimate of its annual rental value. Overseas purchasers may buy a house with an ARV of $126,000 or more.

Condominiums can be purchased if they are part of a development with a hotel component. These properties have lots of amenities such as beach access, pools, restaurants, and spas. Many offer a rental programme, run by the hotel, that provides income for an overseas purchaser.

Nestled on a dramatic cliff among Bermuda’s coveted South Shore beaches, Azura offers discerning buyers a luxurious contemporary oceanfront ownership opportunity. Ownership is available to Bermudians, work permit holders, and international buyers. As a hotel residence, there is no license fee for international

buyers, provided you join the rent back programme for at least 5 years, plus additional government incentives are available.

Fractional ownership has become a popular form of property ownership in Bermuda by nonBermudians and locals, offering the purchaser a deeded real estate interest in a ‘residence,’ which provides amenities such as swimming pool, tennis courts, golf club and beach club. Examples include Tuckers Point, The Reefs, Newstead, and St Regis. Ownership of between 8 to 12 weeks a year can be purchased for as little as $59,000.

For details of the above and so many more fine properties, please contact The Property Group at 2346900, or email the directors Sallyann Stratton: sallyann@ tpg.bm or Brittany Archer: Brittany@tpg.bm

KEY CONTACTS Officials & Regulators Bermuda Stock Exchange (BSX) Bermuda Tourism Authority

Chamber of Commerce Immigration Bermuda Monetary Authority Registrar of Companies Business & Finance Arch Reinsurance Ltd Chubb Business & Pleasure Cuaranta Bucaneros Health Services Bermuda Cancer and Health Centre Pharmacies Phoenix Centre Real Estate Bermuda Longtail Real Estate Ltd Rego Sotheby's International Realty The Property Group Ltd Relocation Consultancy Corporate Concierge Bermuda Soft Landing

Greg Wojciechowski, CEO & President Jallande' Greaves, Group Sales Manager Devin Lewis, VP of Sales & Business Development Donna W. Douglas, Assistant Director of Sales Kendaree Burgess, Executive Director Danette Ming, Chief Immigration Officer Craig Swan, CEO Kenneth Joaquin

292-7212 279-6656 212-916-3103 212.916.3112 295-4201 246-8093 295-5278 297-7574

gwojo@bsx.com jgreaves@bermudatourism.com dlewis@bermudatourism.com ddouglas@bermudatourism.com info@bcc.bm dwming@gov.bm enquiries@bma.bm kjoaquin@gov.bm

www.bsx.com www.gotobermuda.com

Jerome Halgan, Pres & CEO Samantha Froud, Chief Administration Officer

278-9200 295-5200

jhalgan@archreinsurance.bm chubbbermuda@chubb.com

www.archreinsurance.bm www.chubb.com

Ian Gordon, Director

295-4523

info@cigarbox.bm

www.cigarbox.bm

236-1001

info@chc.bn

www.chc.bm

279-5451

www.bermudachamber.bm www.gov.bm www.bma.bm www.registrarofcompanies.gov.bm

www.phoenixstores.bm

Cesa Edwards, Broker Buddy Rego Brittany Archer Sally Ann Smith

535-2769 292-3921 505-1466 535-4521

cesa@bermudalongtail.com sales@regosir.com brittany@tpg.bm sallyann@tpg.bm

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

Sylvia Jones Cesa Edwards Lloyd Holder

296-8576 535-2769 505-2814

info@corporateconcierge.bm info@softlanding.bm

www.corporateconcierge.bm www.softlanding.bm

Attractions Crystal Caves Retail The Authentic Bermuda Shorts (TABS)

293-0640 704-8227

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

PO Box HM 2032 Hamilton HM HX, Bermuda www.bermudamedia.bm

Exchange House 110 Pitts Bay Road 4th Floor Pembroke, Bermuda HM08 Tel: (441) 292-7212 Fax: (441) 296-1875 Email: info@bsx.com Web: www.bsx.com Bloomberg: BSX <Go> The Bermuda Stock Exchange (BSX™) is a fully electronic, vertically integrated international securities market headquartered in Bermuda and organized in 1971. BSX specializes in the listing and trading of capital market instruments such as equities, debt issues, funds, hedge funds, derivative warrants, and insurance linked securities. To learn more about the BSX visit https://www.bsx.com and or contact info@bsx.com

Telephone: (441) 292-7279 Contacts: Ian Coles, Publisher Lissa Fisher, Director of Marketing

The island’s largest independent media organisation, producing innovative speciality magazines and television programming which provide the sophisticated business and leisure traveller with a reliable, highquality introduction to Bermuda. Products include: Bermuda Business Visitor, Building Bermuda, Bermuda Property Matters, Going Green, Your Future, House Garden Kitchen & Bath, Diversity Equality & Inclusion, Health & Beauty and New Resident as well as our television channel — The Bermuda Channel.

BERMUDA STOCK EXCHANGE

Bermuda Business Visitor 2023 33

THE ECONOMY Waterloo House: on the waters of Hamilton Harbour

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

T

here is estimated to be a half million square feet of empty office space in Hamilton, and some say it’s a tenant’s market. But demand among top international companies for space in high-end buildings means landlords of impressive new properties situated on the waterfront in Hamilton, with even more impressive views, are 34 Bermuda Business Visitor 2023

still able to enjoy top rental returns.

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

Previously, the headquarters of the Bank of Bermuda and, later, HSBC Bermuda, the building is a product of

the 1960s that is was transformed for the twenty-first century. It was bought by the Green family, who in 2013 also built Waterloo House, another of the breed of prestigious new buildings in top demand from international companies looking to create the right image.

The building provides a total of

THE ECONOMY 80,000 square feet.

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

As existing companies move into these “Outlier” buildings, they leave behind them superior office space in good, but slightly older buildings that landlords are naturally keen to keep fully occupied. So, for companies looking for offices, but where creating a five-star image isn’t so important, there is a fine choice of space available right now at what could be called “negotiable” rents.

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

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

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

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

Point House

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

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

The banks are Bermuda-based with perhaps unfamiliar names – with the exception of HSBC – but they are among the most secure and savvy in the world, offshore or on. The same applies

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

to the law firms, and the “big four” public accounting firms are here in force.

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

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

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

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

All in all, doing business in Bermuda is not much different from working in any other major business centre, except perhaps that it’s much more pleasant here. Q Bermuda Business Visitor 2023 35

THE WHERE TO STAY Name

Description

$ Rates

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

Small boutique guest house with kitchenettes and private patio/ balcony, 5 minute walk to Hamilton

182– 250

14 (7 with kitchens, 3 with mini kitchens)

Pool and subtropical garden

All rooms have wifi access throughout

Air con, cable TV, fridge, microwave, safe, hair dryer, iron

Golf or tennis can be arranged

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

Small but elegant property 15 minutes from town

295– 395 high; Deluxe 225– Suite 275 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

Rosemont Guest Suites 41 Rosemont Avenue, Pembroke Tel: 441-292-1055 Email: rosemontguestsuites@gmail. com, www.rosemont.bm

An all-suite hotel with full kitchens.

Five-minute walk to Hamilton

270– 310 high; 234– 296 low

47 Studio and one bedroom suites

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

Internet, voicemail, copier, same day laundry.

Extras: Full kitchens, iron and boards, in-room safes to fit a laptop .

Complimentary shuttle to the City.

Terrace overlooking harbour, hairdryer, flatscreen TV, 7 movie Channels

Large swimming pool

Royal Palms 24 Rosemont Avenue, Pembroke Tel: 441292-1854 Fax: 441-292-1946 Email: reservations@royalpalms.bm www.royalpalms.bm

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

From 515 high From 299 low

32 individually decorated mini suites

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

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

Blue tooth speaker with charging ports

Discounts for extended stays. A/C, smart TV’s with cable, coffee kitchenette, laundry bathrobes and hairdryers

Pool, gym, complimentary shuttle into Hamilton and complimentary e-bikes, EV charging ports golf & tennis nearby

The Reefs Resort and Club 56 South Shore Road Tel: 441-238-0222 Email: generalinfo@thereefs.bm www.thereefs.com

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

425 low season - 740 high season

62 guest rooms and suites

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

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

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

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

Willowbank Resort 126 Somerset Road, Sandys Tel: 441-234-1616 Email: reservations@willowbank.bm www.willowbankresort.com

Charming 50 Room Resort located in the West of Bermuda on Ely’s Harbour, featuring cceanviews and amazing sunsets

175 low – 500 high

50 Guestrooms

Oceanview dining room serving breakfast, lunch and dinner, pool, 2 private beaches, gift shop, basketball/ tennis court, fitness center, small chapel

Free wi-fi, business center with computer and printer, 5 meeting spaces including a 3,000 sq ft conference center

Flat screen TV, Free wi-fi, Air con, hair dryer, iron, mini fridge, outdoor patio

Outdoor Swimming Pool, Basketball and Tennis Court, Fitness Center, Golf Courses and Hiking Trails nearby

36 Bermuda Business Visitor 2023

# Rooms

General Amenities

Business Amenities

Extras

Sports

THE WHERE TO STAY Royal Palms is just a short walk to -EQMPXSR SǽGIW

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ʤʥʩ ˆˢˠ˘˥˦˘˧ ˅ˢ˔˗ʟ ʵ˘˥ˠ˨˗˔ Create Memorable Experiences while getting the value you deserve at Willowbank Resort.

WHERE TO STAY

T

here are almost infinite options, from luxury beachfront resorts to antique-filled mansions. These days, almost all guest rooms are specially equipped to cater to the business visitor, with high-speed Wi-Fi and other amenities. As for location, some businesspeople prefer to stay close to Hamilton to be able walk to meetings and

restaurants; but nowhere on the island is more than half an hour from town, so a resort or guest house on the beach is also a welcome change for businesspeople often accustomed to staying in an airport or urban hotel. Plus there is the benefit of being able to enjoy one of the most beautiful commutes in the world. Choose from our selected resorts listed here.

Offering 50 Guestrooms, Oceanview dining, Meeting spaces including a 3,000 sq. ft.

Conference Center, 2 Private beaches, Pool, Tennis/basketball court, Fitness center and a small Chapel on site.

This Resort is Perfect for a Getaway weekend, Business trip or Family vacation. Your stay will be filled with an Ocean breeze, Bermuda friendly service and Amazing sunsets. ʞʤ ʛʧʧʤʜ ʥʦʧ ʠʤʩʤʩ

˅˘˦˘˥˩˔˧˜ˢˡ˦ʳ˪˜˟˟ˢ˪˕˔ˡ˞ʡ˕ˠ

Bermuda Business Visitor 2023 37

TIME OUT

Celebrate with us Bermudians love a holiday — and who doesn’t.

I

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

Here are some of our most important events.

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

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

A celebration imported from the Caribbean islands 1,000 miles to our south is the carnival held over the weekend of National Heroes Day in June.

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

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

Cup Match cricket

Crown and Anchor gaming tables

Bermuda Heroes Weekend Parade of Bands

Christmas Boat Parade

38 Bermuda Business Visitor 2023

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

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

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

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

DINING OUT

Our guide to the island’s top restaurants L’Oriental. 32 Bermudiana Road, Hamilton (above Little Venice).

296-4477. www.loriental.bm. $$$.

Reservations recommended. Smart casual.

The only place to get the best Oriental Fusion cuisine, featuring a welcoming Sushi Bar and Bermuda’s only Teppanyaki table. Seating available inside under the exquisite Pagoda or outside under the stars.

L’Oriental Express. We’ve got you covered! L’Oriental Express is in the heartbeat of the urban community, on the corner of Church Street and Par-La-Ville Road. 296-7475. $. Offering everything from soup and sushi, to wraps and sandwiches, to amazing salads and daily hot food specials. We have a pasta Bar plus specialty coffees, teas and smoothies – the selection is unbeatable.

OUT OF TOWN Aurora. 27 Harbour Road, Paget (at Newstead hotel) T 441-232-8686. www.

IN TOWN Price Guide per three-course dinner, approximately, including 15% tip but not drinks $ less than $30 $$ $30 to $40 $$$ $40 to $50 $$$$ $50 to $60 $$$$$ $60 plus

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

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

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

sushi. Enjoy perfect harbour views.

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

Little Venice. 32 Bermudiana Road, Hamilton. 295-3503. www.littlevenice. bm. $$$. Reservations recommended.

Smart casual. Bermuda’s first and most famous Italian restaurant, celebrating over fifty years of fabulous service, fine food and meticulously prepared classic and contemporary regional Italian specialties.

Enjoy fabulous wine and tasty bites with the in-crowd in the adjacent Wine Bar. Bermuda Business Visitor 2023 39

DINING BERMUDA L E A D E R S

O F

I N N OVAT I O N

I N

D I N I N G

LITTLE VENICE

L’ORIENTAL

32 Bermudiana Road, Hamilton T 441-295-3503 | E info@lv.bm

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

Celebrating over 45 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.

BLÛ BAR & GRILL

HARBOURFRONT

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

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

Blû’s stunning location overlooks picturesque Hamilton Harbour and the Great Sound, providing an unparalleled view of the water and international sailing events. Blû has a Southwest-American menu with generous Italian and Asian influences as well as a delightful sushi menu.

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.

FOURWAYS INN RESTAURANT

SUL VERDE

1 Middle Road, Paget T 441-236-6517 | E info@fourways.bm

60 Tucker’s Point Drive, Hamilton T 441-298-6983 | E bermuda@rosewoodhotels.com

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 brings the spirit of Southern Italy to the fairways, celebrating the simple, authentic flavors of Campania in a convivial setting. Delectable cheeses, pasta, bread, and sausages are prepared in-house using the finest ingredients.

WHY DINE ANYWHERE ELSE? 441-295-8279 | W W W. D I N I N G B E R M U DA . C O M

DINING BERMUDA LE A D E R S

O F

I N N OVAT I O N

IN

DIN IN G

CAFÉ LIDO

AURORA

Elbow Beach Hotel, Paget T 441-236-9884 | E manager@lido.bm

27 Harbour Road, Paget Parish T 441-232-8686 | E ga@aurora.bm

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.

Voted ‘Best Seafood Restaurant in Bermuda’ 2 years in a row, Aurora’s seasonal menu features fresh local seafood and produce from Bermuda’s best fishermen and farmers. We are committed to sourcing sustainable ingredients from local suppliers, ocean to table.

SEA BREEZE LOUNGE

FOURWAYS CATERING

Elbow Beach Sea Terrace, Paget T 441-236-9884 | E manager@lido.bm

1 Middle Road, Paget T 441-236-6517 | E info@fourways.bm

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.

Fourways Catering combines culinary passion with commitment to outstanding service. Bermuda’s leading caterer for over 50 years. Serving everyone from royalty and past presidents to cafeteria lunches... no catering is too big or too small.

LA TRATTORIA

CAFÉ 4

Washington Lane, Hamilton T 441-295-1877 | E info@trattoria.bm

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

One of Bermuda’s longest standing restaurants and a favourite of locals and visitors alike. This festive trattoria has the island’s only wood-burning pizza oven as a centerpiece and is recognized as best in Bermuda for their hearty Italian food, and warm, kid-friendly environment, all at an extraordinary value.

Stylish and sophisticated take out of organic, local and freshly made dishes.

Offers homemade bread, healthy soups, artisan sandwiches and a make-yourown pasta bar. Keto diet, gluten-free and vegan options available. Best of Bermuda’s winner of Best Salad Bar. Enjoy the indoor/outdoor dining facility.

WHY DINE ANYWHERE ELSE? 441-295-8279 | W W W. D I N I N G B E R M U DA . C O M

DINING OUT aurora.bm $$$$ Voted ‘Best Seafood Restaurant in Bermuda’ 2 years in a row, Aurora’s seasonal menu features fresh local seafood and produce from Bermuda’s best fishermen and farmers.

We are committed to sourcing sustainable ingredients from local suppliers, ocean to table.

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

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

Reservations recommended. Smart casual.

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

Bone Fish Bar & Grill. 2 Dockyard Terrace, Dockyard. 234-5151. $$ Reasonable-priced menu filled with seafood, top-grade meat (the only smoker in the west end) homemade pastas, great wine list, draft beer, and desserts to die for. Open for lunch and dinner 7 days a week. 11:30am to 10:30pm.

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

and affordable Italian cuisine. Open 7 days a week.

Café Lido. Elbow Beach Hotel, Paget.

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

Enjoy a gem of a view of the South Shore too.

Fourways Inn. 1 Middle Road, Paget.

236-6517. www.fourways.bm. $$$$.

Reservations recommended. Smart. The

Grande Dame of Bermuda’s restaurants, famous for its celebrity guest list, renowned menus, signature dishes and Bermuda’s most lavish Sunday brunch.

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

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

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

Live entertainment during the summer months.

Sul Verde. Rosewood Bermuda, Hamilton Parish. 298-6983. www. rosewoodhotels.com. $$$. Reservations recommended. Sul Verde brings the spirit of Southern Italy to the fairways, celebrating the simple, authentic flavors of Campania in a convivial setting.

Delectable cheeses, pasta, bread, and sausages are prepared in-house using the finest ingredients. Next door, the Bar at Sul Verde offers a selection of fine Italian wines, as well as refreshing classics from an Aperol spritz to the signature Negronina, a riff on the classic negroni. Q

42 Bermuda Business Visitor 2023

TIME OUT

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

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

BermudaRelocation

Business on the beach Y

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

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

WWW.BERMUDARELOCATION.COM

RELOCATION SIMPLIFIED Bermuda Relocation – xōŰŸ 1ōǾȱ!

You’ve received the job offer of a lifetime and want to know what it takes to move to Bermuda before you accept? You’re a Digital Nomad and are applying for a One Year Residential Certificate and want to get your island life set up rapidly? You’re coming to Bermuda on secondment and want to settle in quickly to make the most of our island lifestyle? You’ve accepted a new role that is based in Bermuda and need help getting you and your family on island? Then access to our RELOCATION Portal is for you!

BANKING AND UTILITIES SETUP Provide you with document assistance for setting up your Mobile, TV, Water, Gas, Electric and more

HOUSE SEARCH AND SELECTION

DRIVING LICENSE SUPPORT

Connections with reliable realtors for Finding a Home, Shipment & Delivery, Furnishing and Home Search considerations.

Overview of full process from Purchasing a Vehicle, Lessons & Testing, Licensing, Insuring and Maintaining your Vehicle

JǐǶ ŸōǾƠƹȱ ōũũŸǾǾƠŨƹŸ ōDŽŰ ōũũȓǶōȋŸ ƠDŽƒǐǶǂōȋƠǐDŽ ōŨǐȓȋ ǶŸƹǐũōȋƠDŽƓ ȋǐ ŸǶǂȓŰō҂ Contact Us For | Single Use | Group of Five | Corporate Annual | Short Term User Access

A Division of Corporate Concierge:

info@corporateconcierge.bm

Tel: + (441) 296 8575

Bermuda Business Visitor 2023 43

TIME OUT

The pursuit of pleasure Bermuda style 2

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

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

Port Royal is now home to the Bermuda Championship, an event on the regular PGA TOUR event that takes place each October, with a 120-player field and $6.5 million purse.

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

Three time Major winner Padraig Harrington “What’s not to like about Bermuda?

I love everything about the island, it’s just a good place to come and visit.”

Rory McIlroy at Port Royal Golf Course

44 Bermuda Business Visitor 2023

TIME OUT

The Masters 2016 Winner Danny Willett “It’s a lovely place to be — idyllic. Port Royal is an excellent golf course. If the weather is good, you’ll be able to shoot a good score.

But when the wind comes in, that makes it just a little more interesting.”

Bermuda Business Visitor 2023 45

GETTING AROUND The Tazzari micro electric car

Free to explore M

any visitors find driving on our roads a bit peculiar. After all, if you’re from North America, here you will be driving on the ‘wrong’ side of the narrow, single-lane roads. You will also have to adjust your speed to our 35kph (20mph) limit.

However, with just a little practice, you will appreciate and enjoy being out and about on some of the most beautiful drives in the world.

You can’t rent a regular car here – our roads would become far too congested if you could. But you can rent a micro electric car, such as the Tazzari from Oleander Cycles (www.oleandercycles. bm). It will take you where you want to go, when you want to go, in relative comfort.

Traditional mopeds and scooters are also available for rent by the day. And some of the more progressive scooter rental firms, such as Elbow Beach Cycles are now also offering electric bikes (www. elbowbeachcycles.bm).

E-bike sharing has recently been introduced to the island by www.pink.bm.

Download the app to discover where the nearest Pink bike is located, scan a QR to unlock the bike and helmet and off you go, free to explore our 400 miles of beautiful roads. Or use a Pink bike to get to your next appointment.

Pink.bm

Traditional rental scooter

46 Bermuda Business Visitor 2023

TIME OUT

Friday night fever F

Flanagan’s are popular hangouts, as is the Little Venice on Bermudiana Road.

Marina Nights at the Hamilton Princess Hotel and Beach Club takes happy hour to a new level with live entertainment and barbecued goodies from 5pm to 9pm every Friday from May to September.

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

Front Street, Hamilton bars like Port O Call, The Front Yard and

NOTHING TO DO?

A

lthough there no regular shows, concerts or sophisticated nightclubs, there are still plenty of things to do in Bermuda. Check out the websites below for what’s on while you’re here. Throughout the year there are special theatre productions, concerts, film festivals, comedy shows, dinner shows, night time sports events and night cruises. You’ll also find many activities tied into seasonable celebrations. www.nothingtodoinbermuda.com www.ptix.bm www.bermudatix.com

& PSGEP TVSHYGXMSR SJ SYXL 5EGMǻG :MWMX [[[ FQHW FQ ERH WIEVGL JSV ,MPFIVX Sullivan Society of Bermuda on Facebook to see if there’s a theatrical performance scheduled during your visit.

The City of Hamilton produces a series of special events throughout the year, including outdoor movies, festivals, arts and cultural initiatives. Visit www.cityofhamilton.bm for details.

Marina Nights held May to September at Hamilton Princess is one of the most popular Friday night ‘happy hour’ venues

Bermuda Business Visitor 2023 47

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

OUR WILD SIDE

Sea kayaking is a great way to spend a leisurely hour or two

Our wrecks and reefs QEOI SǺWLSVI Bermuda one of the world’s favourite dive sites

D

espite the island’s tiny dimensions, there are still some significant stretches of open space here, and lots of (nonthreatening) 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.

48 Bermuda Business Visitor 2023

Bermuda is an ecological treasure island

TIME OUT Waiting for a bite. A HIIT WIE ǻWLMRK XVMT MW an experience not to be missed

Bermuda is the perfect place for sailing

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

Bermuda Business Visitor 2023 49

THE ECONOMY Part of the proposed casino at Hamilton Princess Hotel and Beach Club

Bermuda’s Bet on Casinos Could you be gambling here soon?

T

he island hopes to hit the jackpot by bringing gambling to large resort hotels, but at the end of 2022, the only gambling allowed is a board game of chance called “crown and anchor,” an institution within another institution of cup match, which is a cricket game so popular that the island shuts down for two days mid-summer to attend, but that’s another story.

Politicians have been debating the pros and cons of gaming since 1912, when the Governor rejected a proposal from a group of American investors looking to establish casinos and racetracks on the island with a view to turn Bermuda into a mid-Atlantic Monte Carlo.

More recently, members of Parliament have been fearful of a backlash from church goers and those within their constituencies who vehemently oppose any form of gambling.

Others, however, realise that gaming has the potential to benefit the economy and help reverse the slow but steady decline in visitor numbers, along with helping to revitalise the tourist industry.

One government-commissioned study projected that it could add up to 3,000 jobs and be worth up to $146 million a year.

In June 2012, the PLP government tabled an act in Parliament that promised a referendum on gaming, but such a

50 Bermuda Business Visitor 2023

referendum was never held.

When the pro-business OBA party was newly elected in December 2012, it acted quickly to introduce legislation to clear the way for traditional casinostyle gaming in resort hotels. The Casino Gaming Act of 2014 was promptly passed through Parliament, and The Bermuda Gaming Commission was set up to regulate the industry.

The first substantially completed casino license application was submitted by the Hamilton Princess Hotel to the Commission in July 2017, but the first licence to be granted was to the St. Regis Bermuda Resort in St. George’s, in October 2022. However, no opening date for the St. Regis casino has been announced, with the commission saying it is “entirely dependent on the casino operator meeting all legislative requirements for opening which will be subject to the commission’s review and approval”.

Meanwhile The Hamilton Princess Hotel and Beach Club formally confirmed its intention to build a casino in a legal notice published in August 2022.

Several years ago, the hotel released plans for a casino consisting of a main floor and a Salon Privé for more exclusive gaming. The main casino floor will be 9,500 square feet and will feature 14

gaming tables, 197 American-style slot machines, and one automated roulette table. The Salon Privé will be 1,200 square feet and will comprise three gaming tables and three slot machines.

Table games at the casino will include American roulette, blackjack, crown and anchor, and three-card poker.

The Hamilton Princess Hotel and Beach Club is owned by the Bermudian Green family. It is believed that the casino will be managed an international casino management company.

Andrew Green, owner of the Hamilton Princess, says, “We firmly believe that we are best positioned to successfully introduce and responsibly operate the first casino in Bermuda, based on our past achievements and strong commitment to Bermuda tourism. This new, upscale casino will dovetail perfectly with the luxury reputation that the Hamilton Princess brand has built since we have owned the hotel.

“We are also excited to be able to create a positive impact on the Bermuda economy by creating new jobs, directly and through our partners and suppliers, and by generating more tourism as we create a leading casino destination.”

Eight years after Bermuda’s parliament passed the Casino Gaming Act, the island is still waiting for the first gambling establishment to open its doors.

THE ECONOMY

Working on Your Wellness in Bermuda B

ermuda is a fantastic place to visit for work. As an international business hub, it’s ideal for connecting with other professionals and its beauty lends itself to meetings on golf courses, yachts and terraces. In your downtime, you can explore the island, enjoy the beaches, and experience a range of watersports.

Whether you are visiting briefly or here for an extended stay, it’s important to maintain your wellness during your time in Bermuda, both in terms of disease prevention and early detection.

Cancer prevention is one form of wellness that should not be overlooked, especially when 50% of cancer cases are preventable. Bermuda Cancer and Health Centre offers several corporate presentations to raise awareness about different types of cancers and steps that you can take today, to reduce your risk of one day being diagnosed with cancer.

• As a coverall, the “Reduce Your Cancer Risk” presentation discusses how a short

•

•

•

•

list of simple choices can reduce your risk of being diagnosed with cancer.

“Know Your Lemons” is a breast health presentation aimed at women and men to help identify breast changes during regular self-examinations and next steps to diagnose cancer early when most treatable.

Switching the focus to men, “The Silent Killer: Prostate Cancer in the African American Community” is a documentary followed by a discussion about prostate cancer.

“LungSmart” discusses the hidden dangers and effects of smoking and secondhand smoke.

Perhaps of the most immediate importance for a visitor to Bermuda, the “SunSmart” presentation discusses the dangers of the sun and the long-term effects of UV exposure. It recommends steps to take today to protect yourself, teaches you how to identify possible skin cancer and provides information on sunscreen safety.

These presentations are free and can be arranged for groups at various locations or held virtually.

Early detection is another form of wellness that you should maintain during your stay in Bermuda. Don’t delay your annual screenings if you are in Bermuda for an extended period; arrange to have them here. Bermuda’s Cancer Screening Guidelines include screenings for cervical cancer, breast cancer, prostate cancer, endometrial cancer, and lung cancer.

Remember, cancer is most treatable and survivable in its earliest stages, so it is important to maintain your screening schedule even when abroad.

Of course, making healthy choices when it comes to eating, exercising and alcohol consumption will also help with your overall wellness and cancer prevention.

To learn more about cancer presentations, screening guidelines, early detection services, and to schedule your annual mammogram visit chc.bm. Q Bermuda Business Visitor 2023 51

What is Craftsmanship ?

SM

To be crafted is to meet exacting standards.

It’s the human touch that combines art and science to create something unique.

©2023 Chubb. Coverages underwritten by one or more subsidiary companies. Not all coverages available in all jurisdictions.

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

We tend to think about craftsmanship in terms of physical things: fine wine, classic cars, custom furniture and iconic structures.

But what about the underwriting of insurance to craft protection for your unique and valuable things? And the service behind that coverage when you need it most — like claims and loss prevention?

For your business.

Your employees.

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The people you love.

Things that need a particular kind of protection and service.

The kind Chubb provides.

Not just coverage. Craftsmanship.SM Not just insured.

Chubb. Insured.

SM

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