Visit Bermuda 2019/20 | Business & Real Estate Guide

Bermuda 2019/20 BUSINESS, R E L O C AT I O N & R E A L E S TAT E GUIDE

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Hamilton Princess & Beach Club

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BUSINESS A quick look at the businesses that have helped Bermuda boom and what you need to know if you decide to settle down here.

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BUSINESS & RELOCATION

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s a globally respected international business hub with robust regulation, tax transparency, world-class talent and leading markets for reinsurance, trusts, wealth management, FinTech and private-client structures, many are relocating to Bermuda.

SMALL WONDER At only 21 square miles, Bermuda is a tiny island with big business opportunities.

Bermuda’s pint-size parameters can deceive

the uninitiated. It almost defies belief that an Atlantic jurisdiction of just 21 square miles could rank amongst the globe’s top two reinsurance hubs or support a halfmillion jobs worldwide. Yet the island’s diminutive physical scale belies its substantial economic impact — one that is only increasing amid an evolving regulatory landscape and rapid globalisation.

Innovation and collaboration are key to Bermuda’s corporate success, and agile teamwork between Bermuda’s industry, government and regulator underscores Bermuda’s status as a toptier international financial centre.

The island’s gross domestic product

Cameron Pike

At only 21 square miles, Bermuda is a tiny island with big business opportunities.

TABS - The Authentic Bermuda Shorts/Gavin Howarth

is on the rise along with jobs growth, and the jurisdiction is witnessing new investment and company incorporations across all sectors.

This oldest of British Overseas Territories has long leveraged a combination of unique elements to punch above its weight economically.

Bermuda’s location 650 miles off the U.S. East Coast positions the island conveniently between North American and European markets, with direct daily flights to key cities. In addition, its regulatory structure is robust and pragmatic.

A TA X - N E U T R A L S Y S T E M Bermuda’s unique tax-neutral system, designed more than a century ago to support its own infrastructure, does not differentiate between foreign and local enterprises. And unlike many other offshore jurisdictions, it does not qualify as a “tax haven” under official definitions. Instead, Bermuda’s many

tax-transparency treaties, beneficial ownership register and brand-name bricks-and-mortar companies underscore its blue-chip status as a place to do genuine business. Tax relief is not the primary reason for Bermuda’s attraction to most global companies, however; rather, the island’s worldrespected regulation, its compliance with anti-money laundering and antiterrorism financing standards, its mature cluster of expertise, one-stopshop appeal and the speed to market it offers are the key drivers.

Bermuda’s infrastructure is advanced, including excellent telecommunications and a fully electronic stock exchange. A full member of the World Federation of Exchanges and affiliate member of the International Organization of Securities Commissions (IOSCO), the Bermuda Stock Exchange (BSX) is recognised for commercially sensible listing requirements. It represents a leading market for

the listing of investment funds, debt- and insurance-related securities, and those of small to medium enterprise firms.

W O R L D - C L A S S TA L E N T The island is home to a wealth of worldclass talent. Leading (Big Four) accounting firms, along with auditors, financial advisers, lawyers, IT specialists, actuaries, reinsurance underwriters, brokers, fund administrators, corporate secretaries and a full gamut of support services are located within the two-square-mile City of Hamilton. These quality financial intermediaries have a decades-long history of collaboration, which differentiates Bermuda. Established in 1969, the worldrespected Bermuda Monetary Authority (BMA) underpins Bermuda’s success as a top financial services centre. Responsible for overseeing all financial enterprises, as well as issuing the island’s currency, the BMA — which marked its half-century anniversary in 2019 — works closely with

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BUSINESS & RELOCATION

AN INSURANCE HUB The biggest engine for Bermuda’s own economy is the insurance industry, which traces its roots back to the 1960s, when the world’s first captive (or selfinsurance) companies were established.

Today, Bermuda is the captive market’s global leader, with over 700 companies generating more than $54 billion in annual gross written premiums. Insuring

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the risks of mostly Fortune 500 companies, captives help corporations rein in costs and mitigate risk; they are also becoming increasingly popular tools for wealth preservation and succession planning for high-net-worth individuals and family offices. The mid-1980s saw the establishment of global commercial insurers and reinsurers, followed in the 1990s and early 2000s by consecutive capital-rich waves of “big cats” — or property-catastrophe specialist firms.

These followed high-severity events like Florida’s Hurricane Andrew and 9/11, providing critical capacity to the insurance marketplace and transforming Bermuda as a result. Ranked with New York and Continued on page 8

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Bermuda ranks amongst the globe’s top two reinsurance hubs and supports a halfmillion jobs worldwide.

Charles Anderson

industry, government and international regulatory bodies to keep its approach responsive and contemporary.

Importantly, the BMA’s sophistication as a commercial insurance regulator speeds capital to markets to take on global insurance risk. Responsive legislative updates also keep Bermuda at the forefront of corporate governance. The island’s courts are more than 400 years old — a testament to a rich and trailblazing legal history. Bermuda’s court system can claim the distinctive legacy of having the oldest unbroken British roots outside the British Isles, a legacy grounded in English common law with recourse all the way as London’s Privy Council. More leading global law firms are setting up offices in the jurisdiction in recent years, joining legal powerhouses already established.

All these factors have come together to create a unique marketplace. Amid the pastel buildings, balconies and palm-lined sidewalks of Hamilton, global business is being done daily to the tune of billions of dollars. Bermuda’s international business (or “IB”) sector counts an estimated 3,700 international business employees — including 2,000 (60 percent) Bermudians — who contribute directly to all economic sectors, from retail to transport. More than 60 percent of Bermuda’s vital foreign revenues can be attributed to this IB activity. Bermuda’s economic model also supports close to 500,000 jobs globally, creating and supporting jobs in its onshore trading partners. This includes an estimated 300,000 jobs in the U.S., 30,000 in Canada and 70,000 in the U.K. through trade, foreign direct investment and portfolio investment capacity — facilitating economic globalisation.

BUSINESS & RELOCATION

Courte sy of OBM In ter n ati onal

C R E AT IN G A

SENSE OF PLACE AT BERMUDA L. F. WA D E IN T E R N AT ION A L A IR PORT

The new airport will offer a unique, modern experience for travellers.

increasingly aware of the needs of the modern traveller. Whilst speed and efficiency remain a top priority, the focus now includes the travel experience and turning the mundane into memorable. With an in-depth understanding of this new reality, the design team of the new L.F. Wade International Airport, led by Scott Associates and assisted by their local partner OBMI, have ensured that travellers arriving and departing Bermuda will have an entirely unique experience.

An artful arrival The teams’ focus on authenticity will be displayed in the terminal, with public art installations that illuminate Bermudian

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culture and customs. The conviction continues with the exterior, by showcasing vivid colours, tropical fragrances and rich flora that are indigenous to the island. The Bermuda airport redevelopment project is expected to be the perfect union of modern amenities, innovative solutions and sense of place.

Travellers arriving by air at L.F. Wade International Airport will be welcomed by a visual exhibition of Bermuda’s culture and splendour. A vibrant display of scenic images will adorn the walls, whilst sculptures of the island’s native seabirds will soar high above the terminal’s sloping ceilings. Accompanying the birds of flight will be a dazzling array of Bermuda kites. This centuries-old family tradition of flying colourful handmade kites during the Easter season will serve as an

animated means to welcome guests and invite them to embrace a piece of the culture that is Bermuda. Each creation will enhance a sense of place and deliver a gracious ambience that the island is renowned for exhibiting.

A park-like natural environment When arriving to the airport by land, visitors will be welcomed by a series of lush environments that will be carefully situated throughout the airport entrance and outdoor green areas. The landscape architecture was planned to serve as a tranquil garden environment, rather than a sea of asphalt. The entryway — which will resemble a park — will boast colourful oleanders and hibiscus hugging the edges, whilst nearby visually appealing recreational

Bermuda Skyport Corporation

AIRPORTS ACROSS THE GLOBE are becoming

Built On Commitment, Designed By Inspiration OBMI is a global architectural firm, with a rich history in shaping the architectural landscape of Bermuda.

spaces are available for waiting passengers, drivers and airport personnel.

Lush landscaping of hardy endemic and native plants with vibrant subtropical species will surround a new, expansive traveller patio. At the same time, the nature trail will transform the airport into an enjoyable space for guests and locals waiting for flights. Additional recreation areas will be created through the mangrove plantings and designed to naturally filter water runoff before entering the ocean and the nearby coral reefs.

Charles Anderson

Sculptures of the island’s native sea birds will soar high above the terminal’s sloping ceilings.

Commitment to sustainability Sustainability has been a key focus of the project since its inception. The overall design objective is to mitigate harsh environmental conditions, provide onsite storm water management, create a visually stimulating landscape for travellers and reflect both the developer’s and the design team’s commitment to sustainability. All of the plant life will be locally sourced or grown on the island. Each plant has been carefully selected to work in tandem with the subtropical climate and landscape of Bermuda whilst mitigating the harsh environmental conditions that tend to be associated with typical global airports.

The overall design approach of L.F. Wade International Airport will pay homage to Bermuda’s culture, traditions and environment, integrated with a modern and sophisticated terminal building and facilities. For all travellers, locals and visitors, the new terminal is expected to leave a positive and memorable impression of Bermuda for many years to come.

OBMI.COM ARCHITECTURE / MASTER PLANNING / DESIGN bermuda@obmi.com / 441.278.3550

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BUSINESS & RELOCATION London as an insurance centre of excellence, Bermuda has the most important property and casualty market and is the largest supplier of that type of reinsurance to the U.S.; in the past two decades, Bermuda insurers and reinsurers contributed a significant $200 billion in catastrophe claims payments to U.S. clients. The island also provides 35 percent of capacity for Lloyd’s of London.

What does that mean to onshore communities? It represents a significant role by Bermuda in the rebuilding of cities and communities after the world’s worst disasters. Examples include the fact that Bermuda’s reinsurers paid nearly a third of insured losses from Hurricanes Katrina, Rita and Wilma in 2004–2005; a quarter of Canada’s Fort McMurray, Alberta, wildfires losses in 2016; more than half of New Zealand’s 2010 earthquake liabilities; and a whopping 62 percent of the U.K.’s largest peacetime fire and explosion — the Buncefield oilterminal fires of 2005.

In a more recent example, Bermuda paid a third of the estimated $100billion losses from 2017 Hurricanes Harvey, Irma and Maria. Significantly, Bermuda insurers also make up a quarter of America’s medical liability insurance and reinsurance market. In the past decade, the island’s track record as a catalyst for change in the industry has continued, with the rise of alternative risk financing via “cat” bonds, insurancelinked securities (ILS) and other financial instruments merging insurance with capital markets. Today, Bermuda has the largest depository of ILS listings — $30 billion, or more than 80 percent of global capacity.

Bermuda’s stature as an insurance capital was underscored in 2016, when the island became one of just two non– European Union jurisdictions to win full equivalency under Europe’s Solvency II Directive regulating reinsurers. The decision by the European Parliament highlighted its faith in the BMA’s ability to regulate to the highest standards.

The island is also ranked as a “qualified

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jurisdiction” on the other side of the Atlantic, by the U.S. National Association of Insurance Commissioners (NAIC).

POWERING THE ECONOMY Insurance is not the only industry powering Bermuda’s economy, though. The domicile was one of the first international trust jurisdictions and today is a premier centre for trusts, wealth-man-

agement and private-client structures, and family offices. It is also a major asset management centre, with numerous funds, fund managers and fund administration companies represented.

Shipowners and ship management companies also form a key sector, along with a full range of maritime services; and Bermuda’s registry for superyachts, tankers, cruise ships and vessels

Charles Anderson

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U S E F U L B U S I N E S S C O N TA C T S Bank of N.T. Butterfield & Son Limited, The Tel: 295-1111 butterfieldgroup.com Bermuda Broadcasting Company Limited Tel: 295-2828 bermudabroadcasting.com Bermuda Business Development Agency (BDA) Tel: 292-0632 bda.bm Bermuda Business Directory Tel: 295-4600 bermudadirectory.com Bermuda Chamber of Commerce Tel: 295-4201 bermudachamber.bm

Bermuda Stock Exchange Tel: 292-7212 bsx.com

Gateway Systems Limited Tel: 292-0341 gateway.bm

Bermuda Executive Services Tel: 296-5627 bermudaemployment.com

Bermuda Tourism Authority Tel: 296-9200 1-800-BERMUDA gotobermuda.com

HSBC Bank Bermuda Limited Tel: 295-4000 hsbc.bm

Bermuda Government Tel: 295-5151 gov.bm

Bermuda Yellow Pages Tel: 297-9355 bermudayp.com

L.F. Wade International Airport Tel: 293-2470 bermudaairport.com

Bermuda Hotel Association Tel: 295-2127 visitbermudanow.com

Clarien Bank Tel: 296-6969 clarienbank.com

OBM International Tel: 278-3550 obmibermuda.com

Bermuda Monetary Authority Tel: 295-5278 bma.bm

Department of ICT Policy and Innovations Tel: 294-2774 gov.bm

Queen Group, The Tel: 296-5627 queenmgt.com

Bermuda Philatelic Bureau Tel: 297-7865 gov.bm

Electronic Services Limited Tel: 236-3885 electronicservices.bm

Bermuda Commercial Bank Limited Tel: 295-5678 bcb.bm

Washington Properties (Bermuda) Limited Tel: 295-4186 washingtonproperties.bm

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of all types is renowned as a Class 1 member of the prestigious British Red Ensign Group. The island’s aircraft registry is similarly known since its establishment in 1931 for high safety standards and regulatory oversight.

Numerous new industries are also choosing Bermuda as a home jurisdiction, diversifying the island’s economy.

Bio-med companies and technology start-ups, including blockchain and virtual assets businesses, are attracted by the same advantages that have helped the more traditional industries of insurance and financial services flourish here for decades. Helping attract new industry and support established sectors is the Bermuda Business Development Agency (BDA), a public-private unit established in 2013. The agency acts as a business concierge, supporting existing companies and proactively targeting investment and connecting new prospects with industry, government and regulatory bodies to make setting up in Bermuda a smooth process.

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M OV I N G T O PA R A D I S E Relocating to Bermuda may sound like a dream, but there are several ways that you can make it come true. Bermuda has one of the highest expat populations of any country in the world. People choose to relocate here for many reasons, including attractive work opportunities, safe living conditions, overall quality of life and, of course, the island’s incredible natural beauty. If you’re about to call Bermuda your new home, there are tips and tactics to make your transition all the sweeter. For most people who relocate to Bermuda, it’s their employer that takes care of the work permit logistics. Non-Bermudians are required to have a government work permit to work on the island, and standard permits are usually issued for periods of up to six years (with options for renewal). Once your work permit’s been secured, you can finally start settling into island life.

QUALITY OF LIFE Whilst the standard of living is very high in Bermuda, life here is quite different from what you may be used to “back home.” Only a select number of high-value properties are available for non-Bermudians to purchase, so most people who relocate here usually rent a house or apartment during their stay. Rents are very expensive, since accommodation is in high demand. Good places to see what’s out there and available are The Royal Gazette and local websites propertyskipper.com/bermuda and emoo.bm. You should also consider working with a real estate agent to help narrow your search.

And once you’ve found a new home, head to a consignment shop, where you can find gently used furnishings, home goods, floor coverings, lighting and anything else you might need to make it feel like home. Since people are always coming and going on Bermuda, there’s a constant flow of quality goods being exchanged.

Rosewood Bermuda

BUSINESS & RELOCATION

Once you settle in, you may feel a little homesick. If so, maybe watching a programme from your home country could help stave off the homesickness.

That’s where One Communications comes to the rescue, offering packages that will have you tuning in to your favourite series and sports programmes from back home.

GETTING AROUND Bermuda is compact and well serviced by public busses and ferries, but chances are you’ll want to get around more independently if you plan to stay awhile. To minimise road traffic, only one car is allowed per household; and you must have a property assessment

number to show in order to complete your purchase (proving it’s the only vehicle owned at that site). Expect to pay high annual licencing fees for the right to have a car (upwards of $600).

Many expats opt for scooters instead, since they have no limitation number per household and cost about $3,000.

Having a scooter eases parking hassles, too; and you can often find good bargains on second-hand rides on emoo. bm or in the local paper. If you’re relocating to Bermuda, you’ll need to get a Bermuda licence (non-Bermudian licences are only valid for rental scooters). The process is straightforward, and you can apply in person at the Transportation Control Department.

Relocating to Bermuda may sound like a dream, but there are several ways that you can make it come true.

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Your best bet on feeling at home here is by making new friends.

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BASIC NECESSITIES Supermarkets are spread across the island and are usually open Monday through Saturday from 8 a.m. to 10 p.m. and Sunday from 1 to 5 p.m. Most anything you eat here (apart from much of the locally caught seafood, of course) is imported, and you can expect to pay at least twice what you do for groceries in North America and most European countries.

Water usage on the island blindsides many new arrivals. Since there’s no freshwater source in Bermuda, your roof is the catchall for whatever ends up in your water tank (and thus coming out of your shower and sinks). You’ll learn to use water more conservatively here. You can pay to fill up your tanks if you run out, of course; but if you’ve waited till the last minute to order more during a dry period, it’s quite possible you’ll have to wait.

LET’S GET SOCIAL Your best bet on feeling at home here is by making new friends. Many people who’ve relocated to Bermuda pitch in on volunteer projects, a great way to meet new people and learn new skills. There are many clubs aimed at uniting expats, including American Ladies in Bermuda, L’Alliance Française des Bermudes, Caledonian Society, Association of Canadians in Bermuda, Emerald Isle Society, Círculo Hispánico and the International Women’s Club of Bermuda. And it wouldn’t be island life without some watering holes to pop into for friendly banter. Favourites include Blû Bar & Grill, Bulli.Social, Hamilton Princess & Beach Club, Harry’s, Port O’ Call and Swizzle Inn. All are safe bets for good times with worldly citizens and new arrivals to Bermuda. Raise a glass and say cheers to your new life!

Gavin Howarth

BUSINESS & RELOCATION

C o ur t e sy o f th e D e p a rtm e n t o f ICT Pol ic y a nd I nnova tion

BERMUDA’S GLOBAL LEAD E R SHIP IN T HE

FINTECH SPACE FinTech is transforming the way we do business and has sparked the creation of innovative new technologies that deliver financial services in ways never before imagined.

OPTIMISING ON ITS STATUS as a blue-chip jurisdiction, Bermuda has quickly become a global hub for FinTech enterprises and innovation and continues to make strides in the space, both locally and globally.

With its significant expertise in regulatory management, the island has developed cutting-edge ICO legislation.

Its legislative framework has created a unique environment that prioritised regulatory certainty, investor confidence and compliance with international Know Your Customer (KYC) and AntiMoney Laundering (AML) regulations.

There are many benefits to the certainty and stability that the framework provides to the industry, which attracts the best-structured companies to be a part of the FinTech Bermuda ecosystem.

As Bermuda’s FinTech push continues to bear fruit — with more companies setting up on the island — the view and the vision of this government is to establish a sound regulatory environment and to establish an excellent place where companies can look to do business. As of February 13, 2019, 66 FinTech-related local and exempted companies were already listed on the Bermuda register.

This kind of momentum and activity requires the right resources and support and so, the Government of Bermuda created the FinTech Business Unit (FBU), fully dedicated to managing and overseeing Bermuda’s rapidly expanding FinTech space.

The FBU has three main goals: • To promote Bermuda as the jurisdiction of choice for technology companies • To encourage economic growth, job creation and revenue generation • To introduce education, professional development and awareness programmes in order to bolster the local workforce as it gains the technical skills needed for jobs in FinTech

Small Pebble, Big Ripple.

At only 33 sq. km., Bermuda is a leading offshore insurance/reinsurance market with a proven world class reputation for progressive legislation, robust regulation, and as a centre for innovation. We’re now leveraging our expertise to become the world leader in Fintech.

52 Fintech companies have already incorporated in Bermuda.

Is your company next?

To learn more, visit

fintech.bm

Coupled with the island’s sound regulatory environment and its global reputation as an excellent place where companies can look to do business, the professional development specific to the industry will ensure that Bermudians can fully participate in its development.

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9967 - The European Spring Issue Advert and Advertorial_Visit1/25/19 Bermuda_1/3 2:33 PM Pg Ad .indd

BUSINESS & RELOCATION

Insider’s Guide With so much to explore, you’re sure to find just what you’re looking for in Bermuda. Here are our top picks for doing business on the island.

BERMUDA MONETARY AUTHORITY (BMA) BMA HOUSE 43 VICTORIA ST., HAMILTON TEL: 295-5278 WEBSITE: BMA.BM

BERMUDA PHILATELIC BUREAU BERMUDA POST OFFICE 56 CHURCH ST., HAMILTON TEL: 297-7865 WEBSITE: GOV.BM

Other philatelic agencies and bureaus function as separate businesses apart from local postal services, whereas the Bermuda Philatelic Bureau (BPB) is a department of the Bermuda Post Office. The primary function of the bureau has been to provide sufficient stamps for the general use of the post. It has always been the BPB’s endeavour to keep in mind the philatelic collector and stamp enthusiast to ensure that stamps produced will be appealing and interesting.

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Proposed issues for 2019 include Bermuda National Trust — Historic Homes (February), Bermuda Hand Crafted Hats (May), Bermuda Floating Docks (July), Bermuda Bridges Pt. 1 (September) and Presentation Pack 2019 (November).

DEPARTMENT OF ICT POLICY AND INNOVATION — THE CABINET OFFICE 30 PARLIAMENT ST., HAMILTON TEL: 294-2774 WEBSITE: GOV.BM

The Department of ICT Policy and Innovation focuses on promoting the key role that technology plays as a powerful driver in helping to achieve many of the

economic, social and environmental objectives of the country. Leveraging the benefits of technology, remaining current in the areas of technology-related policies (including cybersafety, cybersecurity and the protection of personal information) and providing relevant and constructive legislation will help to move Bermuda forwards and provide benefits and opportunities to all stakeholders. In order to create and maintain a productive, inclusive and innovative environment for economic development enabled by technology, the Department of ICT Policy and Innovation also provides information to those wishing to set up an e-business in Bermuda.

Cameron Pike

On February 20, 2019, the Bermuda Monetary Authority (BMA) celebrated its 50th anniversary. Established by statute in 1969, the BMA is the sole regulator of the financial services sector in Bermuda. The BMA will have over five decades adapting to the changing needs of the financial sector and global regulatory requirements.

The BMA develops risk-based financial regulations that it applies to the supervision of Bermuda’s (re)insurers, banks, trust companies, investment businesses and corporate service providers. Additionally, it regulates the Bermuda Stock Exchange and the Bermuda Credit Union.

Further, the BMA issues Bermuda’s national currency, manages exchange control transactions, assists other authorities in Bermuda with the detection and prevention of financial crime, and advises the Bermuda Government and other public bodies on banking and other financial and monetary matters.

ELBOW BEACH CYCLES LTD. ELBOW BEACH BERMUDA RESORT & SPA 60 SOUTH SHORE RD., PAGET TEL: 296-2300 WEBSITE: ELBOWBEACHCYCLES.COM

Why follow the crowd when you can discover Bermuda’s hidden coves and dazzling pink-sand beaches for yourself? And in high style. Pick from the island’s newest and most advanced rental fleet, and then put yourself in the laid-back island mood with their industry-leading YouDrive™ tuition. For the widest choice of gas scooters, electric scooters, hybrid electric bikes and mountain bikes, and the most reassuring safety record on the island, book online or call today.

ELECTRONIC SERVICES LIMITED 26 HARVEY RD., PAGET TEL: 236-3885 WEBSITE: ELECTRONICSERVICES.BM

Electronic Services Limited is an audiovisual company with more than 30 years of experience. The firm provides technical support and equipment to major hotels, small properties and corporate offices in Bermuda. Electronic Services Limited has worked with many large overseas production companies and meeting planners to provide custom services for clients with conventions and videoconferences in Bermuda.

OBM INTERNATIONAL WOODBOURNE HALL 1 GORHAM RD., HAMILTON TEL: 278-3550 WEBSITE: OBMIBERMUDA.COM

OBMI is a global architecture, master planning and design firm, with an experienced team of award-winning professionals who are passionate about creating timeless spaces.

OBMI specialises in the creation of bespoke residences, luxury resorts and engaging commercial spaces that reflect reverence for the land, people and cultures they impact. As travellers and artists, their work illustrates their adventurous, creative approach to life. For more

than 80 years, Bermuda has recognised OBMI as industry experts to design excellence.

SMATT’S CYCLE LIVERY LTD. HAMILTON PRINCESS & BEACH CLUB 74 PITTS BAY RD., PEMBROKE TEL 295-1180 FAIRMONT SOUTHAMPTON SOUTH SHORE RD., SOUTHAMPTON TEL: 238-7800 WEBSITE: SMATTSCYCLELIVERY.COM

Smatt’s Cycle Livery is a mainstay of the rental cycle business in Bermuda.

Originally a small mom-and-pop shop, the family business was one of the first cycle liveries on the island.

They are well known for their friendly and helpful staff. For that reason, they enjoy many repeat customers who visit the island every year. Navigate Bermuda’s highways, byways and hidden lanes on your scooter and discover Bermuda’s best-kept secrets.

There are endless possibilities in Bermuda, and the best way to experience them all is on two wheels. The seat of a Smatt’s cycle is the best way to see the island — guaranteed!

WASHINGTON PROPERTIES (BERMUDA) LIMITED CHURCH AND REID STREETS, HAMILTON TEL: 295-4186 WEBSITE: WASHINGTONPROPERTIES.BM

The perfect location from which to conduct business can be found in the “Heart of Hamilton.” Washington Properties, located between Church and Reid Streets, has offices available from 200 square feet to 15,000 square feet. Washington House, the newest member of Washington Properties, built in 2010, offers concierge service and security access to the building. The offices accommodate local and international businesses, whilst the retail outlets offer a variety of products and services to both residents and visitors. Within easy walking distance to financial and legal services, transportation, parking, restaurants and shopping, it is hard to find a better location.

C E LE BR ATI NG

50 YEARS A commemorative coin celebrates the 50-year legacy of the Bermuda Monetary Authority.

OVER THE LAST 50 YEARS, the Bermuda Monetary Authority has evolved to meet the changing needs in the financial services sector. It now supervises and regulates all financial institutions operating in the jurisdiction. In addition, it continues to issue Bermuda’s national currency and manages exchange control transactions. The Authority also works closely with other jurisdictions in the detection and prevention of financial crime, and advises the government on banking and other financial and monetary matters, including financial stability.

The Authority has developed a riskbased approach to financial regulations that it applies to the supervision of Bermuda’s banks, trust companies, investment businesses, investment funds, fund administrators, money service businesses, corporate service providers, insurance companies and digital asset businesses. It also regulates the Bermuda Stock Exchange.

The Authority is pleased to issue this 50th anniversary coin, which consists of a special three-sided, triangle shape coin, in dominations of $0.25, $2 and $5. The reverse side features a detailed sketch of the Bermudian archipelago with a compass rose and the inscriptions “Bermuda Monetary Authority,” “50th Anniversary” and the denomination value on the circumference. The obverse bears a portrait of Her Majesty the Queen in profile by the sculptor Ian Rank-Broadley.

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BUSINESS & RELOCATION MP PO OR R TA TA N NT T C CO ON N TA TA C CT TS S II M ASSOCIATIONS AND CLUBS Bermuda Amateur Swimming Association Tel: 292-1713 Bermuda Bowling Club Tel: 236-5290 Bermuda Bridge Club Tel: 541-0551 Bermuda Cricket Board of Control Tel: 292-8958 Bermuda Dive Association, The Tel: 238-2332 Bermuda Equestrian Federation Tel: 234-0485 Bermuda Folk Club Tel: 291-2070 Bermuda Football Association Tel: 295-2199 Bermuda Golf Association Tel: 295-9972 Bermuda Hockey Federation bhf.bm Bermuda Karate Institute Tel: 292-2157 Bermuda Lawn Tennis Association Tel: 296-0834 Bermuda Musical and Dramatic Society Tel: 292-0848 Bermuda Physically Handicapped Association Tel: 293-8148 Bermuda Rugby Football Union brfu.bm Bermuda Sailing Association Tel: 295-7935 Bermuda School of Music Tel: 296-5100 Bermuda Society of Arts Tel: 292-3824

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Bermuda Squash Racquets Association Tel: 292-6881 Bermuda Sub Aqua Club Tel: 291-5640 Bermuda Track and Field Association Tel: 296-0951 Bermuda Triathlon Association bermudatriathlon.com Big Brothers and Sisters of Bermuda Tel: 232-2802 Gilbert and Sullivan Society Tel: 735-1547 In Motion School of Dance Tel: 292-7651 Jackson School of Performing Arts Tel: 292-5815 Lions Club / Hamilton Tel: 535-2222 Masterworks Foundation Tel: 236-2950 National Tennis Stadium Tel: 292-0105 Royal Bermuda Yacht Club Tel: 295-2214 Royal Hamilton Amateur Dinghy Club Tel: 236-2250 Walking Club of Bermuda Tel: 737-0437 CONSIGNMENT STORE Orange Bay Company 45 Victoria St., Hamilton Tel: 295-5400 orangebaycompany.com CONSULS Austria: Katharine Amann Tel: 292-8459 Belgium: Philippe Dutranoit Tel: 294-7306

Canada: Heather Conyers Tel: 292-2917 Denmark: Bent Poulsen Tel: 295-4806 France: Nicole Haziza Tel: 777-5557 Germany: Jens Alers Tel: 295-0614 Ireland: John R. Kane Tel: 295-6574 Italy: Gioacchino Di Meglio Tel: 295-5391 Mexico: Rod Attride-Stirling Tel: 296-8314 Netherlands: Maria Peterich Tel: 236-4578 Norway: C.N.A. Butterfield III Tel: 295-5519 Spain: A.C.J. Dean Tel: 295-3062 Sweden: Jens Juul Tel: 293-7242 Switzerland: Fabian Schonenberg Tel: 295-5588 United States: Grace Shelton Tel: 295-1342 COURIERS DHL Worldwide Express 1 Midsea Lane, Pembroke Tel: 294-4848 dhl.com FedEx Capcar Building #5, Burnaby St., Hamilton Tel: 295-3854 fedex.com Mailboxes Unlimited 48 Par-la-Ville Rd., Hamilton Tel: 292-6563 mailboxesunlimited.com UPS/International Bonded Couriers Dallas Building 10 Park Rd., Hamilton Tel: 295-2467 / 296-9479 ups.com / zipx.com

DRY CLEANERS Just Shirts Dry Cleaners 20 Bermudiana Rd., Hamilton Tel: 292-3063 EVENT PLANNERS Destination Wedding Bermuda 14 South Rd., Devonshire Tel: 236 8252 destinationwedding bermuda.com FLORISTS Demco 14 South Rd., Devonshire Tel: 234-7777 26 Church St., Hamilton Tel: 293-3626 demco.bm GOVERNMENT INSTITUTIONS Airport Operations bermudaairport.com Attorney General bermudalaws.bm Bermuda Aquarium, Museum & Zoo bzs.bm Bermuda Business Development Agency bda.bm Bermuda College college.bm Bermuda Economic Development Corporation bedc.bm Bermuda Hospitals Board bermudahospitals.bm Bermuda Land Development Company bldc.bm Bermuda Monetary Authority bma.bm Bermuda National Library bnl.bm

Bermuda Tourism Authority gotobermuda.com Bermuda Transport Control Department tcd.gov.bm BermudaNIC (registrations) bermudanic.bm Central Policy Unit gov.bm Commission for Unity and Racial Equality communityandculture.bm Department of ICT Policy and Innovation gov.bm Land Valuation Department landvaluation.bm Registrar of Companies roc.gov.bm Social Insurance Department socialinsurance.gov.bm Tax Commissioner gov.bm GROCERY STORES Arnold’s Market Islandwide Tel: 234-0951 Harrington Hundred’s 99 South Shore Rd., Smith’s Tel: 293-1635 Lindo’s Family Food 126 Middle Rd., Warwick Tel: 236-1344 The Market Place Supermarket Islandwide Tel: 295-6006 Miles Market 96 Pitts Bay Rd., Pembroke Tel: 295-1234 HEALTHCARE Atlantic Caregiving Tel: 292-9690 atlanticcaregiving.com The Family Practice Group Tel: 236-0001 fpgroup.bm

The Hamilton Medical Centre (walk-in clinic for blood tests and TCD physicals) Tel: 400-8378 hamiltonmedicalcenter.bm

The Media Lounge Cinema Tel: 526-6843 medialoungebda.com National Museum of Bermuda Tel: 234-1333 nmb.bm

King Edward VII Memorial Hospital Tel: 236-2345 bermudahospitals.bm

Sea Express Ferry Tel: 295-4506 marineandports.bm

Wee Care Pediatrics Tel: 296-3032 bermudaweecare.com

Speciality Cinema Tel: 292-2135 specialitycinema.bm

Optician: Atlantic Vision Care 68 Church St., Hamilton Tel: 295-7300

NEWS

Dentist: Coral Dental Bermudiana Arcade 27 Queen St., Hamilton Tel: 295-8040 LEISURE Bermuda Aquarium, Museum & Zoo Tel: 293-2727 bzs.bm Bermuda Arts Centre at Dockyard Tel: 234-2809 artbermuda.com Bermuda Breeze Buses Tel: 292-3851 www.gov.bm/bus Bermuda National Gallery Tel: 295-9428 bng.bm Bermuda National Trust Tel: 236-6483 bnt.bm Bermuda Tourism Authority Tel: 296-9200 gotobermuda.com Bermuda Underwater Exploration Institute Tel: 292-7219 buei.org

Bermuda Broadcasting Company Limited bermudabroadcasting.com Bermuda Weather weather.bm Bermynet bermynet.com Bernews bernews.com eMoo emoo.bm The Royal Gazette royalgazette.com OFFICE SUPPLIES P-Tech 2 Reid St., Hamilton Tel: 295-5496 PET STORES Pic-A-Pet 27 Church St., Hamilton Tel: 292-4554 POST OFFICES Bermuda Mail Processing Centre 2 Kindley Field Rd., St. George’s Tel: 293-1767

Liberty Theatre Tel: 292-7296

General Post Office 56 Church St., Hamilton Tel: 297-7893

Masterworks Museum of Bermuda Art Tel: 299-4000 bermudamasterworks.com

Perot Post Office 11 Queen St., Hamilton Tel: 292-9052

PRIVATE SCHOOLS The Bermuda High School for Girls 19 Richmond Rd., Pembroke Tel: 295-6153 bhs.bm Bermuda Institute 234 Middle Rd., Southampton Tel: 238-1566 bermudainstitute.com Bermuda Montessori School 23 Rosemont Ave., Pembroke Tel: 292-7209 Mount Saint Agnes 19 Dundonald St. West, Hamilton Tel: 292-4134 msa.bm Saltus Grammar School 108 St. John’s Rd., Pembroke Tel: 292-6177 saltus.bm Somersfield Academy 107 Middle Rd., Devonshire Tel: 236-9797 somersfield.bm Warwick Academy 117 Middle Rd., Warwick Tel: 236-1917 warwick.bm TRANSPORTATION Bermuda Breeze Buses Tel: 292-3851 www.gov.bm/bus BTA Dispatching Tel: 295-4506 Elbow Beach Cycles Tel: 296-2300 elbowbeachcycles.bm Sea Express Ferry Tel: 295-4506 marineandports.bm Smatt’s Cycle Livery Ltd. Tel: 295-1180 / 238-7800 smattscyclelivery.com VETERINARIAN Ettrick Animal Hospital 75 Middle Rd., Warwick Tel: 236-0007

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USEFUL INFORMATION Following are practical tips and useful information you will need whilst enjoying our island paradise. All information is subject to change, so we recommend calling to verify rates, schedules and more.

BABY EQUIPMENT RENTALS If you’re travelling to the island with kids, Little Longtails can provide everything you need for your trip.

You can book items online, including cribs, strollers and high chairs, as well as boxes of toys, and everything can be delivered to your accommodation for a fee (which also includes pickup). Little Longtails also arranges airport transfers with car seats. Other services include arrival baskets filled with all the essentials necessary for a hassle-free vacation with kids (707-7658; littlelongtails.com).

BANKING Banks are usually open 9 a.m. to 4:30 p.m., Monday through Friday. There are many ATMs islandwide that dispense Bermuda dollars.

BUSINESS HOURS Generally, shops, businesses and professional offices open Monday to Saturday from 9 a.m. to 5 p.m.

Clocktower Shopping Mall in Royal Naval Dockyard is open seven days a week, except Christmas Day and Good Friday. For more information on hours of operation, please visit dockyardbermuda.com. Many grocery stores throughout the island are open from 1 to 5 p.m. on Sundays.

COMMUNICATION TELEPHONE SERVICES: • Call to Bermuda: Country code 1, area code 441 • Call to U.S. and Canada from Bermuda: 1 + area code + phone number • Call to the U.K. from Bermuda: 011/44/city code/phone number • Call to other countries from Bermuda: 011/country code/city code/phone number • Call to international operator: 00

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DRINKING AGE The legal drinking age is 18.

ELECTRICITY Electrical service is the same as in the U.S. and Canada: 110 volts, 60 cycles AC. IMPORTANT NUMBERS Alcoholics Anonymous.......................... 297-0965 Ambulance................................................................ 911 Animal Emergencies (SPCA)...............236-7333 Bermuda Allergy and Asthma Relief Centre.................292-9258 Bermuda Diabetes Association................292-8427 Bermuda Maritime Operations Centre................................. 297-1010 Bermuda Red Cross......................................236-8253 Bermuda Tourism Authority................296-9200 Directory Assistance............................................. 411 Emergency 24-hour counselling...............................................236-3770 Fire Service............................................................... 911 King Edward VII Memorial Hospital (emergency)........................239-2009 King Edward VII Memorial Hospital (general)................................ 236-2345 Lamb Foggo Urgent Care Centre...........298-7700 Physically Handicapped Association.............................................. 293-8148 Police.......................................................................... 911 Police/Central..............................................295-0011 Police/Somerset.........................................234-1010 Police/Southside.......................................293-2222 Weather forecast................................................. 977 What’s Going On in Bermuda..........................974 Women’s Resource Centre.................... 295-7273 POST OFFICE The General Post Office is located at 56 Church Street, Hamilton, and is open Monday to Friday, 8 a.m. to 5 p.m., and Saturday, 8 a.m. to noon (297-7893). Local letters are 50 cents, and local greeting cards are 50 cents.

Air mail to the United States, the Caribbean or Canada is $1.15; $1.35 to Great Britain; $1.35 to Europe; and $1.55 to Asia, Australia or New Zealand.

PUBLIC HOLIDAYS 2019/20 Bermuda Day................................... Friday, May 24 National Heroes’ Day.................Monday, June 17 Emancipation Day...................... Thursday, Aug. 1 Somers’ Day.......................................Friday, Aug. 2 Labour Day.....................................Monday, Sept. 2 Remembrance Day.......................Monday, Nov. 11 (Observed Monday, Nov. 12) Christmas Day......................Wednesday, Dec. 25

Boxing Day.......................Thursday, Dec. 26 New Year’s Day..................... Tuesday, Jan. 1 Good Friday...........................Friday, April 19 RADIO STATIONS Bermuda Broadcasting Company Limited (295-2828; bermudabroadcasting.com); Ocean 89 – Top 40; Power 95 – R&B; Inspire 105 – Country TAXES AND GRATUITIES There is no sales tax. At most restaurants, a 15 to 17 percent tip will be added to your bill. At hotels, a 7.25 percent hotel-occupancy tax, a 2.5 percent tourism guest fee and a 10 percent service charge are added to your bill.

TRANSPORTATION BUSES: With 11 bus routes and 14 bus zones of about two miles each, buses are frequent and plentiful, and they service the entire island. They’re easy to spot as they're painted Bermuda pink with blue stripes. Most buses leave from the Central Terminal on Washington Street, next to City Hall in Hamilton. Bus stops are identified by either a solid blue or pink pole.

Blue poles signify routes outbound from the City of Hamilton; pink ones mark routes inbound to the City of Hamilton.

Note: Exact cash is accepted. For up-todate routes, visit www.gov.bm/bus or call 292-3851.

FERRIES: A unique and reliable way to travel around Bermuda is on the Sea Express ferry system. Four public ferry routes offer a picturesque alternative for travel around the island. All ferries depart from the Hamilton Ferry Terminal on Front Street.

Note: Cash is not accepted on the ferries.

For up-to-date schedules, visit marineandports.bm or call 295-4506.

•T he Blue route stops at Royal Naval Dockyard in Sandys Parish on the west end of the island.

• The Orange route only operates in the summer, and it stops at Royal Naval Dockyard before continuing on to the Town of St. George.

• The Pink route makes several stops in Warwick and Paget parishes.

•T he Green route stops at Watford Bridge and Cavello Bay, both in Sandys, and Rockaway in Southampton.

in Royal Naval Dockyard. All taxis are metered at government-set rates, and exact change is required. Current taxi fares are as follows, based on travel between 6 a.m. and midnight: • For a 1- to 4-passenger taxi: $7.90 USD for the first mile, $2.75 USD 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 Fares are 25 percent higher for 1- to 4-passenger taxis, and 50 percent higher for 5- to 7-passenger taxis, between midnight and 6 a.m., all day on Sunday and on public holidays.

Taxi businesses include Bermuda Island Taxi (295-4141), BIU Taxi Co-op Transportation (292-4476), BTA Transport Taxis (296-2121), CEO Transport Limited (234-4366) and Quality Transport (337-2578).

Smatt's Cycle Livery Ltd. / Gavin Howarth

BUS AND FERRY FARES: Cash fares (on buses only) are $3.50 for up to three zones, $5 for up to 14 zones. It is cheaper to use tokens, tickets or a pass on both the bus or ferry. You can buy a book of 15 tickets for $25 for three zones, and $37.50 for 14 zones.

Alternatively, tokens are $2.75 for up to three zones, $4.50 for up to 14 zones. Children under 5 years of age ride free, and ages 5–16 for $2.75 An unlimited one-day pass is $19; two-day, $31.50; three-day, $44; four-day, $48.50; and one-week, $62. An unlimited one-day pass for children is $9.50; two-day, $16; three-day, $22; four-day, $24.50; and one-week, $31. All fares, tokens, tickets and passes are the same for buses and ferries.

For more information on fares, visit gov.bm/ bus-fares or call 292-3851.

SCOOTERS, BICYCLES AND CARS: Rentals are available by the day or the week. Prices vary, but daily rates range from $40 to $50 for a single-seat scooter. Double-seat scooters are slightly higher. It is mandatory for both drivers and passengers to wear helmets, which are included with the rental.

A $30 non-refundable insurance waiver is also required. You must be 18 or older to rent a motor scooter or a moped, and most rental agencies will require that you demonstrate the ability to operate the vehicle properly following an instructional session on safety and handling. Contact Smatt’s Cycle Livery (295-1180 or 238-7800),

Elbow Beach Cycles Ltd. (296-2300), or Oleander Cycles (236-2453).

Visitors can now explore the island by renting two-seated electric vehicles from Current Vehicles Bermuda (currentvehicles.com) or from Bermuda Rental Car Ltd. (2362453; bermudarentalcar.com) These electric cars can travel up to 50 miles on a single charge, and recharging stations are found throughout the island.

Visitors must be 25 years old and hold a valid car driver’s licence to rent and drive a vehicle.

You can also rent pedal bikes from a variety of island outfitters, which are ideal for exploring the island.

You can bring your bike aboard a ferry. Rental rates range from about $30 a day, with $15 insurance waiver required. If you need a little bit more help pedalling, try a hybrid electric bike.

For all rentals, you must obey Bermuda’s speed limit of 22 mph/35 kph and remember to drive on the left side of the road. For scooters and mopeds, gas stations are open 7 a.m. to 7 p.m. daily.

TAXIS AND MINI BUS SERVICES: Taxis can usually be found outside Bermuda’s larger hotels, near the airport or on the streets of the Hamilton, the Town of St. George or

Bermuda’s taxi drivers are great guides, too. No one knows the best destinations better than they do. Taxi drivers displaying tour guide flags are qualified tour guides. The sightseeing rate is $50 USD per hour for a 1- to 4-passenger taxi or $70 USD per hour for a 5- to 7-passenger taxi.

Island Express Mini Bus offers a range of transportation services islandwide, including airport transfers, weddings, and corporate or sporting events. They also specialise in tailormade islandwide sightseeing tours that can cover attractions and shopping in the capital city of Hamilton. The airconditioned buses can accommodate small or large groups (777-6464; islandexpressbda.com).

VISITOR SERVICES CENTRES Hamilton: 10 Front St., 261-2872 Royal Naval Dockyard: 2 Dockyard Ter., 296-9400 Town of St. George: 25 York St., 297-0556 WHEELCHAIR SERVICES Wheelchair-accessible ferries: Hamilton Ferry Terminal, Dockyard, Rockaway and St. George’s ferry stops only.

Wheelchair-accessible mini bus: Suburban Transit Mini Bus (335-1825).

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Azura Boutique Hotel & Residences

REAL ESTATE

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by Buddy Rego P r e s i d e n t , R e g o S o t h e b y ’s I n t e r n a t i o n a l R e a l t y

P A R A D I S E

FOUND

Why Bermuda is a favoured spot to settle down — and what you need to know about the purchase process.

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REAL ESTATE Bermuda has been ranked as the secondmost friendly country in the world and features one of the highest standards of living.

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

Since then, millions of tourists have visited our shores, and many have made Bermuda their home or their home away from home.

Bermuda is known for its pink-sand beaches, turquoise blue water and charming culture.

It’s been ranked as the second-most friendly country in the world and features one of the highest standards of living on the planet, with a per-capita income that’s the third highest in the world.

BOOMING BUSINESS Since 2016 the Bermuda tourism sector has seen record-breaking economic growth.

The number of air visitors to the island has been steadily increasing over the years, and as a result there is a greater amount of direct spending into the local economy. At present, the dominant pillar

Cameron Pike

M

Perhaps this high standard of living and friendly people are factors in why Bermuda is so safe: The island is completely free of serious crime in all but isolated circumstances.

Whilst there are gated communities on the island (in the Tucker’s Town area), the gates are to ensure quietness, not as a safety measure.

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REAL ESTATE

R E N TA L O P T I O N S Because of Bermuda’s booming business sector, there is a strong demand for housing across all price spectrums.

In the rental arena, one-, two- and three-bedroom apartments range from $1,200 to $3,000 monthly. Similarly, two- or three-bedroom condominiums range from $3,000 to $5,000 monthly, with much higher rents for luxury units that include amenities such as pools, beach access and tennis courts.

OWNERSHIP OPTIONS For those working in Bermuda for an indefinite period, or those choosing to make this island a vacation-home

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destination, there are many ownership opportunities available. There are, however, immigration department guidelines as to which properties non-Bermudians may buy. Simply put, there are policies in place which help to ensure that affordable housing is available for Bermudians.

What determines whether a property is available to non-Bermudians is its government-assessed ARV (annual rental value), which is not necessarily directly tied to the actual market value of the property. In today’s market, this translates to an estimated starting price for a condominium of $500,000 and $2,300,000 for a stand-alone home.

Fortunately, Bermuda offers a wide range of housing possibilities. In developments across the island, there are $500,000 condos with pools and beachfront access where you may be living next door to a Bermudian or an expat worker, as well as complexes where your neighbours are predominately more transient.

If these numbers are beyond your budget, you always have the option of owning a 1/8 or 1/10 fraction of a condominium, which may include hotel, spa

If full resort amenities are more to your liking, Bermuda also features luxury branded hotel/ tourism opportunities. and beach amenities. Although this option may only give you 5 weeks a year to occupy the property, it may be the answer if all you need is a vacation home.

More budget conscious fractional buyers may consider Newstead/Belmont Hills as an option. Units on offer range from studios to three bedrooms and are inclusive of a shuttle ferry to Hamilton across the Harbour.

One of the most exciting new developments to be introduced is Azura. This offers one-, two-, and three-bedroom whole ownership condominiums and cottages that enjoy condo/hotel amenities and a rental programme. This is an ideal opportunity for the vacation home owner who appreciates income to defer ownership costs.

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Newstead Belmont Hills

of the island’s economy continues to be international business activity and as such, there are many nonBermudian industry experts employed here, primarily by large insurance/ reinsurance companies. The current government is also hopeful to add financial technology (FinTech) industries to the business landscape as the sector grows internationally.

A Vacation Lasts a Week; Ownership Lasts a Lifetime The Residences at Newstead Belmont Hills Golf Resort & Spa

Owning a vacation home in Bermuda is easier than you think. Newstead Belmont Hills, a favorite for those looking for a relaxed lifestyle within a tranquil setting, offers fully-deeded ownership opportunities for a spectacular vacation home with all the benefits of a luxury resort.

Residence ownership options include: whole, 1/6th (8 weeks/year) or 1/12th (4 weeks/year). A limited collection of studio, one- and two-bedroom residences, with most offering private balcony terraces featuring panoramic views of Hamilton Harbour, fully-equipped kitchens and beautiful wood flooring throughout.

Prices start at just $59,500 for your island “home away from home�

27 Harbour Road, Paget PG02, Bermuda

www.newsteadbelmonthills.com

ownership@belmonthills.com

441.236.6060

REAL ESTATE

Courtesy of OBM International

R O O F

This Bermudian tradition takes place after a new roof is completed on the island.

THE STYLE AND ELEGANCE OF A BERMUDA ROOF

is a globally recognised feature of the island. Its step-like appearance is a visual marvel and a creative way to harvest rain.

Whilst it is well known that Bermuda roofs are constructed to collect rainwater and endure the force of nature, few are aware of the unique ceremony that occurs upon the completion of a new roof.

Given its importance, a Bermuda roof is treated with a great deal of respect.

When building a home or office building, Bermudians will christen the roof of the newly built structure regardless of scale and scope. In essence, it is similar

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to the blessing of boats and ships.

However, instead of shattering a bottle of Champagne against the assembly, it involves a bottle of Bermuda’s own Goslings Black Seal Rum. This illustrious ceremony is called a “Roof Wetting.” To fully appreciate the inauguration of this tradition, one must go back in time.

In Bermuda, during the first 60+ years of colony development (1612–1687), tobacco farming was the principal commercial activity. This was controlled by the Bermuda Company (London), which at the time imposed stringent transport restrictions. When the Crown abolished the Bermuda Company in 1687, there was an explosion of activity by residents to build their own ships of various sizes so as to independently ferry

OBM International

WETTING

goods across the island and distant seas. One of the more common Bermudian vessels was a shallop: This was a small, modestly constructed open boat, fitted with sails and oars, a shallow draft and a “chine” planked hull. In building the frame and applying the planks, the image of the construction resembles that of a traditional Bermuda roof structure with the lapped slate.

One of the most profound changes to the island’s economy was shipping versus farming.

Bermudians travelled far and wide to exchange goods with the various islands in the Caribbean and the struggling coastal settlements of the U.S. and Canadian East Coast. Amongst the many commodities exchanged, sugar and rum were prominent. The sugar was part of a local rum punch used to celebrate commercial maritime successes. Given the propensity to grow rich in the rum trade, a common ceremony to bid good fortune, fair weather and safety was performed prior to the launching of a new ship.

The ceremony, known as “wetting the hull,” was conducted on all shallops and other oceangoing vessels.

In 1710, only 30 of the approximate 560 homes on island were made of stone. All of this changed in 1712 and 1714, when two successive hurricane events destroyed all structures that were not made of stone. With the skills of the shipwright and carpenters available, so came the creation of lapped slate roofs that resembled the hulls of the ships. And like the celebrations at the boatyards, each completed roof required a celebratory blessing.

These days, the same spirit of health, adventure and good fortune for future endeavours still exists. Homeowners (or captains), together with the design and labour teams, gather to toast the excellence of the sturdy construction. The ceremony begins with a liberal splashing of the Goslings Black Seal Rum over the roof, followed by a hearty swallow from the neck of the bottle by the owners, designers and contractors. What ensues is a celebratory cocktail party to bid success to the future ahead — and the promise to get the project finished.

The ceremony begins with a liberal splashing of the Goslings Black Seal Rum over the roof, followed by a hearty swallow from the neck of the bottle.

H

appily ever after begins with...

LUXURY HOMES, SALES & RENTALS WWW.BERMUDAREALTY.COM | +1 (441) 292-1793 EACH OFFICE IS INDEPENDENTLY OWNED AND OPERATED. COLDWELL BANKER BERMUDA REALTY IS A TRADE NAME OF BERMUDA REALTY COMPANY LIMITED.

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REAL ESTATE

RESORT LIFE If full resort amenities are more to your liking, Bermuda also features luxury branded hotel/tourism opportunities. For example, The Loren at Pink Beach and Rosewood Bermuda at Tucker’s Point are two recent developments which have seen immense success. Similarly, the Residences at St. Regis and The RitzCarlton Reserve Caroline Bay are two new developments that are currently under construction. All of these complexes provide the finest in amenities and services. You can expect to find luxury fractional condominiums at Tucker’s Point and condominiums, townhomes and estate homes starting at around $2,000,000 at the other resorts.

PURCHASING POINTERS As soon as you know what you want, you should look for an experienced real estate agent who can give you access to the entire market. Bermuda does not have an MLS (multiple listings service) yet remarkably, listing information

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is shared efficiently between real estate agents so that once you have chosen an agent, you can rely on him/her to be able to fulfil all of your search needs.

Once you have found a suitable property, you will be required to apply for a licence as a nonBermudian to acquire property here. This process must be done via a local attorney of your choice. Financial and personal references are required as part of the application process, which may take up to six months from the date of the contract. Upon having been granted the

Rego Sotheby's International Realty (2)

Continued from page 24

The Property Group Ltd.

licence, a one-time fee — payable to the government — is required.

This fee ranges from 6 to 6.5 percent for condominiums and 8 percent for stand-alone homes.

Whilst the costs of housing may appear intimidating, it’s important to remember that the average earnings of a person in Bermuda are amongst the highest in the world. Moreover, there are innumerable enticements to living here, including no income tax, no wealth tax or other direct taxes — not to mention the enhanced quality of life and rich culture.

Many luminaries of business, politics and Hollywood have found sanctuary in Bermuda. Ross Perot, Michael Bloomberg and Michael Douglas all have found the island to be a convenient, sophisticated haven that’s located only a few hours from New York or London.

I’m sure they felt as Mark Twain did: Heaven can wait.

LIVE LIVE OCEANFRONT LIVE OCEANFRONT OCEANFRONT LIVE OCEANFRONT

RESIDENTIAL RESIDENTIAL COMMERCIAL RESIDENTIAL COMMERCIAL SALES COMMERCIAL RENTALS SALES SALES RENTALS RENTALS

VALUATIONS PROPERTY MANAGEMENT TENANT SERVICES VALUATIONS PROPERTY VALUATIONS MANAGEMENT PROPERTY TENANT MANAGEMENT SERVICES TENANT SERVICES 441.292.3921 RESIDENTIAL COMMERCIAL SALES RENTALS

VALUATIONS

PROPERTY MANAGEMENT

441.292.3921441.292.3921 info@regosir.cominfo@regosir.com info@regosir.com regosothebysrealty.com regosothebysrealty.com regosothebysrealty.com

TENANT SERVICES

© MMXVII Sotheby’s International Realty Affiliates © MMXVII LLC. All Sotheby’s Rights Reserved.

International Sotheby’s © Realty MMXVII Affiliates International Sotheby’s LLC.Realty All International Rights Affiliates Reserved.

Realty LLC fully Affiliates Sotheby’s supports LLC. International the All principles Rights Reserved.

Realty of the Affiliates Fair Sotheby’s Housing LLC fully International Actsupports and the Equal Realty the principles Opportunity AffiliatesofLLC the Act. Fair fully Each Housing supports OfficeAct the is Independently and principles the Equal of the Opportunity Owned Fair Housing and Act. Operated.

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Sotheby’s International Realty and the Sotheby’s Sotheby’s International International Realty logo Realty areand registered Sotheby’s the Sotheby’s (orInternational unregistered) International Realty service Realty andmarks logo the Sotheby’s are licensed registered to International Sotheby’s (or unregistered) International Realty logo service are Realty registered marks Affiliates licensed (orLLC. unregistered) to Sotheby’s service International marks licensed Realty Affiliates to Sotheby’s LLC. International Realty Affiliates LLC.

© MMXVII Sotheby’s International Realty Affiliates LLC. All Rights Reserved. Sotheby’s International Realty Affiliates LLC fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. Each Office is Independently Owned and Operated.

Sotheby’s International Realty and the Sotheby’s International Realty logo are registered (or unregistered) service marks licensed to Sotheby’s International Realty Affiliates LLC.

441.292.3921 info@regosir.com regosothebysrealty.com

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Insider’s Guide With so much to explore in Bermuda, you may just want to make this a permanent vacation. Here are our top picks for island real estate.

AZURA BOUTIQUE HOTEL & RESIDENCES 90 SOUTH SHORE RD., WARWICK TEL: 232-9000 WEBSITE: AZURABERMUDA.COM

Azura, Bermuda’s newest boutique hotel and residential enclave, is located centrally just 10 minutes from the City of Hamilton and in the highly desirable South Shore beach corridor. Azura residence owners enjoy stunning oceanfront views and all the Azura hotel amenities.

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These include a private beach, pool, spa, fitness centre and the Azura restaurant and bar. Spectacular glass-fronted onebedroom lofts, two-bedroom residences and three-bedroom oceanfront villas are available for purchase, all modern in style with sophisticated décor. There is no licence fee for international purchasers, and additional benefits range from government incentives to rental income opportunities through the Azura hotel.

Prices start at $695,000 for a onebedroom loft. Come and let us show you around.

COLDWELL BANKER BERMUDA REALTY ATLANTIC HOUSE 11 PAR-LA-VILLE RD., HAMILTON TEL: 292-1793 WEBSITE: BERMUDAREALTY.COM

Coldwell Banker Bermuda Realty is the largest real estate company in Bermuda.

With the collective experience/knowledge, reputation and range of services, they are in contact continuously with the greatest number of potential real estate buyers and sellers both locally and internationally. The Coldwell Banker system is a leader in speciality markets such as resort, new homes and luxury properties through its Coldwell Banker Global Luxury® marketing programme.

Coldwell Banker Bermuda Realty has been serving Bermuda’s real estate needs for more than half a century.

Their range of services include residential sales and rentals, commercial leasing, commercial property sales, land surveying, property appraisals, property management, vacation property services and international referrals.

Coldwell Banker Bermuda Realty

REAL ESTATE

CRANFIELDS PROPERTY BERMUDA LTD. BAYFIELD RD., WARWICK TEL: 305-8074 WEBSITE: BDA4SALE.COM

Cranfields Property is an independent Bermudian real estate company that provides a tailored suite of services to suit the individual needs of its clients, both for sellers and buyers, landlords and tenants. The firm offers the highest level of service to support and guide both international and local buyers and tenants through the home search process. By maintaining a thorough knowledge of the properties that are for sale and rent islandwide, Cranfields Property provides accurate, up-to-date information, market analysis and sound real estate advice, offering suggestions and comparisons which enable you to make informed choices as you consider your options. Call them today and let them help you find your new Bermuda home.

KELLER WILLIAMS BERMUDA 9 BERRY HILL RD., PAGET TEL: 236-0737 WEBSITE: KWBERMUDA.COM

sale, purchase or rental of a luxury home in Bermuda, Keller Williams Bermuda is best qualified to assist you through the process.

Keller Williams Bermuda should be your first choice when considering buying or renting Bermuda residential or commercial property. Formed between an affiliation with global real estate giant, Keller Williams Worldwide and local Bermuda company, Moura & Associates, Keller Williams Bermuda has the benefit of combining experienced agents in the Bermuda market along with the leading-edge technology provided by Keller Williams Worldwide, their proven models for success and access to an unsurpassed global network. Their agents are equipped with the training, tools and skills to handle all of your real estate needs, knowledgeably and professionally, to the very highest standard. As part of the Keller Williams Worldwide family, Keller Williams Bermuda is now part of their Luxury Division and they look forwards to providing exemplary service for their high-end real estate clientele. Whether they represent the

NEWSTEAD BELMONT HILLS GOLF RESORT & SPA 37 HARBOUR RD., PAGET TEL: 236-6060 WEBSITE: NEWSTEADBELMONTHILLS.COM

Owning a vacation home in Bermuda is easier than you think. Newstead Belmont Hills, a favourite for those looking for a relaxed lifestyle within a tranquil setting, offers fully deeded ownership opportunities for a spectacular vacation home with all the benefits of a luxury resort. Residence ownership options include whole, (8 (4 weeks a year). A weeks a year) or limited collection of studios and one- and two-bedroom residences are available, with most offering private balcony terraces featuring panoramic views of Hamilton Harbour, fully equipped kitchens and beautiful wood flooring throughout. Prices start at just $59,500 for your island “home away from home.�

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THE PROPERTY GROUP LTD. NAUTILUS HOUSE 82 SOUTH RD., WARWICK TEL: 234-6900 WEBSITE: PROPERTY-GROUP.COM

The Property Group Ltd. is the finest of Bermuda’s real estate companies. They represent the most desirable properties available in every sector of the residential market for sale or rent on the island. Call their office or email them for more information. After hours, please contact Sallyann Smith at 535-4521 or Brittany Archer at 505-1466.

Rego Sotheby’s International Realty was founded in 1949 and is Bermuda’s longest established real estate company. Part of the Sotheby’s International Realty worldwide network, the company offers a full complement of services from residential and commercial sales and rentals to valuations, property management and landlord and tenant consultancy. Rego Sotheby’s International Realty has grown into Bermuda’s premier real estate company and continues to lead Bermuda’s real estate industry to meet the needs of its diverse local and global clientele.

WASHINGTON PROPERTIES (BERMUDA) LIMITED CHURCH AND REID STREETS, HAMILTON TEL: 295-4186 WEBSITE: WASHINGTONPROPERTIES.BM

The perfect location from which to conduct business can be found in the “Heart of Hamilton.” Washington Properties, located between Church and Reid Streets, has offices available

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from 200 square feet to 15,000 square feet. Washington House, the newest member of Washington Properties, built in 2010, offers concierge service and security access to the building. The offices accommodate local and international businesses, whilst the retail outlets offer a variety of products and services to both residents and visitors. Within easy walking distance to financial and legal services, transportation, parking, restaurants and shopping, it is hard to find a better location.

Michael Cranberry

REGO SOTHEBY’S INTERNATIONAL REALTY 83-85 FRONT ST., HAMILTON TEL: 292-3921 WEBSITE: REGOSOTHEBYSREALTY.COM

The Finest Real Estate

In Bermuda

We represent the most desireable properties available in every sector of the residential market for sale or rent.

Contact one of our agents directly Sallyann Smith (441) 535-4521

Bermuda 2019/20

Cover photo by Cameron Pike

NORTH SOUTH NET INTERNATIONAL CUSTOM CONTENT SOLUTIONS

Official Business, Relocation & Real Estate Guide of the Bemuda Hotel Association

B E R M U D A

Hamilton Princess & Beach Club

Armoury Building 37, Reid St., First Floor Hamilton, HM 12 Tel: 441-295-6146 visitbermudanow.com heidijanepike@yahoo.com

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Brittany Archer (441) 505-1466

M E A N S

B U S I NE S S A quick look at the businesses that have helped Bermuda boom and what you need to know if you decide to settle down here.

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STAY CONNECTED Take us with you on the go! View the digital edition of the Business, Relocation & Real Estate Guide at visitbermudanow.com.

www.property-group.com VISITBERMUDANOW.COM |

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