Bermuda Business Visitor 2024

The inside story on the leading offshore financial centre

2024

How business stretches beyond our shores

­­­­­­•­ Expert Insights

•­The Best Hotels

•­Bermuda Economy

•­Facts & Figures

•­Island Etiquette

•­Key Contacts

•­ Top Restaurants

•­Movers & Shakers

•­Business Map

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CONTENTS

4

Preflight Check

All you need to know when planning your Bermuda trip

6

Inside Info

Inside information that will make you feel like a local

7

Business A to Z

Opportunities in the country that thinks like a company

10

17

11 12 14

21 22 25

16

26

Why We Are Here

Facts & Figures

CEO’s explain the benefits of being based in Bermuda

All the key statistics about Bermuda

People

The Brief Our self-governing British Colony

History

How Bermudians became commerce chameleons

Counsel from the Consul

Karen Grissette, US Consul General, shares her views

Our British ties

The Governor Rena Lalgie explains

Meet the Island’s famous residents

Talking Points Current topics shaping island life

The Waterfront

district

Your guide to this business

Bermuda Business Map

Your A-Z of all the major Hamilton offices

28

Good Grooming

Essential advice to be well dressed — island style

34 35 36

Our Capital Top ten things you need to know

Office Space A look at all the possibilities

Where to Stay

From luxury waterfront hotels to intimate inns

30

39

31 32

44 50

33

51

Smooth Sailing

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

Seal the Deal Understanding our unique ways

Property

buying

All the options, from renting to

Key Contacts

People who can help you make the most of your trip

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

Dining Out

A surprisingly broad selection of restaurants

Time Out

Compelling reasons to play hooky while you’re here

Getting Around

island

The best ways to explore the

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. © 2024 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 2024 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

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.

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 2024

Electric vehicles are now available to rent

PREFLIGHT CHECK FLIGHT PLAN

Go to www.bermudaairport.com to check for the latest information. In summary, the following airlines serve the island.

From the US and Canada

These airlines serve Bermuda; American Airlines, United, Delta, Jet Blue, Air Canada.

They fly routes from the following East Coast cities: Boston, Miami, Atlanta, Charlotte, Philadelphia, Newark, New York, Toronto.

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 ‘redeye’. Flight time is 7 hours.

During the summer, this is a daily service.

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

BermudAir

In September 2023, a new private airline was launched, BermudAir, aimed at business and premium leisure travellers. It operates between Bermuda and Westchester NY, Boston MA, and Fort Lauderdale FL. It offers an all-aisle cabin, restricting seats to only 30. Visit www.flybermudair.com for further details.

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.

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

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) 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 2024 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 2024

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, 1st January Good Friday, Friday, 29th March Bermuda Day, Friday, 24th May National Heroes Day, Monday, 17th June Cup Match, Thursday, 1st August and Friday, 2nd August Labour Day, Monday, 2nd September Remembrance Day holiday, Monday, 11th November Christmas Day, Wednesday, 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. n

Bermuda Inc.

A world of opportunity welcomes you in Bermuda — a country that thinks like a business

Aircraft registration Aviation executives are currently steering Bermuda’s aircraft registry through a period of major turbulence sparked by the war in Ukraine.

The island has long claimed the largest offshore aircraft registry in the world, with 900 aircraft registered early in 2022.

Sanctions imposed by the West after the Russian invasion, however, saw that figure drop to 644 and the Bermuda Civil Aviation Authority’s revenues fall by 85 per cent.

Since then, authority executives have waged a campaign to raise the registry’s international profile and spread the word about the advantages of registering in Bermuda, such as the Register’s flexibility, solid international reputation, and its staff ’s decades of experience in airworthiness operations and regulations.

The registry was founded in 1931 and has been designated a Category 1 operation by the US Federal Aviation Administration.

Contact: Thomas Dunstan, Director General of Civil Aviation, 293-1640 / tdunstan@bcaa.bm

Bermuda Stock Exchange The Bermuda Stock Exchange (BSX) is the world’s leading exchange for offshore securities.

It is home to nearly 90 per cent of the world’s catastrophe peril linked reinsurance securities, which amounts to some $34 billion of insurance-linked securities risk capital outstanding. In total it boasts more than 1,300 listings, including insurance-related securities, debt and investment funds and small- to medium-sized enterprise companies.

The BSX’s listing requirements have been written with institutional and highnet worth investors in mind and aim to streamline the process and provide issuers with speed to market.

All key details of the listed securities are carried on the BSX website to support transparency, encourage liquidity, and

inspire investor confidence.

The BSX was established in 1971 and is a full member of the World Federation of Exchanges and an affiliate member of the International Organization of Securities Commissions.

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

Exempted companies These are companies set up by nonBermudians for the purpose of conducting business outside Bermuda.

They are exempt from the local law that stipulates at least 60 per cent of shares must be owned by Bermudians, but they are generally not allowed to carry on business in Bermuda.

They benefit from the fact the island does not levy taxes on profits, income, dividends, or capital gains.

In 2022, the Bermuda Government suggested exempted company employers could soon face a payroll tax rise, as part of a plan to increase financial yield from international business and give breaks to the working class and small local companies.

That proposed increase did not happen when tax changes were unveiled in early 2023, although the Government later suggested a corporate income tax, due to be introduced in 2025, could be applied to

BUSINESS A–Z 2,000 of the island’s 16,000 international companies.

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

Insurance and reinsurance Bermuda has been carefully developing its insurance and reinsurance industry since the 1940s and is known as the world’s risk capital.

The island prides itself on the strong relationship between government, industry and regulators, and its ability to innovate to meet challenges.

It’s the world’s largest captive domicile, with more than 700 active captive licences, and is the home of underwriting operations for more than 30 major international insurance and reinsurance firms.

It is the largest supplier of catastrophe reinsurance to US insurers: the island’s insurers and reinsurers are expected to cover gross losses of more than $13 billion for Hurricane Ian of 2022, for example, and $9.2 billion for the California wildfires of 2017 to 2019.

In 2022, members of the Association of Bermuda Insurers and Reinsurers generated net written premium of $111 billion, up from $99 billion the previous year.

Intellectual property Bermuda has intellectual property protection for copyrights, designs, trademarks, and patents, all intended to stop people stealing or copying the names or design of your product or brand, your inventions and anything you write, make,

Bermuda Business Visitor 2024 7

BUSINESS A–Z or produce.

In 2023, Bermuda’s Registry General encouraged more people, particularly women, to take part in the intellectual property system, noting that a trademark can protect an entrepreneur’s reputation, distinguish them from competitors and make them easily recognisable to customers.

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

Greg Wojciechowski, President and CEO, BSX

Investment services From wealth management executives and pension experts to online financial advisers, Bermuda is home to many types of investment managers.

As you might expect from one of the most thriving financial services sectors in the world, there’s great confidence that they are helping people and companies get bang for their buck.

One recent survey by EY showed that despite operating in volatile financial markets, three-quarters of alternative asset fund managers were delivering value that met or exceeded investors’ expectations.

That study also showed Bermuda was using its international relationships to attract hedge and private equity related investment.

Latest statistics show Bermuda has more than 800 investment funds, with a net asset value of $288 billion.

Contact: Bermuda Monetary Authority, www.bma.bm

Legal system Bermuda’s legal system has been based largely on English common law since the island became settled by the British in the early 1600s.

Its four main courts are: • Magistrates’ Court, which decides on sentences for minor cases without a jury; • Supreme Court, where a judge and jury hear serious criminal cases such as violent crime or robberies; it also has a Commercial Division; • Court of Appeal, which sits three times a year to hear appeals from the Supreme Court; • Privy Council, where people can appeal if they are not satisfied with a decision of the Court of Appeal.

The Covid-19 pandemic prompted the 8 Bermuda Business Visitor 2024

courts to increase its use of technology, but also caused a backlog of indictments, which the Supreme Court has since cut by efficient case management.

Old-school values which have served the courtroom for centuries came to the forefront early in 2023, when the senior magistrate announced a crackdown on individuals flouting dress codes by arriving for cases wearing pyjamas, shorts, and flip flops.

Local companies Bermuda aims to protect local ownership by insisting that non-Bermudians can only own a maximum of 40 per cent of shares in any company, other than exempted companies.

The Government has acknowledged this ruling has ultimately meant money being made in Bermuda leaves the island and has faced calls to relax it to stimulate foreign investment.

Many locals, however, maintain the rule is necessary to prevent the island being too heavily influenced by foreign investment.

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

Partnerships The main types of partnerships in Bermuda are: • Local partnerships, composed of Bermudian partners only, which are allowed to conduct business in Bermuda or overseas; • Exempted partnerships, in which one or more of the partners is non-Bermudian.

They may conduct business outside Bermuda from an office in Bermuda and must have a resident representative.

Audited accounts and business records

must be kept on island and accounts produced at the end of each financial year; • General partnerships, in which each partner is liable jointly for any debts incurred. At least 60 per cent of the shares must be owned by Bermudians and they must register with the Registrar of Companies among other registration requirements; • Limited partnerships, which involve one or more general partners and one or more limited partners. The general partners can transact business and are liable for the debts. The limited partner provides funds but does not take part in any management; they are only liable for the amount they have agreed to contribute; • Overseas partnerships, which are formed outside Bermuda, but are granted permission to operate in Bermuda.

A law firm, accounting firm or corporate service provider based in Bermuda is required to help you set up a partnership in Bermuda.

Permit companies A permit company is an overseas company that has been granted permission by the Government to carry out business in Bermuda. They are exempted companies, meaning they don’t have to meet the 60 per cent Bermudian ownership rule, and are able to avoid facing taxes on profits, income, dividends, or capital gains.

Private acts As an alternative to registration, companies may incorporate in Bermuda

by Private Acts that receive approval of the Bermuda Parliament.

This procedure is relatively straightforward and takes up to eight weeks. The incorporation must be advertised in the local newspaper and win the support of a parliamentary committee which will usually ensure its smooth passage through the House of Assembly and Senate.

The bill will list the proposed objects and powers and special features of the company. A memorandum of association must be signed by at least three Bermuda residents.

Contact: Bermuda Monetary Authority, www.bma.bm

BUSINESS A–Z Ship registration Several hundred ships – including commercial vessels, pleasure yachts and cruise ships – are registered in Bermuda.

The island’s shipping register dates back to 1789. Its members receive certain protections and are less likely to be inspected thanks to its association with the Paris and Toyko MOU Whitelists, the United States Qualship 21 programme and the Red Ensign Group of ship registries.

In 2022, the West announced a crackdown on Russian assets in the wake of the invasion of Ukraine. Ten mega yachts registered with the Bermuda Shipping Registry were associated with high-profile Russian nationals at that time, including one of the world’s largest private yachts, Eclipse, owned by former Chelsea Football Club owner Roman Abramovich.

However, the Bermuda Government said it received no cut in revenues and there was no chance Eclipse could be

seized, because there was no Russian individual ownership on the register.

Contact: Francis Richardson, CEO of Bermuda Shipping and Maritime Authority, frichardson@bermudashipping.bm

Trusts Bermuda is regarded as one of the world’s leading jurisdictions for trusts, which are used for multiple purposes, including protecting assets, providing for people’s loved ones, minimising tax, preserving wealth, and establishing benefit and pension plans.

The island’s extensive system of trust licensing is regulated by the Bermuda Monetary Authority, which ensures all trusts are controlled by fit and proper people who carry out their business with skill and integrity and meet a list of requirements.

There’s a depth of trust experience among the island’s renowned financial sector, including more than 170 full

members and students of the Society of Trust and Estate Practitioners.

Bermuda’s trust law is rooted in English law, but the island has enacted its own legislation so trusts can be used for modern commercial or private-client applications.

US-Bermuda Tax Convention Act This legislation means that international companies in Bermuda are not required to pay tax in the United States on their business profits unless they have carried out business at a permanent base there.

American residents can also claim deductions for their expenses attending business conventions in Bermuda.

The convention was signed in 1986, as a result of talks between Bermuda Premier Sir John Swan and leading US political figures and is widely considered to have laid the foundation for Bermuda’s position as an international reinsurance hub. n

10 more reasons to consider 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

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.

The Supreme Court, London

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

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, stateof-the-art communications systems. n

Bermuda Business Visitor 2024 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

63,648 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 Divorce

494 727 313

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

3,333 4,272 1,152

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

Customs Duty Land tax Company Tax Other

22% 7% 6% 21%

GOVERNMENT EXPENDITURE 31,316 6,469 344

GOVERNMENT REVENUE Total $1,030,259 million Payroll tax

44%

Total: $1,182,434 million Grants & contributions Wages & salaries Debt service Capital expenditure Other operating expenditure Government deficit: $117.5 million

30% 32% 11% 7% 20%

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

$1,055.2 million $28.6 million 70% 7% 6% 3% 14% 9%

TRANSPORT Registered Road Vehicles: 48,994 Reported Accidents: 1,226 Road Casualties: 664 Road Fatalities: 17 Gibbs Hill Lighthouse stands 362 feet above sea level — the highest point on the island. Built in 1844, it is one of the few in the world made of cast iron.

10 Bermuda Business Visitor 2024

Source: Bermuda Digest of Statics, 2022 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 2024 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

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

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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. n

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HISTORY

Shakespeare in luck How Bermuda was Juan

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. n

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. n

Bermuda Business Visitor 2024 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.

“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, 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

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 2024

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 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

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.

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, nonprofit 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) n Bermuda Business Visitor 2024 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 2024

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. n

INTERNATIONAL BUSINESS

Why we are here Four 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 2024 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.” n

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 2024

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.” n

“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.” n Bermuda Business Visitor 2024 19

INTERNATIONAL BUSINESS Mosaic Insurance When he arrived in 2006, Mitch Blaser thought he would probably stay in Bermuda for three or four years before heading back to the United States.

Seventeen years later, he’s still here, enjoying life as a leading player in international business circles and prominent member of the local community.

The island’s well-founded reputation as a good place to do business is one reason Blaser stayed put and co-founded Mosaic Insurance in 2021, long after co-launching and successfully developing the global property and casualty insurer Ironshore.

But there’s also a human factor that has caused the island to get under his skin: it’s a melting pot where people from multiculturally diverse backgrounds interact to solve problems and create their own ever-evolving culture.

“It’s about the people. The people of Bermuda are fabulous. They are friendly, engaging and interesting,” Blaser says.

“There’s tremendous diversity.

You’ve got a mini melting pot here.

It manifests itself in the fact that everybody works together, plays together, and interacts on every level with one another.

“This is all very positive for the experience here. Doing anything you can that encourages that community is what helps motivate me.”

Bermuda’s population of about 63,000 includes residents born in 176 different countries, which leads to a high level of mingling and engagement.

“Everyone’s bringing their background and histories to that same experience,” Blaser says. “I find that to be stimulating. You’re travelling without having to leave the island.

“Business and personal lives are tied together by living and working, playing together – having a meeting with someone and then seeing them in the supermarket.”

After joining Ironshore as a founding executive in 2006, Blaser helped drive the company’s growth to more than 800 employees in 15 nations 20 Bermuda Business Visitor 2024

before it was sold to Liberty Mutual Group in 2017.

In 2021, he co-founded specialty insurer Mosaic, where he now serves as co-CEO. Already, Mosaic has seven business lines and offices in seven countries, with a global team of nearly 150, including 11 in Bermuda. It has a target of more than $500 million gross written premium in 2023.

Blaser says the political stability provided by the Bermuda Government and Bermuda Monetary Authority is particularly important for international businesses.

“Things aren’t happening randomly – there’s consultation,” he says.

“As things change in the world, you want to be in an environment that is collaborative and working with business to find the right solutions that help companies prosper, while at the same time watching out for the guardrails to make sure you’re staying on track.”

The proximity to America brings comfort of access and availability of supplies as well as a strategic connection; the UK oversight and British laws increase stability; and the tax environment is friendly and flexible.

“Every dynamic of the insurance business is represented in Bermuda,” Blaser continues.

“Because of these elements, you probably have more clients coming here than any other place in the world. Risk managers and insurance buyers come to the island to meet.”

Even so, Blaser had not expected to stay in Bermuda forever.

“I thought, starting Ironshore, it was going to be one of those three- or fouryear projects: IPO and back to New York.”

The global financial crisis stalled progress, meaning Blaser needed to stay longer to help the company get going.

This turned out to be an opportunity for him and his wife Carol to become ingrained in the fabric of the island.

“There’s great restaurants and activities you can engage in, whether it’s sports, culture, water activities, the restaurants, and all the events that occur here,” Blaser says.

He’s been swept up by the spectacular Bermuda scenery and spends time boating and playing golf and croquet, and even watching that least American of sports, cricket.

Blaser also takes pride in giving back to Bermuda.

“People coming to this island need to think about how they make the community better,” he says.

“Some of the more obvious ways are engagement with local charities. I always look for those causes that have a very direct impact on people in Bermuda.”

He has provided support to key community organisations such as local cricket clubs and churches, as well as fundraisers like the cancer charity Relay For Life, and Scars, which supports vulnerable young people. He’s also worked as a tax commissioner and has helped the Jewish community with its search for a permanent centre.

These connections have given Blaser a true sense of the island’s identity.

“Social issues still need to be addressed, but since I’ve been here, I’ve always seen Bermuda navigating towards solutions,” he says.

“Sometimes adversity brings out the best in people and I think it does the same thing for Bermuda. Don’t underestimate the capabilities of the people here. There’s a strong talent pool in Bermuda and we learn skills from people we bring in.” n

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.

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.

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 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. n Bermuda Business Visitor 2024 21

BRIEFING

Talking Points We offer an insightful glimpse into the current topics and discussions that shape everyday life on our beautiful, but not always perfect, island. If these subjects come up during lunch or dinner with your hosts, consider yourself briefed!

Southampton Princess The island's largest hotel, with 600 rooms, which closed in 2020, is set to undergo a major renovation at an estimated cost of almost $500 million. The government views this project as crucial for revitalising the island's tourism industry. However, the current plan has faced widespread criticism due to its inclusion of up to 250 residential units in four-story blocks, partly on a golf course. This aspect of the plan has faced strong opposition from environmental groups. While the public overwhelmingly supports the renovation and reopening of the hotel, there is significant and widespread opposition to the construction of such a large number of residences.

The government has provided developers with a $75 million loan guarantee, and millions of dollars in tax breaks to expedite the project and has supported the company's proposal to build hundreds of residential units on environmentally sensitive land. Despite this, the government's Department of Planning has advised against the development.

The final decision, however, rests with one individual, Walter H. Roban JP MP, the Deputy Premier of Bermuda and the Minister of Home Affairs, who possesses the authority to approve a Special Development Order (SDO).

Bermuda’s Bet on Casinos The island had high hopes of introducing gambling to large resort hotels, but as of the end of 2023, the only form of gambling allowed is a board game of chance known as "Crown and Anchor."

This game is a staple during Cup Match, a popular cricket event that brings the island to a standstill for two days in the middle of summer – but that's a different story.

When the pro-business OBA party was elected in December 2012, it introduced legislation to pave the way for traditional casino-style gaming in resort hotels. The 22 Bermuda Business Visitor 2024

Casino Gaming Act of 2014 was swiftly passed through Parliament, leading to the establishment of an independent body, the Bermuda Gaming Commission, to oversee the industry.

In July 2017, The Hamilton Princess Hotel and St. Regis Bermuda Resort submitted casino license applications to the Commission. However, in early 2023, The Hamilton Princess announced its withdrawal from the process due to extended delays.

The Government and Gaming Commission have remained tight-lipped in response to media inquiries about the reasons for the casino introduction delays. Industry experts, however, point to concerns about the Gaming Commission's perceived lack of independence.

Controversial changes to gaming legislation made by the PLP Government in 2017 placed the casino sector under the oversight of David Burt, the Premier and Minister of Finance. This led to the resignation of the former Chairman of the Gaming Commission, Alan Dunch.

Dunch expressed that these changes "completely undermine a fundamental premise – that the commission should be a wholly autonomous, independent regulatory body operating free from political interference and government influence."

This perceived lack of independence has deterred foreign investors and U.S. banks from participating in gambling ventures on the island.

Infrastructure Bridges have been an essential part of life ever since Bermuda’s early rulers decided to join numerous tiny islands together to form one landmass back in the 1600s.

There’s more than 40 of them dotted around the island – from the smallest drawbridge in the world, Somerset Bridge in the west, to the Causeway in the east,

which is more than half a mile long.

But all that salt water, warm air and exposure to hurricanes have taken their toll and, for several years, many bridges have been identified as needing repair or replacement.

Plans to upgrade key structures such as Swing Bridge in St George’s were unveiled more than six years ago but have been on hold as the Government has struggled to find cash to carry out the work.

It’s been a similar story for Bermuda’s roads which are littered with potholes after taking a battering from countless heavy rainstorms over the years, leading to complaints from drivers about damage to car suspension and tyres.

In 2023, the Government acknowledged island-wide road repairs would cost $100 million – but conceded it had under $3 million available in its budget.

Cyberattack The Bermuda Government’s IT and communications systems were the subject of a devastating cyberattack in September 2023.

Telephone, internet and e-mail systems were disrupted for weeks in a move that brought the island’s cybersecurity strategy into the spotlight.

The Government conceded the “very heart of public service” had been immobilised, with numerous government functions knocked out, ministers locked out of their accounts and impact spreading to financial institutions, large corporations and individual citizens.

BRIEFING Bermuda’s new airport

community members – who clashed with police armed with pepper spray.

The deal went ahead anyway, and the new airport terminal now proudly welcomes visitors every day, but its unpopularity was regarded as a key reason behind the OBA’s heavy General Election defeat in 2017.

Pathways to status

The attack also affected other governments in the region and sparked an investigation involving the National Cybersecurity Centre and the National Crime Agency in the UK. Amid concerns that confidential data about Bermuda citizens may have been accessed, Premier David Burt described the incident as a national security issue and suggested it may have been caused by Russia.

Hackers had used increasingly sophisticated methods to attack Bermuda and cripple the island’s ability to function, he said.

meant hundreds of millions of dollars in revenue would now be leaving the island and going to Aecon.

Public opposition to the move culminated in a demonstration in December 2016 involving thousands of protesters – including PLP politicians, church leaders, union leaders and

Bermuda’s population has hovered above the 60,000 mark in recent times, but there have long been concerns about demographic challenges on the horizon.

For the past few years, deaths have outnumbered births, and the population has got steadily older. With a quarter of the island expected to be made up of senior citizens by 2026, decreasing numbers of Bermudians will be paying into social insurance, pension and health insurance systems, leaving lawmakers to figure out how to make up the difference.

One obvious way is to increase the number of working foreigners or allow long-term expats to become Bermudian – but immigration is a particularly thorny issue.

Est. 2007

Airport controversy

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One of the most contentious debates in Bermuda’s recent history has surrounded the construction of a new terminal at LF Wade International Airport.

In 2015, the then-One Bermuda Alliance Government, noting that the old airport building was crumbling and costly to maintain, announced a publicprivate partnership with the Canadian Commercial Corporation to build a new one.

Under the deal, Canadian contractor Aecon Concessions would build the facility and retain management control over it, which the OBA claimed would save the island more than $500 in extra debt than if the contract was put out to tender.

The Progressive Labour Party, the Opposition at the time, cried foul over the loss of a Bermudian asset and argued it

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BRIEFING When the then-ruling One Bermuda Alliance floated the idea of granting status to long-term residents in 2016, it sparked a backlash of angry demonstrations from large sections of the public. Many claimed it mirrored policies from the 1960s and 1970s that were said to have intentionally boosted the white voting base.

The OBA’s pathway proposals were dropped, but the current Progressive Labour Party government has since outlined plans for immigration reform to increase the working population by more than 8,000 while reducing the number of years individuals require to gain permanent status.

Debt It’s renowned as one of the world’s leading international financial centres, but lately Bermuda has had serious difficulty making ends meet in its own backyard.

According to the 2023 Budget Statement, the island now has $3 billion of debt: a figure that has risen consistently for the past two decades and means that, currently at $130 million per year, debt servicing is one of the government’s

24 Bermuda Business Visitor 2024

biggest annual expenditures.

After guarantees and unfunded pension liabilities are factored in, the potential burden grows to more than $7 billion – the equivalent of nearly $250,000 per worker. This has led to calls to expand the workforce, which the Government aims to address through proposed immigration reform.

Global financial crises and the Covid-19 pandemic have played a role in the rising debt, while each political party has accused the other of financial mismanagement during its time in office.

Both parties agree creating more job opportunities will help ease the debt burden as well as improving the plight of the average Bermudian.

Same-sex marriage Bermuda’s laws on same-sex marriage have fluctuated as debate on the issue rumbles on between two groups entrenched on opposite sides of the fence.

The island had its first gay marriage in 2017 after campaigners won a civil lawsuit to allow it.

Opposition remained fierce from church

groups, however, and the Government soon introduced legislation outlawing same-sex marriage and establishing domestic partnerships instead.

It meant the island became the first jurisdiction to repeal same-sex marriage – although the dozens of gay couples who tied the knot in the short window were allowed to keep their married status.

The legal battle over the issue didn’t end there, as supporters of same-sex marriage argued the ban was unconstitutional because it was grounded in religion. In 2022, the UK’s Privy Council ruled in favour of the Government, meaning gay marriage is still not allowed.

A referendum on the subject in 2016 was declared invalid because only 47 per cent of the country turned out to vote.

Among those that voted, more than twothirds were against same-sex marriage.

Since then, supporters have consistently turned out in their thousands at an annual pride parade in Hamilton which has become a key part of the island’s calendar.

Cost of living There are many advantages to doing business in Bermuda – but the price of it all is often a hot topic for discussion.

The cost of living in the capital and business hub, Hamilton, is about 40 per cent higher than New York, so be prepared to steel yourself for those energy, Internet and restaurant bills.

Electricity costs 37 cents per kilowatt hour which, according to a 2023 global survey, means the island has the second most expensive electricity in the world.

Another recent survey showed Bermuda is the sixth most expensive jurisdiction for internet service, thanks to difficulties rolling out fixed-line broadband across the island.

Restaurant prices are almost 50 per cent more than New York, while a trip to the grocery store will set you back $8 for a loaf of bread, $6 for a carton of milk (or $8 for almond or oat milk), and $10 for a small bag of apples.

Construction is also pricey because of the need to import quality materials that can withstand hurricanes and erosion from salt water. It works out to about $500 per square foot for a simple office building and more than $1,000 per square foot for a five-star hotel. n

YOUR GUIDE TO

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WELLESLEY HOUSE NORTH Willis (Bermuda) Limited Waterfront Wellness Gym & Health Club

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IDEATION HOUSE Maiden Holdings Ltd Brookfield Reinsurance Ltd / North End Re Ltd Wafra Financial & Management Services Ltd Wafra InterVest Corporation Harry’s Restaurant + Bar

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

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WATERFRONT MARINA & FUEL STATION

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Harbourfront Restaurant L’Oriental Restaurant L’Oriental Express La Trattoria Restaurant Little Venice Restaurant & Winebar Phoenix Centre Red Carpet Rego Sotheby’s International Realty Robin Hood Pub & Restaurant Rosemont Guest Suites Royal Palms Hotel Woodbourne Chemist Walker Christopher

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ISLAND ESSENTIALS

Good grooming

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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 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.

28 Bermuda Business Visitor 2024

(Left) Pink is a man’s colour in Bermuda

Bermuda shorts are typically worn three different ways which are dictated by dress code and occasion.

Here is your guide, from the experts at The English Sports Shop. The iconic English Sports Shop was established 1918, and renowned as the birthplace of the Original Bermuda Shorts.

The English Sports Shop is the birthplace of the Original Bermuda Shorts

While you will find a wide range of business attire in store to cover every eventuality, including formal suits, classic khakis trousers and ties, the star of the show are those iconic Bermuda shorts. Available in proprietary linen blend or a comfortable cotton and in a plethora of colours, they are central to Bermuda's business dress and favored by professionals for their timeless elegance as well as their ability to remain comfortable in the heat.

When embracing the Bermuda look for a more formal occasion or office environment, Bermuda shorts should be paired with a classic navy blazer, or a crisp linen one, and a well-fitted dress shirt. Long knee socks in navy blue or one of the many coordinating colours for which the English Sports Shop has been renowned for decades, completes the look. This combination strikes the perfect balance between formal and relaxed, exuding a confident, professional aura.

For those less formal occasions like a business meeting on one of the island’s scenic golf courses, the store’s Bermy short in colourful cotton can be paired with one of the range of classic polos complete with Bermuda crest design.

On these occasions knee socks are not required.

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 make-up, and they won’t be listening to what you are trying to sell.” Opt for lightweight linen or cotton (not silk) suits or dresses with a jacket for meetings in the hot, sticky summers (May through October). No stockings are required. Wear open-toed shoes, but not summer sandals. In winter, a light raincoat would be useful.

Bermuda, Where Business Looks Better!

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Bermuda Business Visitor 2024 29

ISLAND ESSENTIALS

Making your trip

SMOOTH SAILING Here’s some local customs to follow that will help you avoid making a faux pas on your visit

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o say “Good morning,” “Good afternoon” or whatever is appropriate when you greet a Bermudian. Failure to do so may impede your chances of continuing the conversation. Sorry, but being nice here is a necessity.

Don’t make the erroneous — and potentially disastrous — assumption that everyone here has his or her price.

Bribery is unheard of or at least very rare.

If someone appears a little ponderous, they won’t be waiting for a “tip.” More likely, they’ll be anticipating the abovementioned “Good morning.”

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

30 Bermuda Business Visitor 2024

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 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. n

ETIQUETTE

SEALING THE DEAL

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

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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 badmouthing 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! n

What does it take to relocate?

BermudaRelocation.com RELOCATION SIMPLIFIED

Bermuda Business Visitor 2024 31

REAL ESTATE

Your best property choice

T

he 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 several opportunities available for non-Bermudians to purchase property. But with its finite amount of land and to ensure that adequate properties are preserved for Bermudians, there are a few restrictions on overseas purchasers. Houses in this category are likely to be priced towards the high end. Your realtor will provide

Swansea: fabulous estate with stunning views of the South Shore. Contact Gill Butterfield: gill@tpg.bm or 234-6900

you with guidance as to which properties are available to nonBermudian buyers.

Non-Bermudians also can purchase leasehold properties such as a condominium with a hotel component, and fractional ownership has become a popular form of property ownership too.

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.

Fractional ownership offers the overseas and local purchaser a deeded real estate interest in a “residence,” which provides amenities such as swimming pools, tennis courts, golf club and course, and beach club.

Examples of leasehold properties available include Tuckers Point, The Reefs, Newstead, The Loren, and St Regis, where ownership of between 8 to 12 weeks a year can be purchased for as little Swansea: pool house with views

32 Bermuda Business Visitor 2024

as $59,000.

In recent years, another opportunity for nonBermudians to own property became available through the Economic Investment Certificate (EIC). The EIC Policy states that a person who satisfies the eligibility requirement of an investment of at least $2,500,000 into the Bermuda economy, may be granted permission by the Minister responsible for Immigration to reside in Bermuda. One of many qualifying investments can be the purchase of a property.

Anyone applying for this new certificate should discuss with a local Bermuda lawyer to understand the policy clearly, and for full information about the Economic Investment Certificate, including the Policy, Frequently Asked Questions, and the Expression of Interest Form may be found on the Bermuda Business Development Agency website: https://www.bda. bm/economic-investmentcertificate.

For details of the above and so many more properties, please contact The Property Group at 234-6900 or email the directors: Sallyann Stratton: sallyann@tpg.bm, or Brittany Archer: Brittany@tpg.bm n

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 CT Insurance Management (Bermuda) Ltd. Cigars 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 Attractions Crystal Caves Retail The English Sports Shop Walker Christopher

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

292-7212 (212) 916-3103 (212) 916.3112 (441) 279-6656 295-4201 246-8093 295-5278 297-7574

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

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

Jerome Halgan, Pres & CEO Samantha Froud, Chief Administration Officer Fernando Paul, Senior Vice President

278-9200 295-5200 295-8495

jhalgan@archreinsurance.bm chubbbermuda@chubb.com fernando.paul@charlestaylor.com

www.archreinsurance.bm www.chubb.com www.ctplc.com

Ian Gordon, Director

295-4523

info@cigarbox.bm

www.cigarbox.bm

236-1001

info@chc.bn

www.chc.bm

279-5451

www.bsx.com www.gotobermuda.com

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

296-8576

info@corporateconcierge.bm

www.corporateconcierge.bm

293-0640

info@caves.bm

www.caves.bm

295-2672 295-1466

walkerchris@links.bm

www.walkerchristopher.com

BERMUDAMedia 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 www.bsx.com The Bermuda Stock Exchange (BSX) is a vertically integrated, international securities market headquartered in Bermuda and organised in 1971. BSX specialises 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 BERMUDA STOCK EXCHANGE

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 Business Visitor 2024 33

INVEST BERMUDA

Everything is within walking distance in Hamilton

Top 10 things you need to know about our capital city Of all the world’s capital cities, Hamilton must rank among the smallest, and the most prosperous

1

It takes up fewer than 200 acres — about the size of a field in Texas or a small farm in Europe. Hamilton is hardly a town on the surface — but quite a city in reality.

The City of Hamilton generates approximately $4 billion a year towards the Bermudian gross domestic product.

The impressive 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 worldbeating insurers.

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.

Hamilton has a resident population of just 1,100, swelling to almost

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14,000 during the working day.

Hamilton is not the largest city by population on the island. Instead, it’s the city of St. George's, holds that distinction.

Although Hamilton has been in existence since 1788, it wasn’t until 1815 that it became the governmental as well as the business capital of the Island. Prior to that, St. George's, which was settled in 1612, was Bermuda's capital and is the oldest Englishspeaking colonial town still in existence.

The city was named after Sir Henry Hamilton, who served as Governor of Bermuda until 1794. People in the Town of St. George, then the capital, objected to the new upstart town, but the governor felt it made sense to have a town in the centre of the island.

That explains the city's motto: 'Sparsa Collegit', which translates to "brought together the scattered."

The Hamilton Corporation, under the leadership of an elected Mayor, runs the city with quiet efficiency. The

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Corporation is responsible for the streets, the docks, sewerage, garbage, parking, open spaces and more. The city is fully wired underground, including a fibre-optic circuit, and a citywide closed-circuit TV system keeps the lid on crime. The Corporation manages the city on an annual budget of approximately $20 million.

A generation ago, Hamilton’s streets were lined with gracious old buildings, which have given way to contemporary office buildings to meet the demand of international businesses.

But by the standards of business cities worldwide, it remains idyllic, thanks in part to its string of fragrant, leafy green pocket parks, and its magnificent natural harbour.

It is no exaggeration that any service you might need is less than 10 minutes’ walk from anywhere else in Hamilton — coffee, a take-out lunch, or fine dining are all just a few steps away.

The point being that it is not merely small but surprisingly complete. n

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THE ECONOMY

Hamilton's Office Variety For landlords and tenants, it is the best of times, it is the worst of times Point House

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here is estimated to be a half million square feet of empty office space in Hamilton, and some say it’s a tenant’s market. But demand among top international companies for space in high-end buildings means landlords of impressive new properties situated on the waterfront in Hamilton, with even more impressive views, are still able to enjoy top rental returns. Newest among these buildings is Point House, where rent for the most prestigious space is said to be in the region of $100 per square feet – the highest for office space on the island.

Previously, the headquarters of the Bank of Bermuda and, later, HSBC Bermuda, the building is a product of the 1960s that was transformed for the twenty-first century by the Green family. The Green’s also bought the Hamilton Princess Hotel in 2012, and in 2013 built Waterloo House, another of the breed of prestigious new buildings in top demand from international companies looking to create the right image.

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 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 energy efficient systems.

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. n

Authentic Treasure

Coins

Treasure coins recovered from Spanish shipwrecks around the world and ancient artifacts spanning 2,000 years. Designed and crafted by Walker Christopher.

29 Front Street, Hamilton Located across from the ferry terminal 441.295.1466 • walkerchris@links.bm www.facebook.com/walkerchrisbda Bermuda Business Visitor 2024 35

WHERE TO STAY # Rooms

General Amenities

Business Amenities

Extras

Sports

199 low; 499 high

63 rooms and one 1-bedroom suite

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

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

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

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

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

14 (7 with kitchens, 3 with mini kitchens)

Pool and subtropical garden

All rooms have wifi access throughout

Air con, cable Golf or tennis can TV, fridge, be arranged microwave, safe, hair dryer, iron

Fourways Inn Middle Road, Small but 295– 395 Warwick Tel: 441-236-6517 elegant property high; Deluxe Fax: 441-236-5528 15 minutes from 225– Suite town 275 low

5 deluxe, 5 suites

Gourmet restaurant, bar, entertainment, pool

Meeting facilities,fax, Xerox and courier services

Air con, cable, Pool; golf, tennis kitchens in nearby rooms

Ledgelets Cottage Colony 6 Ledgelets Drive Sandys Tel: 704-6942 or 504-6962 Email: retreat@ theledgelets.com www.theledgelets.com @theledgelets

Bermuda history perfectly combines with modern island style at the Ledgelets Cottage Colony - a tranquil yet modern tourist retreat steeped in personality.

$199 & 599 Winter $310 & $870 Summer

Pool House Cottage - 1 bedroom Sunrise Cottage - 3 bedrooms All cottages fully appointed

Pool and lush, oldgrowth gardens Complimentary Wifi throughout the property Charging Bollards for Electric Vehicles

Complimentary Wifi throughout the property Designated workspace in each cottage Printing & Copying services available

A/C Cable TV / Streaming services BBQ Grills Laundry facilities Discounts on stays of 1 week or longer; Monthly stays are considered Property can be booked for Private Events Gift Shop

Golf at Port Royal Sport Fishing across the street Somerset Bridge Watersports + 5 Star PADI outlet, Dive Bermuda, a 5 minute walk; Located on the Railway Trail

Rosedon Hotel

City center & family-owned hotel with serene & relaxing rooms, personalized service, and multiple dining options.

From $400 depending on demand and season

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Private Pool, Multiple Gardens, Breakfast included in Rate, Fine Dining

Streamlines check-in and check-out, multiple conference facilities, and private dining options

Samsung Frame TVs, A/C, Nespresso Coffee Machines, Free WIFI, Mini Fridges

Golf, Tennis, Pickleball, Boating, and many other activities bookable with concierge

Rosemont Guest Suites 41 Rosemont Avenue, Pembroke Tel: 441-2921055 Email: rosemontguestsuites@gmail. com, www.rosemont.bm

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

$288 - $338 high $252 - $302 low

47 Studio and Swimming pool, one bedroom complimentary suites continental breakfast, wheelchair access Free Wifi

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

Terrace overlooking harbour, hairdryer, current vehicles charging point, smart TV with cable

Large swimming pool

Name

Description

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

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

Edgehill Manor Guest House Rosemont Avenue, Pembroke Tel: 441-2957124 Email: edgehill@logic.bm www.edgehill.bm

36 Bermuda Business Visitor 2024

$ Rates

WHERE TO STAY Name

Description

$ Rates

# Rooms

General Amenities

Business Amenities

Extras

Sports

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

An elegant From 525 boutique high From hotel centrally 299 low located on a tree lined lane near Hamilton

32 individually Buffet continental decorated breakfast and daily mini suites 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.

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

175 low – 500 50 Charming 50 high Guestrooms Room Resort located in the West of Bermuda on Ely’s Harbour, featuring cceanviews and amazing sunsets

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

425 low season - 740 high season

Bermuda Business Visitor 2024 37

WHERE TO STAY

WHERE TO STAY

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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.

www.willowbankresort.com

126 Somerset Road, Bermuda Create Memorable Experiences while getting the value you deserve at Willowbank Resort.

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. +1 (441) 234 -1616

38 Bermuda Business Visitor 2024

Reservations@willowbank.bm

DINING OUT

Our guide to the island’s top restaurants 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 and

the newly renovated Coral Lounge.

La Trattoria. 23 Washington Lane, Hamilton. 295-1877. $$. www.latrattoria.

2023

YOUR Y OU O R OFFIC OF OFFICEE

IN BE BERMUDA RMUD MUD DA

20th 2 0th Annual Edition 2019/20 2 019/20 Priceless

Living and working in

Inspiring ideas Inside top offices Landlord and tenant tips What’s new The |best Maps Housing suppliers Healthcare | Island Etiquette

Bermuda

Cost of Living | Schools Pets | Getting around And much more

WORLD-CLASS WORKSPACES

Pass me on for a greener Bermuda

Pass me on for a greener Bermuda

SPECIAL FEATURE:

Office Cleaning

 The highly respected annual  guide explaining what Bermuda is really like for expatriates,  guest workers and their families.

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

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

Superb food at affordable prices. Pizza, Indian curries, seafood and salads.

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

Centrally located with convenient parking and free Wi-Fi. Every Tuesday night, we have a Quiz night starting at 7:45 pm.

Also, great for special occasions. Please call for details.

To read the magazine online, go  to www.bermudamedia.bm 

BERMUDAMedia 

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Bermuda Business Visitor 2024 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 50 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 backdrop of the Atlantic Ocean and Bermuda’s pink sand at Elbow Beach set the perfect tone for a light lunch or an evening out at this award-winning Italian restaurant.

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

Delicious food and ocean views await you at this oceanfront terrace. Sea Breeze offers the perfect Bermuda experience to enjoy refreshing local and classic cocktails, sushi, tapas and the best Neapolitan style pizza on the island.

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 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 at the adjacent Wine Bar. 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

42 Bermuda Business Visitor 2024

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.

Robin Hood Pub & Restaurant. 25 Richmond Road, Pembroke, 295-3314.

robinhoodpub@logic.bm. $$ (Dine in or take out). Bermuda’s most popular sports bar with over 25 HD TV’s on 2 levels showing all your favorite sports.

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

Superb food at affordable prices. Pizza, Indian curries, seafood and salads. Great service, in a relaxed atmosphere, together with our outside bar and patios. Centrally located with convenient parking and free Wi-Fi. The Red Carpet. 37 Reid Street, Hamilton. 292-6195. $$. Reservations recommended. Smart casual. Continental & seafood restaurant.

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

DINING OUT

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.

Café Lido. Elbow Beach Hotel, Paget.

236-9884. www.lido.bm. $$$$. The backdrop of the Atlantic Ocean and Bermuda's pink sand at Elbow Beach set the perfect tone for a light lunch or an evening out at this award-winning Italian restaurant.

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.

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

Fourways Inn. 1 Middle Road, Paget.

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

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

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

Mickey’s Beach Bistro. Elbow Beach Hotel, Paget. 236-9884. www.lido.bm. $$$.Re-opening Spring/Summer 2024.

The only true bistro on the island, right on the sand. Offering fun and eclectic menu, loved by visitors and locals.

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

Sea Breeze Lounge. Elbow Beach Hotel, Paget. 236-9884. www.lido. bm. $$$. Delicious ocean views await you at this oceanfront terrace. Sea Breeze offers the perfect Bermuda experience to enjoy refreshing local and classic cocktails along with seasonal live entertainment.

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

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. n ◆ A hidden local gem for over 40 years ◆ Refined continental dining ◆ Delightful cocktails ◆ Delectable seafood dishes

37 Reid Street, Hamilton 292-6195 Lunch 11:30 am - 3:00 pm Dinner 6:00 pm - 10:00 pm Closed Sundays and holidays All major credit cards accepted

Bermuda Business Visitor 2024 43

TIME OUT

Put on your running shoes Y

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.

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

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Cigars for aficionados, Cigars for aficionados, connoisseurs and those connoisseurs those who are just darnand curious.

who are just darn curious. 

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Business on the beach

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

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

TIME OUT

Friday night fever

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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

A local production of South Pacific. Visit www.bmds.bm and search for Gilbert & 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 2024 45

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. n

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

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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 2024 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 make offshore 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.

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Bermuda is an ecological treasure island

TIME OUT Waiting for a bite. A deep sea fishing trip is 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 2024 49

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

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HEALTH

Cancer Care in Bermuda C ancer doesn't wait for anyone, anywhere. Whether you're on a business trip, an extended stay in Bermuda, or right at home, knowing about the available cancer and health services on the Island is crucial. At Bermuda Cancer and Health Centre, we're committed to providing top-tier care and support to our community.

Understanding Your Risk Factors Our commitment to cancer prevention begins with helping individuals identify and comprehend cancer risk factors. We help people understand the importance of recognising these factors through free community and workplace education programs. Knowledge is power; understanding your risk is the first step towards a healthier future.

Screening and Diagnostic Services Don't let travel be a reason to delay your annual screenings. Time is of the essence in cancer treatment. Early detection significantly improves treatment success rates. Our CAR-accredited mammography service offers 3D digital mammograms, the gold standard in breast cancer detection.

Our on-site radiologist interprets images, reducing the time between your appointment, result reporting, and further steps if needed. If an anomaly is detected, we offer diagnostic imaging, including additional mammograms and breast ultrasounds, providing precise insights into breast health.

When cancer is suspected, our ultrasound-guided and stereotactic breast biopsies are instrumental. A biopsy provides the definitive diagnosis to chart the best course of action.

Coordinated Your Breast Cancer Care The Centre hosts a weekly breast multidisciplinary team comprising experts in breast radiology, oncology, surgical consultation, pathology, and other key care areas. Together, they devise personalised treatment plans tailored to each patient's unique needs, cancer type, and stage.

Radiation Therapy Excellence Our state-of-the-art radiation therapy unit, purpose-built with the patient in mind, can treat 95% of all cancers requiring radiation therapy. We're proud

of our commitment to excellence, led by award-winning oncologists and accredited by the American College of Radiology.

Additionally, through a radiation therapy alliance with Dana-Farber Brigham Cancer Center, the radiation therapy unit provides treatment, care, and outcomes at an internationally acclaimed standard. Using the same advanced treatment systems and protocols, we ensure that our patients receive the highest level of care right here in Bermuda.

Equal Access for All At Bermuda Cancer and Health Centre, we believe in equal access to care.

Through community events, donations, and direct contributions, our Equal Access Fund allows us to subsidise our services. Thanks to our generous community, the Centre does not charge co-pays, regardless of your insurance coverage.

Join us in the fight against cancer.

Learn more about our clinical services and the Equal Access Fund at chc.bm.

Together, we're making strides towards a healthier Bermuda. n Bermuda Business Visitor 2024 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.

©2024 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.

Your home.

The people you love.

Things that need a particular kind of protection and service.

The kind Chubb provides.

Not just coverage. Craftsmanship.SM

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