Visit Bermuda Business & Real Estate Guide

BUSINESS & RELOCATION

BUSINESS & REAL ESTATE GUIDE Featuring Workplace and Relocation Information

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Bermuda 2022/23 V I S I T B E R M U D A N O W. C O M

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BUSINESS & RELOCATION

By Je f f rey L a i g n

J u m p - S t a r t

Y o u r

BUSINESS WHEN IT COMES TO BUSINESS AND FINANCE , TINY B ERMUDA IS A GLOBAL GIANT.

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BUSINESS & RELOCATION

Bermuda Means Business This oldest of British Overseas Territories has long leveraged a combination of unique elements that make it easier for businesses to operate.

English, for example, is the lingua franca, as it is amongst business hubs around the world. The Bermuda dollar is on par with the U.S. dollar. And Bermuda’s location 650 miles off the U.S. East Coast positions the island conveniently between North American and European markets, with direct daily flights to key cities. Thus, Bermuda punches well above its weight in international commerce.

In addition, Bermuda’s unique tax-neutral system, designed more than a century ago to support its own infrastructure, does not differentiate between foreign and local enterprises. Bermuda’s many tax-transparency treaties, beneficial ownership register and brand-name bricks-and-mortar companies underscore its blue-chip status as a place to do genuine business.

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But that’s not the primary reason for Bermuda’s attraction to most global companies; rather, the island’s world-respected regulation, its compliance and global leadership with anti-money laundering and anti-terrorism financing standards, its mature cluster of expertise, one-stop-shop appeal and the speed to market are the key drivers.

Bermuda’s infrastructure is advanced, including excellent telecommunications and a fully electronic stock exchange. A full member of the World Federation of Exchanges and affiliate member of the International Organisation of Securities Commissions (IOSCO), the Bermuda Stock Exchange (BSX) is recognised for commercially sensible listing requirements. It represents a leading market for the listing of investment funds, debt- and insurance-related securities, and those of small to medium enterprise firms.

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t only 21 square miles, Bermuda is an international hub of business opportunities. In fact, global business is being done daily to the tune of billions of dollars amid the pastel buildings, balconies and palm-lined sidewalks of Hamilton, the capital city.

It almost defies belief that such a small Atlantic jurisdiction could rank amongst the globe’s top two reinsurance hubs or support a half-million jobs worldwide. Yet the island’s diminutive physical scale belies its substantial economic impact — one that is only increasing amid an evolving regulatory landscape and rapid globalisation.

Why Bermuda? Offering robust regulation, tax transparency, world-class talent and leading markets for reinsurance, trusts, wealth management, FinTech and private-client structures, Bermuda appeals to companies and entrepreneurs looking to relocate to a jurisdiction whose quality of life matches its business opportunities.

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

Image courtesy of Bermuda Business Development Agency

Bermuda Is Connected Because of the island’s strategic location and reputation for security and growth, Bermuda enjoys key trade relationships with the United States, Canada, the United Kingdom, continental Europe and Asia.

Bermuda in addition is well trusted by the global financial community. In 2016, Bermuda became one of just two non–European Union jurisdictions to win full equivalency under Europe’s Solvency II Directive regulating reinsurers. The decision by the European Parliament highlighted its faith in Bermuda’s ability to regulate to the highest standards.

Bermuda is also ranked as a “reciprocal jurisdiction,” a new designation introduced in 2019, in addition to being a “qualified jurisdiction,” on the other side of the Atlantic by the U.S. National Association of Insurance Commissioners (NAIC).

Bermuda Is Blue-Chip Reliable Bermuda is home to a wealth of world-class talent. Within the two-square-mile City of Hamilton are leading accounting firms, along with auditors, financial advisers, lawyers, IT specialists, actuaries, reinsurance underwriters, brokers, fund administrators, corporate secretaries and a full gamut of support services. These quality financial intermediaries have a decades-long history of collaboration, which differentiates Bermuda from other business destinations.

Established in 1969, the world-respected Bermuda Monetary Authority (BMA) celebrated

50 years of service last year and underpins Bermuda’s success as a top financial services centre. Responsible for overseeing all financial enterprises, as well as issuing the island’s currency, the BMA works closely with industry, government and international regulatory bodies to keep its approach responsive and contemporary.

The BMA’s sophistication as a commercial insurance regulator speeds capital to markets to take on global insurance risk. Responsive legislative updates also keep Bermuda at the forefront of corporate governance.

Bermuda’s international business sector counts an estimated 3,700 international business employees — including 2,000 (60 percent) Bermudians — who contribute directly to all economic sectors, from retail to transport. More than 60 percent of Bermuda’s vital foreign revenues can be attributed to this activity. Bermuda’s economic model also supports close to 500,000 jobs globally, creating and supporting jobs with its onshore trading partners. This includes an estimated 300,000 jobs in the United States, 30,000 in Canada and 70,000 in the United Kingdom through trade, foreign direct investment and portfolio investment capacity.

The biggest engine for Bermuda’s own economy is the insurance industry, which traces its roots back to the 1960s, when the world’s first captive (self-insurance) companies were established. Today, Bermuda is the captive market’s global leader, with over 700 companies generating more than $40 billion in annual gross written premiums.

Bermuda appeals to companies and entrepreneurs looking to relocate to a jurisdiction whose quality of life matches its business opportunities.

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Ensuring the risks of mostly Fortune 500 companies, captives help corporations rein in costs and mitigate risk; they are also becoming increasingly popular tools for wealth preservation and succession planning for high-net-worth individuals and family offices.

The mid-1980s saw the establishment of global commercial insurers and reinsurers, followed in the 1990s and early 2000s by consecutive capital-rich waves of “big cats” — or propertycatastrophe specialist firms. These followed high-severity events like Florida’s Hurricane Andrew and 9/11, providing critical capacity to the insurance marketplace and transforming Bermuda as a result.

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

But insurance is not the only industry powering Bermuda’s economy. The domicile was one of the first international trust jurisdictions and today is a premier centre for trusts, wealth-management and private-client structures and family offices. It is also a major asset-management centre, with numerous funds, fund managers and fund administration companies represented.

Shipowners and ship-management companies also form a key sector, along with a full

range of maritime services; and Bermuda’s registry for superyachts, tankers, cruise ships and vessels of all types is renowned as a Class 1 member of the prestigious British Red Ensign Group. The island’s aircraft registry is similarly known since its establishment in 1931 for high safety standards and regulatory oversight.

Numerous new industries are also choosing Bermuda as a home jurisdiction, diversifying the island’s economy. Technology start-ups, including blockchain and virtual assets businesses, are attracted by the same advantages that have helped the more traditional industries of insurance and financial services flourish here for decades.

Helping attract new industry and support established sectors is the Bermuda Business Development Agency, a public-private unit established in 2013. The agency serves to safeguard and enhance Bermuda’s world-leading platform for doing business and acts as a business concierge, supporting existing companies and proactively targeting investment and connecting new prospects with industry, government and regulatory bodies to make setting up in Bermuda a smooth process.

Bermuda Is Safe Bermuda’s economy is secure and growing.

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

In addition, Bermuda’s legal system enjoys a trusted history. More than 400 years old, Continued on page 10

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BUSINESS & RELOCATION

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BUSINESS & RELOCATION

BY MIKAELA IAN PEARMAN, BERMUDA SKYPORT CORPORATION LIMITED

THE LF WADE INTERNATIONAL AIRPORT’S NEW TERMINAL SHOWCASES BERMUDA’S SENSE OF PLACE FOR TRAVELLERS WHILST OFFERING A DEEP RANGE OF AMENITIES AND SHOPPING/ DINING EXPERIENCES.

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or decades, visitors have flocked to Bermuda for its worldclass beaches, friendly people, wonderful accommodations and all-round hospitality. Bermuda is known as a five-star destination and prides itself on being luxurious and inviting. And now, Bermuda’s award-winning LF Wade International Airport is up to the same standard, having opened its new state-of-the-art passenger terminal in December 2020.

There are three exciting restaurants, incredible retail spaces, two Primeclass VIP lounges, a unique Bermudian Sense of Place and much more. The ground floor is approximately 182,000 square feet (17,000 square metres). It houses the new Departures Hall with passenger check-in kiosks and counters, baggage and passenger screening and an expansive U.S. pre-clearance facility.

The Arrivals concourse includes a bright and open Immigration and Customs processing area, with retail facilities and restrooms.

The second floor is approximately 127,000 square feet (12,000 square metres) and houses the U.S. and International hold lounges, retail shops, Primeclass lounges and indoor and outdoor dining areas. Additionally, the new terminal features state-of-the-art technology, including self-service check-in kiosks, an information centre, streamlined outbound security lanes with CT scanners for faster processing and eGates on arrival.

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The restaurants are The Whistling Rum Bar & Grill, Rock & Barrel Gastro Bar and The Heron & the Sea Public House, whilst a Grab ’n Go option is also available for passengers on the move.

The Whistling Rum Bar & Grill is located before the check-in area and features a full-service outdoor patio offering an exceptional alfresco dining experience. Whilst inside, a modern, vibrant landside bar and grill serves passengers, airport staff and members of the community with tasty options, including jerk roasted chicken, fish tacos, fish chowder and warm rum cake.

Also featured will be a lineup of cold beers, international and sparkling wines, as well as a menu with signature cocktails.

In the U.S. Departures lounge, passengers can enjoy food and drinks at Rock & Barrel Gastro Bar — a restaurant with spectacular views over the runway and ocean inlet. Featuring design elements that draw inspiration from the natural woods, stones and turquoise waters of the island whilst blending in an eclectic industrial vibe, this restaurant is a hip, buzzing, fullservice gastro bar with signature Bermudian cocktails, local and international brews and freshly prepared island dishes. As the pièce de résistance, U.S.-bound passengers have the option to sit outside and enjoy the cool breeze and gorgeous ocean vistas from an open-air full-service patio.

Finally, the sophisticated and stylish Heron & the Sea is the main dining option in the International Departures area for all non-U.S.-bound flights, inviting guests to enjoy a deeply stocked cellar, global brews and classic Bermudian cocktails in a pub-influenced setting. Bermudian inspired dishes with a focus on seafood are offered at Heron & the Sea, where passengers can also enjoy an outdoor terrace.

The LF Wade International Airport recently won the Airport Council International (ACI) World Airport Service Quality (ASQ) Awards Best Airport in the Latin America and Caribbean Region for airports with two million annual passengers or less and the Best Hygiene Measures of any airport in Latin America and the Caribbean for 2021.

Image courtesy of Bermuda Skyport Corporation Limited

EYES TO THE SKY

“The new offerings in the new terminal are unlike anything in the existing terminal,” says Ken Hassard, commercial director, Skyport. “We have created new programmes and packages that appeal to the high-end traveller, business travellers and visitors alike. Additionally, there is a variety of new shops offering merchandise that will appeal to both visitors and Bermudians.

“A new feature is our pre-security restaurant, The Whistling Rum Bar, which we hope encourages travellers to come to the airport early and grab a meal with their friends or family before departing. The new restaurants and bars upstairs in the Departures lounges both include outdoor bars, which overlook the ocean inlets. This will bring back memories for older Bermudians who would sit at the outdoor terrace years ago and watch the planes arrive and depart.”

Another exciting new offering is the Concierge Service, which offers a fast-track arrivals processing and prearranged ground transportation to anywhere in Bermuda. The VIP service is available to book on the airport’s website. Primeclass VIP lounges in both U.S. and International Departures are also available for passengers to enhance their experience at the LF Wade International Airport.

New retail spaces, Love Bermuda and Somers Isle Trading, which won the 2021 DFNI Award for Airport in the Americas with the Most Supportive Approach to Retail and DFNI World’s Best New Store Opening 2021, are expansive with Bermuda-themed products, clothing, specialty chocolates, wine, spirits and much more. There are unique and intricate offerings for men, women and children.

Fresh contemporary concepts that embrace thoughtful and innovative design celebrating the Bermudian sense of pride and community are on full display. The shops spotlight the stories of the local artisans behind the brands, many of whom will be seen at the airport for the first time. In all, there are more than 45 Bermudian artisans, entrepreneurs and service companies featured, from spice blends to modern cedar gifts to artwork and much more.

The Bermudian Sense of Place was a very important component during the design phase. The new terminal has traditional Bermudian kite designs installed in the ceilings.

The designs are from winners of an islandwide contest. Additionally, Skyport launched a public art competition and there will be 10 pieces of specially curated work displayed throughout the terminal.

Photographs by Bermudian photographer Meredith Andrews are prominently displayed throughout the terminal with themes including fauna, Bermudian people, architecture and more — all holistically brought together to create not only a Sense of Place but a Sense of Bermudian Pride.

Another exciting development for travellers is the passenger boarding bridges. At the old terminal, passengers had to deplane on the tarmac when arriving in Bermuda, which is of course great on a sunny day but not so great during wind and rain. Six passenger boarding bridges are in place to take passengers to their departing aircraft and arriving passengers to the Arrivals concourse.

Defining Luxury Since 1936

bermuda@obmi.com +1 441.278.3550 bermuda.obmi.com

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COURTESY OF OBM INTERNATIONAL COURTESY OF OBM INTERNATIONAL

HARVESTING WATER V

isitors from across the globe are consistently enamoured by Bermuda’s charm, beauty and congeniality. They are equally attracted to the island’s unique architectural style. A recurring point of interest is Bermuda’s renowned white roofs. Time after time, guests to the island ask about the roofs and why they appear to have built-in steps. Whilst many of Bermuda’s traditions are easy to understand, the story behind the island’s roofs is more detailed and goes back a few hundred years.

With no rivers, streams or other freshwater basins, the early settlers to Bermuda required a means to harvest freshwater. It was at that time that the settlers conceptualised the notion to harvest rain by way of their roofs.

The concept is rather simple. Rainwater hits the lapped or weathered slate profile roof, which has a step-like appearance. The water then trickles down and is caught at the bottom of the “steps” by the rainwater glide or gutter. The gutter escorts the water flow into the rainwater

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leader or downspout. Water from the downspout is safely delivered to concrete water tanks or cisterns. Depending on the age of the home, water tanks can be found either underneath or beside every home in Bermuda.

Why the steps? In the 1600s, one of the more common Bermudian vessels was known as a Shallop. This modest vessel offered a “chine,” that is, a planked or lapped hull. The style of hull was designed for a smooth and steady glide in the water.

Given a large number of shipwrights were also homebuilders, the concept was employed in the design of the roofs. The slate to build Bermuda roofs overlapped one another and presented a step-like appearance. Not only was it proven to be aesthetically pleasing; it also determined the lapping (or step) formation slowed down the flow of heavy rainfall, making for efficient water collection.

Why white? Bermuda roofs are made of limestone, which is white in colour. In the past, lime mortar was used. However, these

days, roofs are painted with a lime-based whitewash. White is also the most logical colour to reflect sunlight and keep heat from penetrating the house.

You could say Bermudians are pioneers of water management — and a modest leader in water conservation. In 2018, delegates from Ghana visited the offices of OBMI, Bermuda’s oldest architecture firm. They spoke to the firm’s director, Colin Campbell, to understand how Bermuda uses water harvesting through tanks, underground tanks and water catchments. The preservation of water has been a matter of great interest in their country. The delegates were fascinated by Bermuda’s methodology of water harvesting and sustainable access to a clean water source. Needless to say, they were anxious to return home to further explore the option presented.

The exchange with Ghana is anticipated to start an alliance between architects in both regions, whilst the hope is for Bermuda to share its methods of water conservation with countries across the globe.

Image courtesy of OBM International

WHY A SEEMING ARCHITECTURAL QUIRK IS, IN FACT, AN INGENIOUS FORM OF CONSERVATION.

U S E F U L B U S I N E S S C ON TAC T S Bank of N.T. Butterfield & Son Limited, The Tel: 295-1111 butterfieldgroup.com

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

Bermuda Broadcasting Company Limited Tel: 295-2828 bermudabroadcasting.com

Bermuda Executive Services Tel: 296-5627 bermudaemployment.com

Bermuda Business Development Agency (BDA) Tel: 292-0632 bda.bm Bermuda Business Directory Tel: 295-4600 bermudadirectory.com Bermuda Chamber of Commerce Tel: 295-4201 bermudachamber.bm

Bermuda Government Tel: 295-5151 gov.bm Bermuda Government — Economic Development Department Tel: 294-2774 gov.bm Bermuda Hotel Association Tel: 295-2127 visitbermudanow.com Bermuda Monetary Authority Tel: 295-5278 bma.bm

Bermuda Philatelic Bureau Tel: 297-7865 gov.bm

Gateway Systems Limited Tel: 292-0341 gateway.bm

Bermuda Stock Exchange Tel: 292-7212 bsx.com

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

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

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

Bermuda Yellow Pages Tel: 297-9355 bermudayp.com

OBM International Tel: 278-3550 bermuda.obmi.com

Clarien Bank Tel: 296-6969 clarienbank.com

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

Electronic Services Limited Tel: 236-3885 electronicservices.bm

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

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BUSINESS & RELOCATION Bermuda’s court system can claim the distinctive legacy of having the oldest unbroken British roots outside the British Isles, a legacy grounded in English common law with recourse all the way as London’s Privy Council. More leading global law firms are setting up offices in the jurisdiction in recent years, joining legal powerhouses already established.

Combined with its stability and convenient location, Bermuda’s continued relevance in an era of change can be attributed to the same fundamental principles that have underpinned its development as a blue-chip jurisdiction for the last 70 years.

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

In a more recent example, Bermuda paid a third of the estimated $100 billion losses from 2017 Hurricanes Harvey, Irma and Maria. Bermuda insurers also make up a quarter of America’s medical liability insurance and reinsurance market.

Also, in the past decade, the island’s track record as a catalyst for change in the industry has continued, with the rise of alternative risk financing via “cat” bonds, insurance-linked securities (ILS) and other financial instruments merging insurance with capital markets. Today, Bermuda has the largest depository of ILS listings — $30 billion, or more than 80 percent of global capacity.

Bermuda Means Quality Against a stunning backdrop of pink-sand beaches, turquoise waters and pastel-coloured buildings, Bermuda’s safe and sophisticated island lifestyle is perfect for families as well as corporate relocations.

Bermuda is an attractive and sophisticated island with a lifestyle to match. A welcoming culture, stunning natural beauty, first-rate schools, top-tier healthcare, sports, an enriching arts and cultural scene, and a UNESCO World Heritage Site all help to create one of the highest standards of living in the world.

Thus, the territory provides an enviable environment for those who live here, whilst its probusiness culture and gold-standard regulatory

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regime offer global businesses a world-leading platform for commercial growth and innovation.

Moving to Paradise People choose to relocate here for many reasons, including attractive work opportunities, safe living conditions, overall quality of life and, of course, the island’s incredible natural beauty.

For most people who relocate to Bermuda, it’s their employer that takes care of the work permit logistics. Non-Bermudians are required to have a government work permit to work on the island, and standard permits are usually issued for periods of up to six years (with options for renewal). Once your work permit’s been secured, you can finally start settling into island life.

Bermuda’s safe and sophisticated island lifestyle is perfect for families as well as corporate relocations.

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Continued from page 4

COURTESY OF BERMUDA GOVERNMENT — ECONOMIC DEVELOPMENT DEPARTMENT

LOOKING AHEAD: BEYOND THE PANDEMIC Building on the success of its forays into Fintech, the Bermuda government has expanded its strategy, actively targeting economic development in various sectors.

It therefore charged the newly created Economic Development Department (EDD) to lead the jurisdiction’s postpandemic economic recovery. The EDD, led by Director Ray Jones, has the mandate of growing the local economy, attracting more business to Bermuda, generating incremental revenue, boosting foreign direct investment, increasing the size of the workforce, creating jobs and building an economy that would compel not just digital nomads of all nationalities but also Bermudians living and working overseas to come home.

The EDD’s Mission The EDD’s mission is “to advance the sustainable growth, development and diversification of Bermuda’s economy.”

In more practical terms, the EDD is working on achieving Bermuda’s economic development and diversification goals by prioritising the competitiveness of the island globally and by ensuring its attractiveness internationally as the place to relocate to. In relation to the pandemic, the EDD will continue to support Bermuda as it builds on its solid foundation of innovation and with unrelenting support for entrepreneurial enterprises.

Economic Diversification Economic diversification is a key element of economic development. The pandemic has proven that a lack of diversification can increase any economy’s vulnerability to environmental shocks, which would jeopardise the jurisdiction’s long-term economic growth and sustainability.

Not only is the EDD considering a shift towards more varied domestic production, but it is also deliberately placing self-

sufficiency and self-sustaining growth as its main focus. This is leading it to explore diversification in many forms: encouraging the creation, development, trade and export of new goods and services; shifting/ using existing goods and services to/in new markets; and finally, upgrading existing goods and services in innovative ways. It is also working with the private sector to identify niche areas and to partner in order to develop these strengths even further.

Attracting Foreign Investment With respect to attracting foreign investment, Bermuda is making it clear that it aims to be the home of innovation, the Silicon Valley of the Atlantic Ocean, the Davos of the deep blue sea. Digital nomads have been taking advantage of the jurisdiction’s one-year residency visa, which presents significantly favourable terms and renewal options. Companies are also domiciling and building a footprint of essence in the jurisdiction. They are benefiting from the presence of several local institutions and industry partners that strive to make their transition on-island seamless and advantageous: Corporate service providers are giving foreign investors timely and relevant advice, regulators are collaboratively helping clients along the way and the government is ensuring that oncoming organisations find in Bermuda a technology- and start-up-friendly government that is befitting their ambitions whilst remaining in line with best-inclass international standards of fiscal transparency.

Steady economic growth can be hard to maintain, especially in today’s environment of unpredictable events and constant change.

But with a solid business and regulatory foundation and an infrastructure that invites resiliency and innovation and that promotes self-reliance, Bermuda has every reason to go from strength to strength.

Small Pebble, Big Ripple.

At only 21 sq. miles, Bermuda is a leading offshore insurance/ reinsurance market with a proven world class reputation for progressive legislation, robust regulation, and as a centre for innovation. We’re now leveraging our expertise to become the world leader in Fintech.

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gov.bm/department/ economic-developmentdepartment

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

BUSINESS & RELOCATION BERMUDA GOVERNMENT — ECONOMIC DEVELOPMENT DEPARTMENT 129 Front St., Hamilton Tel: 294-2774 Website: gov.bm

From within the Ministry for the Cabinet Office, the Economic Development

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Department (EDD) creates and facilitates policies and implements plans that advance the sustainable growth, development and diversification of Bermuda’s economy. To that end, the EDD team analyses innovative developments and trends through research and stakeholder engagement and works to position Bermuda as an ideal test market for innovative product and industry development. Attention is given to the identification of legislative and policy solutions that enhance industry confidence and concierge services for new companies that are setting up in Bermuda. The department also actively coordinates the work of external agencies such as the Bermuda Business Development Agency and the Bermuda Economic Development Corporation. Additionally, it provides a clear education and training plan to drive innovation through foundational learning, fostering entrepreneurship, re-skilling Bermudians and enabling broad

access to knowledge. Finally, the department leads the implementation of Bermuda’s Economic Recovery Plan.

BERMUDA MONETARY AUTHORITY BMA House 43 Victoria St., Hamilton Tel: 295-5278 Website: bma.bm

The Bermuda Monetary Authority (BMA) is the regulator of Bermuda’s financial services industry. Established by statute in 1969, the BMA has changed significantly over almost five decades to meet the changing needs of the financial services sector on a local and global scale. The comprehensive macroprudential regulatory approach has become an integral part of its tool kit in reducing the risk of instability of the financial services sector. Coupled with this approach is the BMA’s support of Bermuda’s overall framework in order to create a secure and

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I NSI DE R’ S GUIDE

stable financial environment in Bermuda, whilst ensuring that the island remains an attractive jurisdiction for conducting local and international business. Additional responsibilities for the BMA 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 and other financial and monetary matters. The BMA develops risk-based financial regulations that it applies to the supervision of Bermuda’s banks, trust companies, investment businesses, investment funds, fund administrators, money service businesses, corporate service providers and insurance companies. It also regulates the Bermuda Stock Exchange BERMUDA PHILATELIC BUREAU Bermuda Post Office 56 Church St., Hamilton Tel: 297-7865 Website: bermudapost.bm

Other philatelic agencies and bureaus function as separate businesses apart from local postal services, whereas the Bermuda Philatelic Bureau (BPB) is a department of the Bermuda Post Office. The primary function of the BPB has been to provide sufficient stamps for the general use of the post. It has always been the BPB’s endeavour to keep in mind the philatelic collector and stamp enthusiast to ensure that stamps produced will be appealing and interesting. Proposed issues for 2022 include 100th Anniversary St. George’s Historical Society (May), 70th Anniversary Platinum Jubilee (June), Pow Wow (July) and Presentation Pack 2022 (November).

ELBOW BEACH CYCLES LTD. Elbow Beach Bermuda Resort & Spa 60 South Shore Rd., Paget Tel: 296-2300 Website: elbowbeachcycles.com

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

ELECTRONIC SERVICES LIMITED 26 Harvey Rd., Paget Tel: 236-3885 Website: electronicservices.bm

Electronic Services Limited is an audio-visual company with more than 30 years of experience. The firm provides technical support and equipment to major hotels, small properties and corporate offices in Bermuda.

Electronic Services Limited has worked with many large overseas production companies and meeting planners to provide custom services for clients with conventions and videoconferences in Bermuda.

OBM INTERNATIONAL Woodbourne Hall 1 Gorham Rd., Hamilton Tel: 278-3550 Website: bermuda.obmi.com E-mail: bermuda@obmi.com

OBMI is a global master planning, architecture, interiors, and landscape design firm established in Bermuda in 1936.

Their approach is inclusive, innovative and transparent. OBMI believes that building relationships with its clients is the foundation of a successful project.

Its robust portfolio embraces a selection of exquisite residential designs, largescale commercial and civic projects, boutique-style resorts and a variety of retail and restaurant transformations. With over 85 years of expertise in Bermuda and around the world, OBMI is recognised as an industry leader in design excellence.

OLEANDER CYCLES AND BERMUDA RENTAL CAR LTD. 6 Valley Rd., Paget Tel: 236-2453 Website: oleandercycles.bm Website: bermudarentalcar.com

Bermuda’s No. 1 scooter livery offering quality one- and two-seater scooters and fun, easy to manoeuvre two-seater cars at competitive rates. The new addition to their fleet — compact cars featuring A/C, Bluetooth stereo and electric windows — means that you can now travel around Bermuda in style and comfort.

You will receive five-star service and a safety demonstration with their friendly

staff. Oleander’s reputation is the best in Bermuda and has been earned since opening in 1964. They have locations at each end of the island in Dockyard and St. George’s, plus two in the centre of the island, including Hamilton and Paget. Free delivery or transportation via their courtesy vans to and from your hotel is available no matter where you are on the island. They are open seven days a week.

SMATT’S CYCLE LIVERY LTD. Hamilton Princess & Beach Club 74 Pitts Bay Rd., Pembroke Tel: 295-1180 South Shore Rd., Southampton Tel: 238-7800 Website: smattscyclelivery.com

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

Originally a small mom-and-pop shop, the family business was one of the first cycle liveries on the island. They are well known for their friendly and helpful staff.

For that reason, they enjoy many repeat customers who visit the island every year.

Navigate Bermuda’s highways, byways and hidden lanes on your scooter and discover Bermuda’s best-kept secrets. There are endless possibilities in Bermuda, and the best way to experience them all is on two wheels. The seat of a Smatt’s cycle is the best way to see the island — guaranteed!

WASHINGTON PROPERTIES (BERMUDA) LIMITED Church and Reid Streets, Hamilton Tel: 295-4186 Website: washingtonproperties.bm

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

Within easy walking distance to financial and legal services, transportation, parking, restaurants and shopping, it is hard to find a better location.

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BUSINESS & RELOCATION I M P O R TA N T C O N TA C T S ASSOCIATIONS AND CLUBS Bermuda Amateur Swimming Association Tel: 292-1713 Bermuda Bowling Club Tel: 236-5290

France: Nicole Haziza Tel: 777-5557

Bermuda Track and Field Association Tel: 296-0951

Germany: Jens Alers Tel: 295-0614

Bermuda Bridge Club Tel: 541-0551

Bermuda Triathlon Association bermudatriathlon.com

Bermuda Cricket Board of Control Tel: 292-8958

Big Brothers and Sisters of Bermuda Tel: 232-2802

Bermuda Dive Association, The Tel: 238-2332

Gilbert and Sullivan Society Tel: 735-1547

Bermuda Equestrian Federation Tel: 234-0485

In Motion School of Dance Tel: 292-7651

Bermuda Folk Club Tel: 291-2070 Bermuda Football Association Tel: 295-2199 Bermuda Golf Association Tel: 295-9972 Bermuda Hockey Federation bhf.bm Bermuda Karate Institute Tel: 292-2157 Bermuda Lawn Tennis Association Tel: 296-0834 Bermuda Musical and Dramatic Society Tel: 292-0848 Bermuda Physically Handicapped Association Tel: 293-8148 Bermuda Rugby Football Union brfu.bm Bermuda Sailing Association Tel: 295-7935 Bermuda School of Music Tel: 296-5100 Bermuda Society of Arts Tel: 292-3824 Bermuda Squash Racquets Association Tel: 292-6881

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Bermuda Sub Aqua Club Tel: 291-5640

VISIT BERMUDA

Jackson School of Performing Arts Tel: 292-5815 Lions Club/Hamilton Tel: 535-2222 Masterworks Foundation Tel: 236-2950 National Tennis Stadium Tel: 292-0105 Royal Bermuda Yacht Club Tel: 295-2214 Royal Hamilton Amateur Dinghy Club Tel: 236-2250 Walking Club of Bermuda Tel: 737-0437 CONSULATES U.S. Consulate General Tel: 295-1342 Portuguese Consulate Andrea Moniz Tel: 704-6338 HONORARY CONSULS Austria: Katarina Hoskins Tel: 494-4019 Belgium: Philippe Dutranoit Tel: 232-3902 Canada: Heather Conyers Tel: 292-2917 Denmark: Bent Poulsen Tel: 295-4806 Finland: John Riihiluoma Tel: 295-2244

Ghana: Dr. Leonard Teye-Botchway Tel: 292-0946 Ireland: John R. Kane Tel: 295-6574 Italy: Giocchino Di Meglio Tel: 295-5391 Jamaica: Winston Laylor Tel: 295-5264 Luxembourg: Curt Engelhorn Tel: 295-1082 Mexico: Rod Attride-Stirling Tel: 296-8314 Netherlands: Maria Peterich Tel: 236-4578 Norway: C.N.A. Butterfield III Tel: 295-5519 Spain: A.C.J. Dean Tel: 295-3062 Sweden: Jens Juul Tel: 293-7242 Switzerland: Fabian Schonenberg Tel: 295-5588 COURIERS DHL Worldwide Express 1 Midsea Lane, Pembroke Tel: 294-4848 dhl.com FedEx 3 Mills Creek Rd., Pembroke Tel: 295-3854 fedex.com

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

Mailboxes Unlimited 48 Par-la-Ville Rd., Hamilton Tel: 292-6563 mailboxesunlimited.com

Bermuda Monetary Authority bma.bm

UPS/International Bonded Couriers Dallas Building 10 Park Rd., Hamilton Tel: 295-2467 / 296-9479 ups.com / zipx.com

Bermuda Tourism Authority gotobermuda.com

Bermuda National Library bnl.bm

Bermuda Transport Control Department tcd.gov.bm

BermudaNIC (registrations) bermudanic.bm Central Policy Unit gov.bm Commission for Unity and Racial Equality communityandculture.bm Economic Development Department gov.bm Land Valuation Department landvaluation.bm Registrar of Companies roc.gov.bm Social Insurance Department socialinsurance.gov.bm Tax Commissioner gov.bm GROCERY DELIVERY Crown Point Grocery Services Tel: 705-0804 crownpointbda.com GROCERY STORES Harrington Hundred’s 99 South Shore Rd., Smith’s Tel: 293-1635 Lindo’s Family Food 126 Middle Rd., Warwick Tel: 236-1344 The Market Place Supermarket Islandwide Tel: 295-6006

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

Sea Express Ferry Tel: 295-4506 marineandports.bm

Wee Care Pediatrics Tel: 296-3032 bermudaweecare.com

Speciality Cinema Tel: 292-2135 specialitycinema.bm

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

NEWS Bermuda Broadcasting Company Limited bermudabroadcasting.com

Dentist: Coral Dental Bermudiana Arcade 27 Queen St., Hamilton Tel: 295-8040 LEISURE Bermuda Aquarium, Museum & Zoo Tel: 293-2727 bzs.bm Bermuda Arts Centre at Dockyard Tel: 234-2809 artbermuda.com Bermuda Breeze Buses Tel: 292-3851 gov.bm/bus Bermuda National Gallery Tel: 295-9428 bng.bm Bermuda National Trust Tel: 236-6483 bnt.bm Bermuda Society of Arts Tel: 292-3824 bsoa.bm

Miles Market 96 Pitts Bay Rd., Pembroke Tel: 295-1234

Bermuda Tourism Authority Tel: 296-9200 gotobermuda.com

HEALTHCARE Atlantic Caregiving Tel: 292-9690 atlanticcaregiving.com

Bermuda Underwater Exploration Institute Tel: 292-7219 buei.org

B.M.S.G. Health Express Urgent Care Tel: 292-0022 bermudamedical.com

Liberty Theatre Tel: 292-7296

The Family Practice Group Tel: 236-0001 fpgroup.bm The Hamilton Medical Centre (walk-in clinic for blood tests and TCD physicals) Tel: 400-8378 hamiltonmedicalcenter.bm

Masterworks Museum of Bermuda Art Tel: 299-4000 masterworksbermuda.org

Bermuda Weather weather.bm Bermynet bermynet.com Bernews bernews.com eMoo emoo.bm The Royal Gazette royalgazette.com OFFICE SUPPLIES P-Tech 2 Reid St., Hamilton Tel: 295-5496 PET STORES Pic-A-Pet 27 Church St., Hamilton Tel: 292-4554 POST OFFICES Bermuda Mail Processing Centre 2 Kindley Field Rd., St. George’s Tel: 293-1767 General Post Office 56 Church St., Hamilton Tel: 297-7893 Perot Post Office 11 Queen St., Hamilton Tel: 292-9052 PRIVATE SCHOOLS The Bermuda High School for Girls 19 Richmond Rd., Pembroke Tel: 295-6153 bhs.bm

Bermuda Montessori School 23 Rosemont Ave., Pembroke Tel: 292-7209 Mount Saint Agnes 19 Dundonald St. West, Hamilton Tel: 292-4134 msa.bm Saltus Grammar School 108 St. John’s Rd., Pembroke Tel: 292-6177 saltus.bm Somersfield Academy 107 Middle Rd., Devonshire Tel: 236-9797 somersfield.bm Warwick Academy 117 Middle Rd., Warwick Tel: 236-1917 warwick.bm TRANSPORTATION Bermuda Breeze Buses Tel: 292-3851 gov.bm/bus Bermuda Rental Car Ltd. Tel: 236-2453 bermudarentalcar.com BTA Dispatching Tel: 295-4506 Elbow Beach Cycles Tel: 296-2300 elbowbeachcycles.bm Oleander Cycles Tel: 236-2453 oleandercycles.bm Sea Express Ferry Tel: 295-4506 marineandports.bm Smatt’s Cycle Livery Ltd. Tel: 295-1180 / 238-7800 smattscyclelivery.com

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

Bermuda Institute 234 Middle Rd., Southampton Tel: 238-1566 bermudainstitute.com

VETERINARIAN Ettrick Animal Hospital 75 Middle Rd., Warwick Tel: 236-0007 visitbermudanow.com

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INFORMATION FOLLOWING ARE PRACTICAL TIPS AND USEFUL INFORMATION YOU WILL NEED WHILST ENJOYING OUR ISL AND PARADISE . ALL INFORMATION IS SUBJECT TO CHANGE , SO WE RECOMMEND CALLING TO VERIFY RATES , SCHEDULES AND MORE .

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Image courtesy of Bermuda Tourism Authority

BUSINESS & RELOCATION

visitbermudanow.com

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Image courtesy of Bermuda Skyport Corporation Limited

USEFUL INFORMATION

AIRLINES Air Canada................................. 888-247-2262 American Airlines.................. 800-433-7300 British Airways........................ 800-247-9297 Delta Airlines.............................. 800-221-1212 JetBlue Airlines.......................800-538-2583 United Airlines......................... 800-864-8331 WestJet.......................................888-937-8538 BANKING Banks are usually open 9 a.m. to 4:30 p.m., Monday through Friday.

There are many ATMs islandwide that dispense Bermuda dollars.

BUSINESS HOURS Generally, shops, businesses and professional offices open Monday to Saturday from 9 a.m. to 5 p.m. Clocktower Shopping Mall in Royal Naval Dockyard is open seven days a week, except Christmas Day and Good Friday. For more information on hours of operation, please visit dockyard.bm. Many grocery

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stores throughout the island are also open on Sundays with shortened hours. Grocery deliveries to your vacation property are available through Crown Point Grocery Services. Visit crownpointbda.com or call 705-0804 to arrange.

COMMUNICATION CALLING CARDS: You can buy pre-paid calling cards in denominations of $5, $10 and $20 from Fort Knox Bermuda Limited (400-5900; fortknox.bm). One Communications offers pay-as-you-go long-distance plans (700-7000; onecomm.bm).

INTERNET: Bermuda has a number of internet service providers offering Wi-Fi connections. The Bermuda Visitor Service Centres in Hamilton, Dockyard and St. George’s offer free Wi-Fi. Just sign up through the Bermuda Wi-Fi network. There is also free Wi-Fi available throughout the terminal at the L.F. Wade International Airport.

TELEPHONE SERVICES: • Call to Bermuda: Country code 1, area code 441 • Call to U.S. and Canada from Bermuda: 1 + area code + phone number • Call to the U.K. from Bermuda: 011/44/city code/phone number • Call to other countries from Bermuda: 011/ country code/city code/phone number • Call to international operator: 00 CURRENCY/CREDIT CARDS The Bermuda dollar is divided into 100 cents and is equal in value to the U.S. dollar; both are legal tender on the islands.

Bermuda introduced new bank notes in 2009 with distinctly Bermudian designs, featuring wildlife on one side and local landmarks on the other. The exchange of other foreign currencies is done in banks. Credit cards are widely accepted in stores, restaurants and hotels.

Visa and MasterCard may be used for cash advances at local banks. In addition,

HSBC Bank Bermuda Limited and The Bank of N.T. Butterfield & Son Limited provide ATMs island-wide for MasterCard, Cirrus and Plus cash advances. Visa, MasterCard and American Express cards are accepted mostly everywhere on the island.

THE VISIT BERMUDA APP Find useful information at your fingertips.

CUSTOMS/DUTY U.S. residents who have been out of the country for 48 hours or more may take home items valued up to $800 once every 30 days without incurring duty. Adults may include 200 cigarettes, 50 cigars and one litre of alcohol within their exemption, plus a second litre if produced by a Caribbean Basin country. Original paintings, drawings and sculptures are duty-free but must be declared. For information regarding Cuban cigars and products, visit cbp.gov.

U.K. residents 17 or older may take home duty-free two litres of table wine and one litre of spirits or liqueurs, or two litres of fortified or sparkling wine or other liqueurs, plus 200 cigarettes or 100 cigarillos, or 50 cigars or 250g of tobacco, plus 60cc of perfume and 250cc of eau de toilette, plus other goods worth up to £145. Visit hmrc.gov.uk.

Canadian residents who have been out of their country for 48 hours or more can claim up to CAN$300 worth of goods without paying duty if they carry the goods with them. After each absence of seven days or more, Canadian residents can claim up to CAN$800 worth of goods without duty. For more information, visit cbsa-asfc.gc.ca.

Bermuda

DRINKING AGE The legal drinking age is 18.

ELECTRICITY Electrical service is the same as in the U.S. and Canada: 110 volts, 60 cycles AC. IMPORTANT NUMBERS Alcoholics Anonymous ......................................................................... 297-0965 Ambulance................................................................................................................911 Animal Emergencies (SPCA).............................................................. 236-7333 B.M.S.G. Health Express Urgent Care...............................................292-0022 Bermuda Allergy and Asthma Relief Centre................................. 292-9258 Bermuda Diabetes Association...................................................................297-8427 Bermuda Maritime Operations Centre..............................................297-1010 Bermuda Red Cross................................................................................ 236-8253 Bermuda Tourism Authority............................................................... 296-9200 Directory Assistance.............................................................................................411 Emergency 24-hour counselling....................................................... 236-3770 Fire Service...............................................................................................................911 King Edward VII Memorial Hospital (emergency)..................... 239-2009 King Edward VII Memorial Hospital (general)..............................236-2345 Lamb Foggo Urgent Care Centre.....................................................298-7700 Physically Handicapped Association................................................293-8148 Police..........................................................................................................................911 Police/Central............................................................................................. 295-0011 Police/Somerset........................................................................................ 234-1010 Police/Southside...................................................................................... 293-2222 Weather forecast................................................................................................. 977 Women’s Resource Centre....................................................................295-3882

Shopping One-of-akind retail offerings

Dining Delectable delights for everyone

Activities Explore the island’s offerings

Available on the App Store and Google Play

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USEFUL INFORMATION LIFEGUARDS Lifeguards are stationed at the following beaches daily from 10 a.m. to 6 p.m.: • Clearwater Beach/Turtle Bay: May 24 to Labour Day • John Smith’s Bay: May 24 to Labour Day • Horseshoe Bay: May 1 to October 31 MOVIE THEATRES Watch a movie at Liberty Theatre, Union Square, Hamilton (292-7296) or Speciality Cinema & Grill, 12 Queen Street, Hamilton (292-2135, 295-2751; specialitycinema.bm).

The Media Lounge Cinema at the Cooperage Building in Royal Naval Dockyard is the perfect place to take a break and enjoy the air-conditioned, small and intimate, single-screen cinema showing the latest box-office hits.

PHOTOGRAPHY Bermuda boasts a treasure trove of talented photographers that can capture beautiful images for you during your visit.

Here are a few to consider: • Charles Anderson; charlesandersonphotography.com • Meredith Andrews; meredithandrewsphotography.com • Crown Point Photography; crownpointbda.com • Gavin Howarth; gavinhowarth.com POPULATION The 2021 population of Bermuda is approximately 62,090. (Source: Macrotrends.net) POST OFFICE The General Post Office is located at 56 Church Street, Hamilton, and is open Monday to Friday, 8 a.m. to 5 p.m., and Saturday, 8 a.m. to noon (297-7893). Local letters are 50 cents, and local greeting cards are 50 cents. Air mail to the United States, the Caribbean or Canada is $1.15; $1.35 to Great Britain; $1.35 to Europe; and $1.55 to Asia, Australia or New Zealand.

PUBLIC HOLIDAYS 2022/23 Bermuda Day........................... Friday, May 27 National Heroes’ Day.......Monday, June 20 Emancipation Day...........Thursday, July 28 Mary Prince Day (formerly

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Somers’ Day).......................Friday, July 29 Labour Day............................Monday, Sept. 5 Remembrance Day................. Friday, Nov. 11 Christmas Day......................Sunday, Dec. 25 observed on.....................Monday, Dec. 26 Boxing Day.......................... Tuesday, Dec. 27 New Year’s Day............Sunday, Jan. 1, 2023 observed on........................ Monday, Jan. 2 Good Friday..............................Friday, April 7 RADIO STATIONS Bermuda Broadcasting Company Limited (295-2828; bermudabroadcasting.com); Ocean 89 – Top 40; Power 95 – R&B; Inspire 105 – Country SMOKING Smoking in public places, including restaurants and bars, and the sale of cigarettes from vending machines are banned in Bermuda. Offenders face a $1,000 fine.

TAXES AND GRATUITIES There is no sales tax. At most restaurants, a 15 to 17 percent tip will be added to your bill. At hotels, a 7.25 percent hoteloccupancy tax, a 2.5 percent tourism guest fee and a 10 percent service charge are added to your bill.

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

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

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

FERRIES: A unique and reliable way to travel around Bermuda is on the Sea Express ferry system. Four public ferry routes offer a picturesque alternative for travel around the island. All ferries depart from the Hamilton Ferry Terminal on Front Street. Note: Cash is not accepted on the ferries. For up-to-date schedules, visit marineandports.bm or call 295-4506.

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

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

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

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

BUS AND FERRY FARES: Cash fares (on buses only) are $3.50 for up to three zones, $5 for up to 14 zones. It is cheaper to use tokens, tickets or a pass on both the bus or ferry. You can buy a book of 15 tickets for $25 for three zones, and $37.50 for 14 zones. Alternatively, tokens are $2.75 for up to three zones, $4.50 for up to 14 zones. Children under 5 years of age ride free, and ages 5 to 15 for $2.75.

An unlimited one-day pass is $19; two-day, $31.50; three-day, $44; four-day, $48.50; and one-week, $62. An unlimited one-day pass for children is $9.50; two-day, $16; three-day, $22; four-day, $24.50; and oneweek, $31. All fares, tokens, tickets and passes are the same for buses and ferries.

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

SCOOTERS, BICYCLES AND CARS: Rentals are available by the day or the week. Prices vary, but daily rates range from $40 to $50 for a singleseat scooter. Double-seat scooters are slightly higher. It is mandatory for both drivers and passengers to wear helmets, which are included with the rental. A $30 non-refundable insurance waiver is also required. You must be 18 or older to rent a motor scooter or a moped, and most rental agencies will require that you demonstrate the ability to operate the vehicle properly following an instructional session on safety and handling. Contact Elbow Beach Cycles Ltd. (296-2300), Oleander Cycles (236-2453), or Smatt’s Cycle Livery (295-1180 or 238-7800).

Visitors can now explore the island by renting two-seated electric vehicles from Bermuda Rental Car Ltd. (236-2453; bermudarentalcar.com) or from Current Vehicles Bermuda (currentvehicles.com).

These electric cars can travel up to 50

miles on a single charge, and recharging stations are found throughout the island.

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

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

You can bring your bike aboard a ferry. Rental rates range from about $30 a day, with $15 insurance waiver required.

If you need a little bit more help pedalling, try a hybrid electric bike.

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

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

All taxis are metered at governmentset rates, and exact change is required.

N E W S

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Current taxi fares are as follows, based on travel between 6 a.m. and midnight: • For a one- to four-passenger taxi: $7.90 USD for the first mile, $2.75 USD for each additional mile • For a five- to seven-passenger taxi: $9.95 USD for the first mile, $3.50 USD for each additional mile Fares are 25 percent higher for oneto four-passenger taxis, and 50 percent higher for five- to seven-passenger taxis, between midnight and 6 a.m., all day on Sunday and on public holidays. Taxi businesses include Bermuda Island Taxi (295-4141), BIU Taxi Co-op Transportation (292-4476), BTA Transport Taxis (296-2121), CEO Transport Limited (234-4366 or 1-855-859-6454) and Quality Transport (337-2578).

Bermuda’s taxi drivers are great guides, too. No one knows the best destinations better than they do. Taxi drivers displaying tour guide flags are qualified tour guides.

The sightseeing rate is $50 USD per hour for a one- to four-passenger taxi or $70 USD per hour for a five- to seven-passenger taxi.

B U S I N E S S

·

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

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

Wheelchair accessible taxi: Renalda Bean Sr. (334-8835). Wheelchairaccessible minibus: Access Bermuda Disabled Transit (295-9106)

S P O R T S

·

R A D I O

FEATURING THREE GREAT OPTIONS FOR YOUR LISTENING PLEASURE

Top 40

R&B

The Family Station

4 Fort Hill Road +441 295 2828 | Newsroom: +441 292 4992 News@bbc.bm | sales@bbc.bm

bbc.bm | bermudabroadcasting.com visitbermudanow.com

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Image courtesy of Azura Bermuda

A

S l i c e

o f

PARADISE THERE ARE PLENTIFUL OPTIONS FOR MAKING BERMUDA A SECOND OR

VACATION HOME DESTINATION – AND A GREAT INVESTMENT FOR THE FUTURE .

REAL ESTATE

ermuda is an ideal location, which is easily accessible with daily direct flights to U.S. gateway cities, Toronto and London.

The island has a safe and modern infrastructure and high standard of living, with excellent healthcare and a temperate climate.

Inclusive of Bermuda’s pink-sand beaches, turquoise water and culture, with so much to offer, it’s understandable visitors may want to own a piece of paradise.

Ownership Options For those working in Bermuda for an indefinite period, or those choosing to make this island a vacation-home destination, there are many ownership opportunities available.

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Vacation property owners now have more to choose from as hotel developers have entered the market with luxury and affordable options. For some time, luxury fractional condominiums have been on the market, though the ability to come and go as you wish can be limited.

The Azura Bermuda development, nestled on the cliffs along Bermuda’s coveted stretch of South Shore beaches, is located just 10 minutes from the City of Hamilton. Available for purchase are spectacular full-ownership one- to four-bedroom residences which start in price from $950,000.

Tucker’s Point, on Bermuda’s prestigious East End, is another luxury resort community offering multiple ownership options and an extensive list of exclusive privileges.

On the higher end of the condo market, the newly opened St. Regis Bermuda Resort and Residences in St. George’s is available for purchase by international buyers and Bermudians alike.

Image courtesy of The Property Group

B

Written by Buddy Rego, President, Rego Sotheby’s International Realty

DISCOVER YOUR ISLAND HOME OFFERING NEW OCEANFRONT RESIDENCES FROM $950,000

. Contemporary and luxurious full-ownership opportunities

. Available to Bermudians, Work Permit Holders and International Buyers

. Enjoy the turn-key benefits of hotel services and rental income opportunities . No license fee for International Buyers, plus additional government incentives

CONTACT BETSY ROBBINS-MUTCH | TEL: (441) 599-2525 | EMAIL: BETSY@ISLANDREALTYBERMUDA.COM WWW.ISLANDREALTYBERMUDA.COM

REAL ESTATE

Buying Real Estate in Bermuda Look for an experienced real estate agent who can give you access to the entire market. Once you have chosen an agent, you can rely on him/ her to be able to fulfil all your needs and narrow down your search.

Non-Bermudians purchasing property in Bermuda must apply for a licence through a local attorney. Financial and personal references are required as part of the application process, which may take up to six months from the date of the contract. Additional fees range from 6.5 percent for a property within a hotel development, 8 percent for a condominium and 12.5 percent for a residential home.

Condominiums and houses outside of the hotel tourism properties must have a minimum ARV (annual rental value) that qualifies them to be bought by a non-Bermudian. This policy protects the affordable housing that can only be bought by Bermudians. Resort hotel condos for international buyers start at around $375,000.

Houses start at around $2.5 million. Per regulations that took effect in March 2021, leasehold condominiums are no longer available to overseas buyers unless they have a Residential Certificate or the condo is in a government-

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approved resort development. If an overseas buyer wants a leasehold condominium outside a resort development, he or she must invest $2.5 million to trigger the process, apply for appropriate certificates and wait five years to purchase.

Like many places, Bermuda’s market is seen as an opportunity for buyers. Older properties in need of renovation provide that for industrious buyers, whilst the newer developments as mentioned above are turnkey, with contemporary finishes and amenities. The upcoming year is sure to be an exciting year for vacation home buyers, with the Bermuda Tourism Authority onboard in terms of creating greater opportunities and developments, which will make Bermuda the ideal location for a second or vacation home.

There are innumerable enticements to living here, including no income tax, no wealth tax, no capital gains tax or other direct taxes — not to mention the enhanced quality of life and culture.

As a result, many have found the island to be a convenient, sophisticated haven. Mark Twain said it best: “You can go to heaven if you want to. I’d rather stay in Bermuda.”

There are innumerable enticements to living here, including no income tax, no wealth tax or other direct taxes — not to mention the enhanced quality of life and rich culture.

Image courtesy of The Property Group

The new contemporary hotel will include 120 rooms and suites and will feature an 18-hole golf course designed by Robert Trent Jones Jr. This resort will be the island’s first hotel casino and offers world-class amenities, including multiple restaurants featuring oceanfront dining, spa, pool, lounge bar, beach and marina. For those looking to avoid the limitations of fractional ownership, this is an ideal option. The luxury condominiums starting at $1,800,000 are available for purchase and can enjoy all the amenities located and offered by the hotel resort.

More affordable “condo hotel” units are available on the island, starting at prices of $375,000 for a studio at the Bermudiana development on the coveted South Shore. One-, two- and threebedroom options are available as well. This flexibility in offering has spiked interest amongst vacation goers, particularly families.

At Newstead Belmont Hills Golf Resort & Spa in Paget you can have fully deeded ownership in a studio or one- and two-bedroom residences with prices starting at just $59,500. Each has a fully equipped kitchen and offers a tranquil escape with panoramic views of Hamilton Harbour.

This is your life,

own it.

Live the life of island luxury year round.

Your waterfront home at the Newstead Resort is ideally, centrally located on the prestigious Harbour Road and a five-minute private water taxi ride from downtown Hamilton.

For golfers, your membership at the stunning Belmont Hills Golf Club awaits just minutes away by our private shuttle.

Ownership is easier and more affordable than you think!

P.O. BOX HM 3055 • HAMILTON HMNX Each office is independently owned and operated

Lisa Smith Outerbridge

David Boyce

1 (441) 517-0769 lisa.outerbridge@kwbermuda.com www.kwbermuda.com

1 (441) 504-4866 david.boyce@kwbermuda.com www.teamboycerealestate.com

Ask us about Whole Ownership residences or dip your toes in with Shared Ownership.

REAL ESTATE

BY JEFFREY LAIGN

THE REAL DEAL AN INVESTMENT IN BERMUDA REAL ESTATE BRINGS HIGH RETURNS.

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Azura Bermuda Embracing the dramatic beauty of Bermuda’s coveted South Shore coastline, the Azura enclave is Bermuda’s newest beachfront resort. Nestled on the cliffs overlooking a pristine private beach, Azura offers discerning buyers a luxurious and unique oceanfront ownership opportunity — and visitors a stunning new hotel. Azura’s property is just 10 minutes from the City of Hamilton and in close proximity to excellent restaurants, spas, tennis clubs, award-winning golf courses and the famed Railway Trail. Available for purchase are spectacular full-ownership residences from one to four bedrooms, starting at $950,000. The interiors feature the latest in contemporary design, elegant furnishings and floor-toceiling windows. Azura also offers its owners the possibility of investment income, through renting all or part of their residence through the Azura Hotel.

Bermudiana Beach Resort, Tapestry Collection by Hilton Picture life at a condo-hotel. This resort operates as a hotel but comprises one-, two- and three-bedroom condominiums to buy on a whole-ownership basis. You can spend up to three months each year here and take part in the hotel’s rental programme when your property is not in use.

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Amenities are plentiful. An ocean-view infinity pool, bar and restaurant overlook a pristine beach and turquoise reefs. You’ll also enjoy a gym, spa and yoga terrace. In addition, activities like cycling, jogging, hiking, tennis, golf and fishing are easily arranged.

When not in residence, you have the option of taking part in the hotel’s rental programme. Bermudiana Beach will handle all rental bookings for you. It is part of The Tapestry Collection by Hilton, with its global reservation system and 100-million-member loyalty programme, which helps drive occupancy and room

 DID YOU KNOW? Real estate in Bermuda is in high demand and short supply, but there’s an innovative way to make your dream a reality.

Image courtesy of Azura Bermuda

ith its stunning natural beauty and high standard of living, Bermuda is a haven for those who call it home. It’s no wonder that so many dream of relocating to this safe and scenic Atlantic archipelago. If you’re amongst them, consider this.

Real estate in Bermuda is in high demand and short supply, but there’s an innovative way to make your dream a reality: Purchase property at a Bermuda resort.

Live there full-time, make it your turnkey retreat or earn income by renting it out… or do all three.

Here are some island resorts with options to turn your investment dreams into the real deal.

rate. Revenue from guests is shared between you and the management company. Bermudiana Management Company handles all housekeeping, repairs and maintenance requirements for you.

In short, all the normal hassles of renting and maintaining a vacation home disappear, and you’re left with a perfect piece of paradise.

Newstead Belmont Hills At this prestigious golf and spa resort, you can own a waterfront home outright or part-time and enjoy rental income when you are not on-site.

Newstead offers the utmost in amenities: an infinity pool that seems to disappear into Hamilton Harbour, two lighted Har-Tru tennis courts, an Asian-inspired spa offering a comprehensive menu of replenishing treatments and healing therapies, as well as unparalleled play at Bermuda’s renowned Belmont Hills Golf Course.

There are two ways to invest in this island haven.

Buy your residence outright. A limited number of suites are available for purchase. You can live here with all the comforts of home — and all the amenities of a world-class resort. Owners who choose not to live full-time at Newstead have the option of placing their home into the resort’s rental pool to earn income.

Under the property’s shared vacation ownership programme, owners at Newstead purchase a fully deeded, transferrable interest (1/16 or 1/12) in one of the resort’s 44 studios, or in one of its one- and two-bedroom suites. You are guaranteed four to eight weeks of usage annually — two weeks at a time per year or one week at a time four times a year. Any weeks not required by the owner can be placed into the hotel’s rental programme.

Tucker’s Point Spanning more than 200 acres on Bermuda’s prestigious East End, Tucker’s Point is a thoughtfully designed luxury resort community that offers multiple ownership opportunities, ranging from residential homesites starting at $800,000 to fractional residences starting at $199,000. Deeded fractional ownerships include five annual weeks of use and unlimited additional flex weeks.

Each offers “Owner’s Level” membership featuring priority tee times at the premier Tucker’s Point Golf Club, access to their legendary Beach Club, Tennis Centre, new Dive and Water Sports Centre, four swimming pools, several dining outlets and a long list of exclusive privileges.

Tempting? Who says you can’t have your Bermuda rum cake and eat it, too?

We’ve gathered everything you need to plan your stay, but please note that closures and cancellations may occur. Business hours and tour departure times are also subject to change due to COVID-19 protocols, so be sure to confirm details directly with your tour operator.

We encourage you to always follow the established protocols before, during and after travelling. For more information, visit gov.bm/ coronavirus-travellers.

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REAL ESTATE

COURTESY OF OBM INTERNATIONAL

BUILDING IN PARADISE T

he fantasy to buy or build a home in Bermuda is increasingly becoming a reality amongst visitors to the island. Designing a personal version of an island dream home can be exhilarating and daunting at the same time. The key to a successful project is thoroughly understanding the regulations and timelines involved with building a home in the middle of the north Atlantic.

The construction process in Bermuda is vastly different from those of North America, Europe and even the Caribbean. The island’s building codes and planning legislation for residential and commercial properties are meticulous and involve several vital components. For this reason and more, the primary

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source for reliable information would be from a local industry expert. Meeting with local firms such as the architects at OBMI is considered to be the more direct path to gaining valuable knowledge about Bermuda’s construction industry.

Local professionals will also work as the client’s advocate and liaise with the Planning Department to attain all the necessary permits. They will also ensure the building process adheres to government guidelines and codes.

Setting a budget and having realistic expectations is equally essential to the success of the project. Early in the process, conducting a quick budget analysis of your design options will allow you to determine if you can or cannot achieve your entire wish list. In addition, factoring in a 10 to 15 percent contingency to cover budget extras or renovation unknowns is a rule of thumb that should always accompany your estimates.

The island’s geographical location must also be taken into account. When planning and designing a home, confirming materials and local on-island availability is essential. Imported materials, clientpurchased finishes, fixtures and furnishings all impact the building schedule and budget. Timing the delivery of materials is an art; therefore, securing a local contractor, architect and interior designer is crucial to ensuring it all flows smoothly throughout the entire process.

In addition to the structural and interior components of the home, the exterior landscaping of the property is a quintessential feature of a Bermuda home. Local landscape architects are skilled in creating a sense of place by exploiting Bermuda’s native and indigenous flora and fauna. Regardless of the project scale, professional landscaping adds curb appeal and visual aesthetics and offers long-term return on any investment.

Ultimately, building a home in Bermuda could well be a test of endurance for the property owner.

However, by setting practical timelines, securing local experts and recognizing the options, building a dream home in paradise is both rewarding and worthwhile.

Image courtesy of OBM International

 DID YOU KNOW? The construction process in Bermuda is vastly different from those of North America, Europe and even the Caribbean.

I NSI DE R’ S GUIDE

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

REAL ESTATE AZURA BERMUDA 90 South Shore Rd., Warwick Tel: 232-9000 Website: azurabermuda.com

Azura, Bermuda’s newest boutique hotel and residential enclave, is located centrally just 10 minutes from Hamilton and is nestled on the cliffs along Bermuda’s coveted stretch of South Shore beaches. In Azura’s lofts and villas, owners enjoy the latest in contemporary interior design and dramatic floor-toceiling glass, not to mention stunning ocean

views. Hotel amenities include a private beach, pool, a spa, a fitness centre and the Azura Bistro & Bar. Ownership is available to international buyers and Bermudians alike, and the licence fee is waived for international buyers. Other financial benefits are government incentives and rental income opportunities through the Azura hotel.

Whether you seek a full-time residence or a turnkey luxury retreat, come and see the beautiful Azura residences for yourself. Full ownership residences available for purchase starting from $950,000.

KELLER WILLIAMS BERMUDA 9 Berry Hill Rd., Paget Tel: 236-0737 Website: kwbermuda.com

Keller Williams Bermuda should be your first choice when considering buying or renting Bermuda residential or commercial property. Formed between an affiliation with global real estate giant Keller Williams Worldwide and local Bermuda company Moura & Associates, Keller Williams

Bermuda has the benefit of combining experienced agents in the Bermuda market along with the leading-edge technology provided by Keller Williams Worldwide, their proven models for success and access to an unsurpassed global network. Their agents are equipped with the training, tools and skills to handle all of your real estate needs, knowledgeably and professionally, to the very highest standard. As part of the Keller Williams Worldwide family, Keller Williams Bermuda is now part of their Luxury Division; and they look forward to providing exemplary service for their high-end real estate clientele. Whether they represent the sale, purchase or rental of a luxury home in Bermuda, Keller Williams Bermuda is best qualified to assist you through the process.

NEWSTEAD BELMONT HILLS GOLF RESORT & SPA 37 Harbour Rd., Paget Tel: 236-6060 Website: newsteadbelmonthills.com Agents: kwbermuda.com

To find your home in paradise visit kwbermuda.com

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Image courtesy of Rego Sotheby’s International Realty

REAL ESTATE

P. O. Box HM 3357 City of Hamilton, HM PX Bermuda Tel: 303-482-2571 visitbermudanow.com heidijanepike@yahoo.com

Please note that closures and cancellations may occur. Business hours are also subject to change due to COVID-19 protocols. For more travel information, visit gov.bm/coronavirus-travellers.

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Official Business & Real Estate Guide of the Bermuda Hotel Association Cover photo courtesy of TABS — The Authentic Bermuda Shorts/ Nhuri Bashir

By Je f f rey D ol l a r L a i g n

J u m p - S t a r t

Y o u r

BUSINESS WHE N IT CO M E S TO B U S INE S S AND F INANCE , T INY B E RM U DA IS A GLO B AL GIANT.

Image courtesy of Cameron Pike

Bermuda 2022/23

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

Owning a vacation home in Bermuda is easier than you think. Waterfront property with a quick private boat shuttle to downtown Hamilton is waiting for you. Buy outright as your island home with all the amenities and benefits of being in a resort, golf course, spa, swimming pool, tennis courts, fitness centre, beach access, restaurants and all your usual comforts of home. Starting at $850,000. Or dip your toes in with a shared vacation ownership. Purchase a 1/6 or 1/12 fully deeded interest in one of their resort studios or onebedroom or two-bedroom suites. Owners are guaranteed to enjoy four to eight weeks of usage annually. Pricing starts at $59,500.

The Finest Real Estate

In Bermuda

THE PROPERTY GROUP LTD. Nautilus House 82 South Rd., Warwick Tel: 234-6900 Website: property-group.com

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

REGO SOTHEBY’S INTERNATIONAL REALTY 83-85 Front St., Hamilton Tel: 292-3921 Website: regosothebysrealty.com

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

WASHINGTON PROPERTIES (BERMUDA) LIMITED Church and Reid Streets, Hamilton Tel: 295-4186 Website: washingtonproperties.bm

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

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

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

Brittany Archer (441) 505-1466

www.property-group.com visitbermudanow.com

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