Investing in Bermuda
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INVESTING IN BERMUDA A PIECE OF PARADISE Opportunities for foreign investors 1 | A Piece of Paradise © ACEA 2017, photo by Ricardo Pinto 2 | A Piece of Paradise INTRODUCTION By Dr. the Hon. E Grant Gibbons, JP, MP By Peter C. Durhager, JP Minister of Economic Development, Chairman, Government of Bermuda America’s Cup Bermuda We are delighted to welcome sailing enthusiasts during the Greetings and welcome to Bermuda. America’s Cup and are confident that our sailing culture, turquoise seas and unique yacht racing conditions will be appreciated by Chances are, if you’re taking the time to consider this document, those who will be visiting Bermuda or watching from abroad. Bermuda has already moved you in some way. Our entire community is brimming with excitement about the privilege of Bermuda is honoured to host the 35th America’s Cup in May and hosting the 35th America’s Cup, and we hope you feel that positive June of 2017. Our normally tranquil Great Sound received a serious energy during your visit. shot of adrenaline in the spring of 2015, when America’s Cup crews first launched their wing-sailed, foiling AC45 catamarans. The experience over the past two and a half years of preparing to Chased by drones as they carved up the turquoise bay at speeds host the America’s Cup has cultivated a greater appreciation for as high as 40 knots, these slick and nimble 45-foot test cats not only Bermuda’s maritime and sailing assets but also for the practiced tactics, checked control systems, tacked and jibed and history, culture, and commercial opportunities that Bermuda has generally began getting to know the unique marine geography of to offer. The Cup has also refocused energy on motivating and the Island. developing young people through sailing and embracing its values, and Bermuda has a wealth of heritage and talent to share with the We are, of course, also proud of Bermuda’s long history as a world through education and philanthropy. domicile for international financial services and hospitality. This portfolio serves to highlight some of the opportunities that exist This portfolio forms a part of the legacy of the 2017 America’s for international investment in hospitality, financial services, Cup. It highlights some of the opportunities available to invest in infrastructure, real estate and philanthropy. Bermuda, whether in hospitality, infrastructure, through education and philanthropy or by purchasing real estate and becoming a We welcome you, our visitors, to Bermuda to share with us member of our community. the 35th America’s Cup and invite you to share your thoughts, passions and time during this amazing event and afterwards. Bermuda has a wonderful history of achieving progress by its own ingenuity as well as through attracting global talent and investment. The backdrop of the America’s Cup provides a wonderful opportunity for us to showcase interesting opportunities to you. The purpose of this document is to proactively highlight areas of potential investment in Bermuda. We hope you will consider this an open invitation to consider how your interests, innovation and experience may align with ours to mutual benefit. We will be pleased to discuss these and other opportunities with you should you be so inclined. Thank you for being here, enjoy the event and our fabulous island. A Piece of Paradise | 2 2017 Investing in Bermuda Magazine | 3 © ACEA 2017, photo by Giles Martin-Raget 4 | A Piece of Paradise CONTENTS: INTERNATIONAL BUSINESS BERMUDA TOURISM INFRASTRUCTURE: AN IN BERMUDA OVERVIEW 05 11 21 PHILANTHROPY IN DISCOVERING THE VALUE OF DIRECTORY BERMUDA BERMUDA REAL ESTATE 27 45 57 A Piece of Paradise | 4 INTERNATIONAL BUSINESS IN BERMUDA CONNECTING BUSINESS nnovation, quality and stability lie make doing business in Bermuda smooth at the heart of Bermuda’s appeal to and beneficial. international investors. Our island has always provided a safe harbour A democratic, self-governing British By Ross Webber CEO, Bermuda Business for enterprise and investment across Overseas Territory, Bermuda has a Development Agency I political, economic and social environment a broad range of industry sectors. That peace of mind is especially important amid that provides stability and consistency. a fast-changing regulatory climate with Bermuda offers solutions based on Besides Bermuda’s appeal from an global geopolitical challenges. its well-earned reputation as a leading investment and financial services international financial centre. With one perspective, the island is also an incredibly The Bermuda Business Development of the highest levels of GDP per capita in lovely place to be situated. Our climate Agency (BDA) works pro-actively to the world, as well as excellent education, provides a true getaway from mainland encourage direct investment. Our mission sophisticated telecommunications, access centres, yet our time zone-friendly location is to foster an environment conducive to to world-class healthcare, myriad cultural offers convenient connectivity to capital economic growth and job creation. We and sporting attractions, and sub-tropical markets and global business contacts, do that by supporting existing Bermuda physical beauty, our lifestyle is enviable by as well as direct daily access to major companies and helping new businesses to any standard. gateway cities in the US, plus Toronto and establish. London. Not only is our island one of the top three Consider us your conduit to fruitful global re/insurance centres, but we also To learn more about Bermuda as a world- relationships, whether you’re starting a have a long-established trust and private- class financial centre, come and visit us; new venture, expanding your business, or client sector, an increasing number of there is absolutely no better test than to relocating to Bermuda from elsewhere. family offices, a thriving funds industry, experience our island for yourself. In the The BDA connects you to industry peers, leading shipping and aircraft registers, meantime, we stand ready to answer any regulators, government officials and other plus a fast-growing blue-sky ecosystem questions you may have and to provide you key market stakeholders as you explore offering fintech, life-science, nearshore with resources. To connect with a BDA the possibilities of our domicile. We help and other fast-evolving opportunities. representative, go to bda.bm. Ross Webber, Bermuda Business Development Agency CONTACT: E: [email protected] 5 | A Piece of Paradise Strategic, CONCIERGE SERVICE Accessible The BDA offers a Business Concierge Service Location and Time that partners with companies seeking Internationally Zone Stable and to establish operations in Bermuda. The Recognised, Respected English concierge team will act as a single point of Commercially Common Law contact to connect clients with industry, Sensible Legal System government, regulatory officials, and services Regulation such as realtors, law firms, auditors and relocation experts. To find out more, email [email protected]. World-Class Wealth of Physical and Talent and Technological Expertise Infrastructure High Standard of Living and Enviable Quality of Life A Piece of Paradise | 6 FEATURES AND SERVICES FOR PRIVATE TRUSTS • FAMILY OFFICE SERVICES • CAPTIVE INSURANCE COMPANIES RISK SOLUTIONS also provide more than 35% of capacity for global crisis. In the 1990s, Bermuda reacted Lloyd’s of London. to the collapse of reinsurance capacity Bermuda’s long-respected risk to cover hurricane risks post-Hurricane industry comprises leading insurance The Bermuda market has more than 100 Andrew by creating several new and and reinsurance companies, captive firms with financial strength ratings, many highly capitalised catastrophe reinsurance insurers, and alternative vehicles in of which are publicly-traded insurance companies. Many other (re)insurance converging capital and risk markets, companies. It is known for its innovation companies were established in response to including insurance-linked securities (ILS), and ability to deliver risk-management 9/11 and devastating Gulf Coast hurricanes, collateralised reinsurance, industry loss products demanded by the world’s leading Katrina, Rita, Wilma and Ike. warranties (ILWs) and sidecars. corporations. In so doing, Bermuda carriers support global industry and commerce. Today, with a growing focus in the areas The island was home to the first captive They have an unparalleled excellence in of healthcare and cyber, Bermuda is once insurance companies in the 1960s and is global risk financing, demonstrated breadth again creating new insurance products in now the world’s leading captive domicile, of products, depth of experience and response to market needs. with almost 800 companies generating financial strength and stability. over $80 billion in annual gross written Considering Bermuda as your base for premiums. Bermuda is also one of the top In response to challenging economic times business? Interested in setting up a three insurance and reinsurance centres and catastrophic events, the Bermuda captive in Bermuda? Contact the BDA to globally, alongside London and New market continually launches innovative arrange an initial consultation. York—home to 15 of the top 40 reinsurers insurance and reinsurance products and worldwide—and is acknowledged as the provides much-needed capacity. largest property catastrophe market. Over the past dozen years, island-based insurers In the 1980s, the first excess liability and reinsurers have contributed over $35 carriers were established in Bermuda, billion to