Select Page

Bermuda

Capital city: Hamilton

Population: 62,058 (2021)

Land area: 53.2 km²

Official language: English

Legal system: English common law

Time zone: UTC-3

Currency: Bermuda Dollar (BMD)

GDP: 7.484 USD billion (2019)

Main industries: International Business, tourism, light manufacturing

Principal exports: special purpose vehicles, alcoholic beverages including liqueurs, trailers, camping items including tents, aircraft parts, pleasure or sports vessels

Bermuda is a self-governing British overseas territory in the North Atlantic Ocean, consisting of an archipelago of 138 coral islands. It’s off the coast of the United States. It has one of the world’s most prosperous economies thanks to its offshore finance industry. Stunning beaches, golf courses, colonial architecture, and subtropical climate make it a popular tourist destination.

Although Bermuda is not a member state, it has become part of the Commonwealth family through the British Association. Therefore, Bermuda can be proud of its contribution to the Commonwealth, whether through democracy, the rule of law, sports, education, culture, and the promotion of peace and security around the world. Bermuda is an active member of the Commonwealth family of nations. The territory’s MPs are active members of the Commonwealth Parliamentary Association and support the judiciary’s responsibility in protecting justice and the rule of law.

Demographics

Native-born residents make up the majority of the population. Approximately 64% of the population was born in Bermuda. Over half of the population is black including anyone with a mix of black, white, and indigenous backgrounds. Other ethnic groups in Bermuda include whites, Asians, and people of two or more races. The official language is English, although colloquially Bermudian English is spoken, which is a combination of West Indian, American, and British English characteristics. Portuguese is still spoken and preserved in some Portuguese homes. Multiple different religions are practiced in Bermuda, the largest of which is Protestant Christianity which is the religion of over 46% of the population. Other religions include Islam, Catholicism. Some population of Bermuda are also Jehovah’s Witnesses.

History

First discovered in the early 1500s by Spanish ship captain Juan de Bermudez, Bermuda was not settled until 1609, when the British ship the Sea Venture was wrecked on the reef off Bermuda’s coasts on its way to Jamestown, Virginia. Three survivors left behind, despite the fact that the majority of survivors managed to continue toward their destination. Bermuda became a British territory three years later, and it has since been renamed Bermuda. Following the outbreak of the English Civil War in 1649, the Bermudian Civil War started. When the Somers Isles Company was dissolute the Bermudians quickly left agriculture for shipbuilding and planted the island with native juniper. The Royal Navy expanded the harbors and built a massive dockyard on Ireland Island after the American Revolution ended.

Legal System and Government

Bermuda’s legal system is based on the English and Wales common law legal system, as well as rulings of the English Court of Appeal and House of Lords are highly persuasive authority in Bermuda’s courts. Bermuda’s laws are enacted by the Bermuda Legislature. Certain UK Acts, on the other hand, apply to Bermuda to the extent that they have been specifically extended to Bermuda or have survived since they were first become Bermuda law. The court system in Bermuda comprises the Magistrates’ Court, the Supreme Court, the Court of Appeal, the Judicial Committee of the Privy Council in London (in ascending order of superiority). Bermuda’s law is heavily influenced by British law, both statute and common law (case decisions). While Bermuda’s courts will consider any reasoned judgement from a Commonwealth country, the Supreme Court of England and Wales decisions are accorded significantly more weight in the interpretation of Bermuda’s laws.

Economy

International business including insurance and financial services forms the bedrock of Bermuda’s economy, accounting for roughly 85% of the island’s GDP consistently. Most of its revenue comes from being an International Business center or offshore jurisdiction. As a premier offshore financial centre, Bermuda has no taxes on profits, income, dividends, or capital gains, has no limit on the accumulation of profit, and has no requirement to distribute dividends on this island. Tourism is Bermuda’s second-largest industry, accounting for around 5% of GDP but employing a far larger number of people. The United States brings more visitors to Bermuda than all other countries combined, accounting for around 85 percent of all visitors. Next are Canada and UK, with about 5% each, then other countries.

Trade

Bermuda’s main exports include planes, helicopters, and/or Spacecraft ($465 million), petroleum gas ($28.6 million), passenger and cargo ships ($24.4 million), recreational boats ($12.2 million), and specialized vehicles ($9.87 million). In 2019, Bermuda exported $574 million worth of good, making it the world’s number 165 exporter. Bermuda’s exports have increased by $520 million in the last five reported years, from $54.1 million in 2014 to $574 million. Most of the goods are exported to countries including Ireland ($436 million), Spain ($30.1 million), Poland ($24.5 million), United States ($24.2 million), and Pakistan ($21.8 million).

Investment Opportunities

Bermuda maintains a well-developed center for aircraft and shipping registration, finance, and management. Private jets, commercial aircraft, superyachts, and all classes of marine vessels make use of the island’s experienced corporate environment for their businesses. The Bermuda Civil Aviation Authority (BCAA) operates the 10th largest aircraft registry in the world, which both private and commercial aircraft operated under the Article 83 bis agreement

Bermuda has been a forefront “all in one” destination for investment fund structures and services since the 1970s including mutual funds and alternative funds such as hedge funds, fund-of-funds, private-equity vehicles, and innovative insurance-linked structures.

Sources

https://globaledge.msu.edu/countries/bermuda

https://www.bbc.com/news/world-latin-america-20158216

https://www.britannica.com/place/Bermuda

https://worldpopulationreview.com/countries/bermuda-population

https://www.countryreports.org/country/Bermuda/economy.htm

http://www.bermuda-online.org/economy.htm

https://taxsummaries.pwc.com/bermuda/corporate/taxes-on-corporate-income

https://oec.world/en/profile/country/bmu#:~:text=Exports%3A%20The%20top%20exports%20of,(%2424.2M)%2C%20and%20Pakistan

https://www.canterburylaw.bm/bermuda-and-its-legal-system#:~:text=The%20Legal%20System,Bermuda%20Legislature%20enacts%20Bermuda%27s%20laws.

https://www.gov.uk/government/news/commonwealth-day-in-bermuda

https://assets.kpmg/content/dam/kpmg/bm/pdf/2017/06/ACBDA-Investors.pdf

Privacy Preference Center

    Necessary

    Cookies are small pieces of data, stored in text files, that are stored on your computer or other device when websites are loaded in a browser. They are widely used to “remember” you and your preferences, either for a single visit (through a “session cookie”) or for multiple repeat visits (using a “persistent cookie”). They ensure a consistent and efficient experience for visitors, and perform essential functions such as allowing users to register and remain logged in. Cookies may be set by the site that you are visiting (known as “first party cookies”), or by third parties, such as those who serve content or provide advertising or analytics services on the website (“third party cookies”). Both websites and HTML emails may also contain other tracking technologies such as “web beacons” or “pixels.” These are typically small transparent images that provide us with statistics, for similar purposes as cookies. They are often used in conjunction with cookies, though they are not stored on your computer in the same way. As a result, if you disable cookies, web beacons may still load, but their functionality will be restricted.
    • We use necessary cookies for technical reasons; some enable a personalised experience for both visitors and registered users; and some allow the display of advertising from selected third party networks. Some of these cookies may be set when a page is loaded, or when a visitor takes a particular action (clicking the “like” or “follow” button on a post, for example).
    • Many of the cookies we use are only set if you are a registered WordPress.com user (so you don’t have to log in every time, for example), while others are set whenever you visit one of our websites, irrespective of whether you have an account.
    • We rely on consent as the ground for using such cookies. We will only use cookies for the specific purposes referred to above. You have the right to withdraw consent at any time. This does not affect the lawfulness of processing based on consent before its withdrawal.
    • You may refuse consent or withdraw your consent to the use of cookies at any time by disabling cookies. You may disable cookies by adjusting your browser settings accordingly. If you want to remove previously stored cookies, you may clear your browser’s cookies. Please refer to your browser’s help menu for instructions on how to disable and/or remove cookies.
    • Please note that if you disable cookies, our website may not function properly.
    • We will not disclose your personal data to any other third parties unless we are obliged to under a court order or other legislative or regulatory requirement.

    gdpr[allowed_cookies], gdpr[consent_types], wordpress_test_cookie

    Advertising

    • These cookies are set by us and our advertising partners to provide you with relevant content and to understand that content’s effectiveness. They may be used to collect information about your online activities over time and across different websites to predict your preferences and to display more relevant advertisements to you. These cookies also allow a profile to be built about you and your interests and enable personalised ads to be shown to you based on your profile.

    gdpr[allowed_cookies], gdpr[consent_types], wordpress_test_cookie

    Analytics

    • These cookies allow us to optimize performance by collecting information on how users interact with our websites, including which pages are visited most, as well as other analytical data. We use these details to improve how our websites function and to understand how users interact with them.

    gdpr[allowed_cookies], gdpr[consent_types], wordpress_test_cookie

    Other

    • Our website contains third party links, and also includes functionality allowing users to share our webpages on third party social media applications, including LinkedIn, Facebook and Instagram. If you follow a link to another website or share a webpage on third party social media applications, this may allow third parties to collect or share data about you. We do not control third party websites and we do not accept any responsibility or liability for their privacy and cookie policies. When you leave our website, we encourage you to read the privacy and cookie policy of every website you visit. • We may update this privacy and cookie policy from time to time to reflect our practices. • If you have any queries, contact us through: info@commonwealthchamberhk.com

    gdpr[allowed_cookies], gdpr[consent_types], wordpress_test_cookie