Increasingly popular with digital nomads, Bermuda is consolidating its position as the leading destination for you and your business
“Bermuda is another world” is one of the island’s favourite folk songs. It speaks to the way of life on this picturesque island in the Atlantic Ocean. It also aptly describes how Bermuda has responded to the Covid-19 pandemic and used it to drive economic growth.
It is now common knowledge that Covid-19 has completely changed how we live and work. It has caused companies to rethink their business models and to pivot when required. Due to nationwide restrictions and various quarantines, staff everywhere took to working remotely where possible. Many have reordered their priorities, changed their goals, spent more time with their loved ones and looked at their habits and health with renewed focus.
Yet, the pandemic has not changed the need for countries, organisations and individuals to work and generate revenue.
Bermuda has been a leader in the fight against Covid-19, providing an example to the world of what is possible when the government is proactive – striking a balance between being firm but fair.
Bermuda implemented such a robust testing policy that it is now the fourth-most tested country in the world. As a result, it has maintained a low “R” rate and controlled the spread of the virus. Bermuda has therefore become an ideal place for digital nomads, many of whom have seized the opportunity to work from the near-idyllic location, moving to Bermuda in significant numbers.
Teamwork makes the dream work
Bermuda is a leading offshore centre for insurance, reinsurance, corporate and financial services. As a globally-renowned blue chip jurisdiction, it has a progressive regulator that works with industry to stay ahead of the curve. Bermuda is a world leader in transparency standards and strives to be the centre of global commerce.
Building on the success of its forays into fintech, the Bermuda government has expanded its strategy to other pillars and is now actively targeting economic development in various other sectors. In 2020, it created the Economic Development Department (EDD) and gave it the ambitious directive to lead the jurisdiction’s post-pandemic economic recovery. The EDD 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 not only attract digital nomads of all nationalities, but also Bermudians living and working overseas.
In addition to its legislative and business development divisions, the EDD’s concierge arm has enhanced the time-efficiency of government processes. As a result, services that are key to foreign investors such as applications for work permits, company incorporations and tax accounts are often expedited.
Bermuda has also adopted a team approach to marketing itself as a business and visitor-friendly jurisdiction. If you’re looking for an innovative, well-respected, transparent jurisdiction with a cooperative government and regulator who “gets it” and can react quickly to your needs, Bermuda is the destination for you and your business.
Several entities cooperate to attract companies and leisure travellers to the island. In addition to the EDD, the Bermuda Tourism Authority (BTA), the Bermuda Business Development Agency (BDA), the Bermuda Monetary Authority (BMA) and the Bermuda Economic Development Corporation (BEDC) play key roles in the effort.
The BTA promotes the country to the world while the BDA attracts businesses that are looking for a sophisticated, progressive, safe and well-regulated country in which to base their operations.
The BMA is one of the most highly regarded regulators in the world but also one of the most progressive, as it often meets with clients to provide feedback during the license application process.
The BEDC supports local entrepreneurs, teaching homegrown innovators how to successfully build and launch their businesses and creating conditions for them to be sustainable in the long run. Recognising that small businesses, new businesses and entrepreneurs are valuable job creators, the BEDC has the full support of the government in creating opportunities for them.
Not just a beautiful island
Bermuda wants to be the home of innovation – the Silicon Valley of the Atlantic Ocean, the Davos of the deep blue sea. Digital nomads are taking advantage of its one-year residency visa, with its favourable terms and renewal options. Companies are domiciling and establishing a strategic footprint in the jurisdiction. Corporate service providers are giving timely and relevant advice and wise counsel. Regulators help clients along the way. Lastly, organisations have a technology and startup friendly government. Bermuda truly is another world, and it is the place to be!