"The islands of Bermuda afford no staple, nor produce of any kind, so as to enable the inhabitants to carry on commerce..."
This account is taken from an old record and describes conditions in the middle of the eighteenth century. The conditions of material life have improved enormously over the ensuing two centuries and today Bermuda enjoys a thriving and diverse economy based on tourism and international business.
Situated some six hundred miles off the coast of North Carolina, Bermuda has excellent telecommunication facilities and is served by a number of airlines that provide direct flights to Europe, Canada and all the major cities on the US eastern seaboard.
The hub of Bermuda's financial sector is the insurance industry. Modern, effective legislation and the sophistication found in every aspect of this jurisdiction have made Bermuda the world's leading centre for captive insurance companies and certain types of reinsurance companies.
The insurance industry compliments the whole financial sector and has greatly influenced the growth and quality of investment management services and banking facilities. International trust services are an integral part of the financial sector, and Bermuda's reputation for providing efficient, high quality service is renowned.
Bermuda is the oldest British colony, enjoying representative government since 1620. The constitution provides for the exercise of ministerial government through a legislative comprising the Queen, a nominated Senate and an elected House of Assembly. The legislature is responsible for internal affairs whilst the United Kingdom is responsible for the Island's defence and international relations.
Bermuda possesses many unique features, ranging from its geographic location to its pink sand beaches. It is a place of beauty and soft contrasts, of pastel shuttered houses with white limestone roofs nestling on hillsides, surrounded by lush vegetation and bordered by the azure blue of reef protected waters. Bermuda is rich in history and tradition, well developed, and offers a wide choice of leisure, sporting and cultural activities.
The secret to Bermuda's prosperity is sound government and political, economic and regulatory stability that has resulted in full employment and an absence of income or inheritance taxes. Bermuda has reached a level of maturity and sophistication that remains unparalleled amongst offshore centres.
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