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Bermuda

Flags / Atlantic Ocean, childhood, economy, flags, geography, history, islands, transportation, UK dependencies

There are four hundred securities listed on the Bermuda Stock Exchange (BSX), of which almost three hundred are offshore funds and alternative investment structures attracted by Bermuda’s regulatory environment. The Exchange specializes in listing and trading of capital market instruments such as equities, debt issues, funds (including hedge fund structures) and depository receipt programs. The BSX is a full member of the World Federation of Exchanges and is located in an OECD member nation. It also has Approved Stock Exchange status under Australia’s Foreign Investment Fund (FIF) taxation rules and Designated Investment Exchange status by the UK’s Financial Services Authority.

Four banks operate in Bermuda, having consolidated total assets of $24.3 billion (March 2014).

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One of Bermuda’s pink-sand beaches at Astwood Park

Tourism is Bermuda’s second-largest industry, with the island attracting over half a million visitors annually, of whom more than 80% are from the United States. Other significant sources of visitors are from Canada and the United Kingdom. Tourists arrive either by cruise ship or by air at L.F. Wade International Airport, the only airport on the island. However, the sector is vulnerable to external shocks, such as the 2008 recession.

Transportation:

Bermuda consists of several islands with an area of 53.2 km2 (20.5 sq mi) with 447 km (278 mi) of paved roads — 225 km (140 mi) of which are public roads and 222 km (138 mi) are private paved roads. There are also two marine ports (Hamilton and St. George’s), and an airport, the L.F. Wade International Airport, located at the former U.S. Naval Air Station. A causeway links Hamilton Parish, Bermuda to St. George’s and the airport.

Bermuda’s Ministry of Tourism and Transport manages the public ferry service, “SeaExpress”, and the public bus system.

Bermuda is serviced by a bus system. From the main bus terminal in Hamilton eleven bus routes spread out in all directions of the island. As the island is relatively narrow and in most sections has a northern and southern route that are serviced, access to the system is usually within a short distance. The MAN buses have a pink and blue livery and stop at pink or blue markers.

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Bermuda Bus

Fares are based on sections traveled, and transfers are available; and visitors can obtain multiday passes that are valid on buses and ferries.

SeaExpress operates four routes for ferries and boats that originate from the ferry terminal in Hamilton. The “Blue Route” services the West End and the Dockyard of Sandys, the “Orange Route” links to the Dockyard and St. George’s, the “Green Route” travels to Rockaway of Southampton, and the “Pink Route” brings passengers to points in Paget and Warwick. Fare for travelling by ferry is inexpensive, and allow travel for frequent travel at most hours. In 2003, high-speed catamaran ferry service was introduced.

 

Cars were not allowed in Bermuda until 1946. Today, Bermuda has a large number of private cars, almost one for every two inhabitants; however, only residents are allowed to drive them. This is largely because, with close to 300,000 visitors a year, allowing car rental on one of the world’s most densely populated islands would quickly bring traffic to a standstill, as well as bankrupt the island’s taxi industry. Car prices are much higher than in the United States, Canada, and Europe, due to heavy import duties, and residents are also limited to one car per household. The size of cars is also restricted (due to the narrow and winding roads on Bermuda), meaning that many models popular in the United States, Canada, and Europe are not available in Bermuda. Only the Governor and Premier are exempt from these restrictions.

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