WSJ: “Bermuda’s Search For New Wealth”
“After decades of reigning as a supreme destination for some of the world’s elite, Bermuda is having a tough time competing for the patronage of the stupendously rich, creating a classic tug of war over old and new money,” a report by the Wall Street Journal said today [Sept 19].
“The island, an easy two- or three-hour jet jaunt from the U.S. coastline, still attracts such billionaires as Ross Perot and Michael Bloomberg, who maintain homes here,” the WSJ continued.
“But government officials and business leaders say they are worried that the mores of high-end tourism are changing, along with the wealthy themselves, and that this magical archipelago must now fight to follow the money.”
The article, which is fairly comprehensive, goes on to quote a number of locals including Tourism Authority Chairman David Dodwell, lawyer Wendell Hollis, realtor Penny MacIntyre, Tourism Minister Shawn Crockwell, and Premier Craig Cannonier.
The WSJ also says Bermuda is “famous for a so-called economic miracle of sorts: It produces almost nothing and imports almost everything, and has no income, capital gains or sales taxes. Yet it has thrived with a strong standard of living for decades on payroll taxes and import duties.”
Click here to read the full article on wsj.com.
This WSJ article captures much of the essence of Bermuda’s problem. It also subtly shows how much has changed around Bermuda and points to how Bermuda and Bermudians need to reshape their thoughts.
This should be required reading for all 50,000 Bermudians.
Remarkably accurate – well done WSJ
It produces almost nothing and imports almost everything, and has no income, capital gains or sales taxes. Yet it has thrived with a strong standard of living for decades on payroll taxes and import duties.”
Well, it did until the party people chased away all the business people. Now Ireland, Luxembourg and Switzerland are laughing all the way to the bank.
Bermuda has a long history of institutional racism and segregation which it has yet to come to terms with
I would hazard a guess that when business people had been courted a decade ago the powers that be failed or misrepresented the extent of the racial and social problems that exist
Unfortunately for these business people it was only when they found themselves heavily invested in the island did they then realize what they were facing
In a world were Barack Obama can become president of the US I doubt if there is more tolerance for 1970s racial politics from either side of Bermuda’s political spectrum
Its amazing to think that a country as economically dependent as Bermuda is on foreign investment would fail to have its house in order before any one of these business persons set foot on its soil
@ js:
You really need to find some white friends.
that’s an interesting reply considering I am a permanent resident of Canada and currently reside in Ontario surrounded by ‘white folk’
Give it a rest..
Yep Bermudians can forget the standard of living we once had. It’s over. And we all know who we can blame for that! We wanted to run international business down? Now we can live with it!
it was over before it begun
all of Bermuda is responsible for the demise of international business
international business expects and it expects stability, harmony and continuity
as businesses that are experts in risk management and solutions it doesn’t take a rocket scientist to see that risk plans had been put in place years ago
Bermudians are now only coming to terms with what these businesses already saw coming through the pipeline and are now trying their best to rationalize things that are not in their control
Whilst the article is interesting it is not entirely accurate and it also borders on being quite pessimistic. Contrast the article with statements from Bloomberg.
E.g. Yes we are aware of all of this but that is why we are focusing on a solution and we have elected a new party in. Changes don’t happen over night but you can be sure Bermuda is doing everything in its power to turn itself around.
Very easy to accept a journalists view of the world as our destined reality when actually it remains with us to change it.
If anything Bermudians should use this article as “fuel for the fire” and really put forward some intelligent initiatives that encourage growth over the next few years.
Oh and lastly, all Bermdians who bad mouth the island to the international press should be… Well it’s just not patriotic.
I don’t have any problem with the article. Until such a time that WE decide to lighten up and allow people to enjoy themselves, then we will find ourselves going backwards. Oh, for some of you folks harping on the PLP and IB, take note that the article focuses on HNW individuals, who may or may not have business here.
To my fellow Bermudians, we are loosing the appeal and in turn loosing out. We were positive, cheerful, hardworking people and now our attitudes and laziness due to a feeling of entitlement, is destroying us. The article is clear when it states we produce nothing, and if we continue this way that is what we will end up having, NOTHING! 3 rich persons contributed 100 MILLION to the Bermuda economy as Mr. Hollis stated in the article, but as an adviser to the former government he allowed the party to change laws and publically state hateful words against these ones that are helping us. Every wealthy person in Bermuda that helps this economy is not only wealthy in Bermuda, they have assets all around the globe, it is a privilege that we have them, they are the ones that keep us afloat. We have not balance the budget since 2003, the debt continues to grow and if it continues at this rate, we soon won’t have anyone to lend to us. As a former supporter of the PLP, I am part to blame due to seeing this happen and allowing this to happen by allowing them two extra terms of hate and greed, with no consideration of future generations and the people that are here to provide jobs and wealth for many of us. I keep telling ones to watch, Life and Debt, post 1972 Jamaica and Jamaica now. That is were we are in three to five years. When it take 5 Bermudians to build a wall 6 course high by 30 feet long over 6 weeks at the Paget stop light, this is laziness, costly and unsustainable. When we have over 50 agriculture and fisheries staff, and the roadways and parks have grass up to your knees weeks on end, this is laziness and unsustainable. What is sad is that 90 percent of them in their hide outs continue to get paid. When we have an elected government that its elected representatives drive and see this happening, do nothing about it due to being afraid of confrontation, this is not what the people elected them for and this too is unsustainable. When we have a union and its chief representing this behavior and allowing this behavior to continue, this is a disgrace and is also unsustainable. When we have an opposition that continues to have hate as their primary agenda and not wanting to do what is beneficial for all, including the fight against the so called trickle down economy, where would the average get money to pay their bills and save for their future. The sad thing is that over the last 4 years people left in droves, leaving us with less taxes, less jobs, less rents, and less money circulating in the economy, but our opposition states trickle down economics is bad. Where are we heading Bermuda? If we continue at this rate, just a little while longer we will have nothing to fall on. Please wake up my fellow people, provide an honest days work, treat one another kindly, be thankful for what we have and work hard and show the rest of the world that we are united, no matter what race or nationality. We can do it if we work together as one, PLP, OBA, Unions, white collar and my blue collar brothers. Hope we can change for Bermuda and its next generations sake.
Amen!
Bermuda should help out its people before anything. There is no need to chase the rich. They will come because they want to come not because you beg them.
“It produces almost nothing and imports almost everything, and has no income, capital gains or sales taxes. Yet it has thrived with a strong standard of living for decades on payroll taxes and import duties.”
Odd statement given that payroll tax = income tax.
http://news.yahoo.com/legal-marijuana-most-states-head-way-140307734.html
There will be much poverty in the next few years in Bermuda. Those of us who didn’t finsh school, never developed a career, wasted all their money on SUVs and other luxury items. Those who took the good years for granted and never saved or invested. Much poverty. Everyone is to blame to a certain degree – but none more than the PLP who pissed all our money away with no thought for anyone but themselves.
Lucky for me I just changed a string and I’ll be playing those three chords and singin for my supper. lucky guy I am.
Wendell is a “leading corporate lawyer” and “advisor to several governments”?!
That’s very funny!