Video: Premier Discusses Economy On CNBC

September 2, 2015

Premier Michael Dunkley recently appeared on the CNBC television station during its ‘Closing Bell’ segment, promoting the island’s strength as a home for business and finance, as well as discussing aspects of our tourism industry.

Premier Dunkley said, “The tourism industry has been a strength for our economy for many years. Coupled with that, we’ve developed a very robust international business economy, mainly centered around insurance and reinsurance; Bermuda’s considered the third largest hub for reinsurance behind London and New York.

“And I guess to tie all of that together, Bermuda has always been seen as a well-respected jurisdiction for its sophisticated infrastructure, its intellectual capital, and its fine regulatory environment.

“So while we have challenges in the world today, and there’s a lot of oversight and transparency required, we feel we are in good position to meet those challenges and move forward.

In response to a question, the Premier said: “I think that we will continue to see businesses expressing an interest to be in Bermuda because of the reputation we have, because of what we offer at the table.

“Our tax system is different from other jurisdiction; we’re based more on a consumption tax model, so all goods that are imported are dutiable at a certain rate, and we have a payroll tax of 14 percent.”

Premier Dunkley discusses the country’s economy and tax system on CNBC:

“But what attracts people to Bermuda is our location, so today if we are sitting in Bermuda, you can do business in Bermuda with the New York market and the London market, with, as I mentioned, this sophisticated infrastructure, intellectual capital, and our fine regulatory oversight,” the Premier continued.

“We vet all company applications very diligently through the registrar of companies and the Bermuda Monetary Authority, so we’re very comfortable with our approach.

“We believe in transparency and accountability, and the companies that come to Bermuda expect to have that oversight.”

When asked about Bermuda’s tourism industry, Premier Dunkley said, “We’re blessed to have great roots between Bermuda and the US, and we have a pretty healthy cruise ship industry as well, so the large part of our tourism visitors come from the US.

“The US economy is in reasonable shape; obviously, I think everyone would like to see it improve, but against the backdrop of where the large percentage of our visitors come from the US, we also know that the tourism industry is very competitive.

“So what we’re trying to do now in Bermuda is redevelop some of our facilities, get new ways to invest capital to upgrade some of our resorts and build new resorts, because you have to continue to promote your brand; as a small jurisdiction, we have to do more than larger jurisdictions do.

“It’s an aggressive market out there, and we’re a forerunner in the modern day tourism industry, but everyone is in the business now, so we’ve got to work a little bit harder so that people know what Bermuda is and what our brand is.”

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Comments (28)

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  1. Navin Johnson says:


  2. Paradise Reclaimed says:

    Well done. Concise,

  3. Maddog says:

    He does not have a clue!!!!

    Can’t wait to plp gets back in as Government!!!

    The premier needs to step aside and stop the BS!!!

    • Anbu says:


    • jt says:

      What is it that the PLP have done as government or opposition that you find so enticing?

    • Unbelievable says:

      So you’d rather have a PLP Govt that pretty much screwed things up without any acknowledgement at all?

    • Navin Johnson says:

      Of course how could you not want Marc Bean to represent Bermuda to the world….his eloquence his flawless diction his enthusiasm are second to none…..inna?

  4. pjs says:

    Well done. Hard to imagine The opposition leader or David Burt giving an interview like this…..

    • Impressive says:

      I knew it was coming,, just like morning and night.. Someone attacks the PLP when they have nothing at all to do with this,, cheesh smh.

      • Onion juice says:

        Welcome to Bermuda where you are damned for not being a part of the Status Quo.
        Oh I forgot its Historical.

      • Attitude Of Gratitude says:

        Kinda like how race is continually brought up- even when it has nothing to do with the subject matter!

        • Onion Juice says:

          He Dreamer, name one place in the world where Blacks and whites coexist and race is not involved, cant sweep it under the carpet for life, gotta face it.

          • Attitude Of Gratitude says:

            Name one place in the WORLD were PEOPLE coexist harmoniously! Its certainly not Bermuda- you and countless others have made that abundantly clear. Sweeping it under the rug? Theirs a time and a place for everything

            Try visiting Canada one day- its a melting pot of races and cultures and from my experience (a mixed race Bermudian) I was welcomed with open arms- maybe you did and you weren’t?

  5. Reality Check says:

    A really good job. Confident, clear, concise. Much better than that Richard Quest faux pas.

  6. U Boat says:

    Someone does a good job for Bermuda in front of the WORLD and still there are A** H***s that find nothing right or good. Onion Juice (idiot) Mad Dog ( never done s*** for Bda and a plp blind follower ) Un like people that speak the truth like Attitude of Gratitude, Bermudians ( and yes I am one if that is allowed by some certain closed minded color blind persons ) are the most opinionated, self centered,polarized, deaf to anything that may offend their little one brain celled world and ,blind to the reality that we are part of A REALLY BIG WORLD that has changed the way WE NEED TO SEE, THINK, AND REACT to literally milli second massive changes.

  7. Oh,I see now says:

    Because race relations have never been addressed and it’s something we have always lived with color/race will always play a part in any discussion we have in almost every topic.The fact that it rears its ugly head EVERY chance it gets is testament to the fact that we have not moved anywhere for centuries.The only difference between than and now attitudes are muffled by law with a fear of prosecution and social persecution.Being able to express ones opinion on open forums like this in relative anonymity lets the true light shine(so to speak).I don’t see to much changing anytime soon so hurry and fix the finances so we can go on pretending we do not see the 800 pound gorilla sitting between us on the couch.