ABIR ‘Encouraged’ By Bermuda 2018/19 Budget

February 20, 2018

The Association of Bermuda Insurers and Reinsurers [ABIR] said they are “encouraged” by the 2018/19 Budget priorities “around growing the economy and, by extension, jobs, by developing FinTech and encouraging international investment, as well as by holding the line on payroll taxes.”

“These initiatives signal efforts to enhance Bermuda’s leadership in the global marketplace by broadening and diversifying the economy and ensuring Bermuda’s continued competitiveness,” ABIR said.

“In his first budget as Premier and Minister of Finance David Burt announced the Government has commenced discussions on the development of the world’s first, Global Risk Management Digital Market in Bermuda.

“This initiative is proposed to support the Government’s FinTech ambitions and the establishment of a smart island innovation lab. The lab is expected to attract and support entrepreneurs, innovation, new business ventures, growth opportunities and job creation.

“The Government of Bermuda has also announced that it aims to stimulate investment in the economy and attract foreign investment by reforming the current laws that limit foreign ownership of businesses to just 40 percent.”

“The Bermuda insurance market is interested in working with the Bermuda government to leverage the opportunities in technology and international investment to build upon the growth of Bermuda’s global insurance market,” commented ABIR President and CEO John Huff.

ABIR Chair Kevin O’Donnell said, “ABIR is pleased to see that Bermuda’s government is reducing barriers to trade and foreign investment and encouraging employment growth in its world class international business sector.”

“Bermuda government’s commitment to strengthening the Bermuda economy, reducing the government’s debt, and holding the line on payroll taxes will help ensure Bermuda remains a competitive job market in an increasingly connected, international marketplace” O’Donnell added.

click here Bermuda 2018 Budget

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Comments (5)

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  1. bdaguy says:

    it a joke they are coming out on top that why they a Encouraged, it will be no more 60/40 for Bermudian now Burt is selling Bermudian out, Bermudian is geting shalfded,don’t hear anything from the PLP Supporters, your own PLP is selling you out PLP Supporters,

    • Fullofit says:

      You are full of crap! Try getting an investor to partner with you at only 40% when he or she brings the money and often the influence or experience to the table! We need this role reversal to help finance our businesses!

      • Zevon says:

        I wonder if in a couple of months we will see a 40/60 deal announced to build a high rise building in Hamilton, involving PLP members and mysterious foreign investors.

      • Mrs Brady says:

        You are correct. Those days of Bermudian 60% are over. Bermuda needs to change to encourage foreign investment. Many Bermudians are too fixed in their ways and don’t understand this.

        • bdaguy says:

          why do you go back home where you could.t make it that why you are in Bermuda,A much of you come here with nothing in your pocket because you couldn’t make it back home