Minister On Tourism Investment Act Expansion

An expansion of the Tourism Investment Act “aims to include additional critical sectors, such as smaller guest houses and health and medical tourism facilities, making them eligible for the full range of concessions available under the Act,” Minister of Tourism & Transport, Culture & Sport Owen Darrell said in the House of Assembly.

The Minister’s full statement follows below:

Mr. Speaker, today, I stand before you to reaffirm the Government’s commitment to responsible and resilient tourism development through strategic investments that benefit our island community. Bermuda, with its rich history, incomparable landscape, and vibrant culture, remains a premier global destination, and it is our collective responsibility to ensure that we continue to enhance its appeal and resilience.

Mr. Speaker, the Tourism Investment Act 2017 was enacted to stimulate investment in Bermuda’s tourism sector, an industry integral to our economy and cultural identity. The Act provides a framework to attract, facilitate, and support investments in tourism related projects, aiming to maintain Bermuda’s status as a world class destination while ensuring tourism growth and community inclusivity.

Mr. Speaker, the Act, which enables the establishment of a Tourism Investment Order [TIO], offers a suite of tax concessions and provisions that support job assurances for Bermudians. These measures are designed to reduce barriers to investment, enhance competitiveness, and ensure that tourism development supports Bermuda’s long term prosperity and delivers meaningful benefits to our people and the economy.

Mr. Speaker, tourism projects frequently generate employment opportunities for Bermudians across sectors like construction, hospitality, retail, and management, while also helping to build valuable skills that serve individuals well throughout their careers. However, it is essential to recognize, the Act specifically provides provision for new hotels that receive a TIO, after six years of commencement of operations, the hotel must annually verify in writing that no less than seventy percent [70%] of its staff are Bermudian. This provision is a critical safeguard to ensure that it invests in the local workforce and contributes meaningfully to the development of Bermudian talent in the industry. By requiring formal verification, the Government maintains a mechanism to monitor and enforce compliance, thereby promoting sustained employment opportunities for Bermudians.

Additionally, Mr. Speaker, the Act also mandates that new and refurbished hotels and new restaurants that are awarded TIOs, must annually verify that they maintain a management training programme specifically designed for Bermudians. This ensures that qualified Bermudians are not only employed in the hospitality sector but are also being prepared for leadership roles within it. Through structured and continuous training, Bermudians are equipped with the skills and experience necessary to advance into management positions. This provision reflects the Government vision of a hospitality industry led by Bermudian professionals and supports our broader goal of economic empowerment and upward mobility for our people.

Mr Speaker, in 2024, our most active and dynamic year to date, we saw numerous TIOs operationalized which include:

• Tourism Investment Order – Azura Bermuda became operational in March 2024. Azura Bermuda is the former Surfside Beach Club, South Shore, Warwick. It consists of 9 hotel residences and is operating as an upper mid to high quality condominium hotel. The seaside pool at Azura Bermuda, according to the premium international magazine, Vogue, published by Conde Nast, is one of the best in the world.
• Tourism Investment Order – Hamilton Princess & Beach Club which became operational in May 2024. This hotel is owned by the Green family which has been based in Bermuda for over seventy years and has developed a long-term investment plan for the hotel based on their extensive knowledge of the island. I have been advised that the redevelopment of the Bermudiana wing, which began in November 2024, has been completed.
• Tourism Investment Order – Rosedon Hotel became operational in December 2024. The property was purchased in 1954 and converted into a small bed and breakfast. The hotel is now operated as a small hotel. It boasts 27 bedrooms, a well-frequented pizzeria, Clarabell’s and Huckleberry and Scott’s, two fine-dining restaurants.
• Tourism Investment Order – Swan Pyrotechnics Limited became operational in December 2024. Swan Pyrotechnics Limited “SPL” is a professional entertainment operation specializing in safe and high quality pyrotechnic displays for community and private events. This is the very first TIO awarded by the Government for an attraction.

Mr Speaker, you will note that two new Tourism Investment Orders, namely for the Grotto Bay Resort & Spa and the Hillcrest Boutique were recently presented to this House and was enormously welcomed by all. These two orders are additional and clear indicators of increasing investor confidence and a growing interest in tourism-related development in Bermuda. They reflect the positive momentum in the sector and signal strong belief in Bermuda’s potential as a premier destination for tourism investment and growth. However, Mr. Speaker, I must again highlight that newly established restaurants and attractions are equally eligible to receive these benefits. In fact, we currently have two applications under review for new attractions, which serves as further evidence of the growing interest and continued investment in Bermuda’s tourism sector.

Mr Speaker, given the significant success of TIOs to date under the Act, you will recall that the 2025 Throne Speech announced an initiative to expand the scope of the legislation. This expansion aims to include additional critical sectors, such as smaller guest houses and health and medical tourism facilities, making them eligible for the full range of concessions available under the Act.

Mr Speaker, the Government’s keen commitment in investment in Tourism and Bermudians, exemplified by the Tourism Investment Act, underscores our dedication to building a resilient, diverse, and sustainable Bermuda. We are committed to creating an environment that attracts innovative investments, supports our community, and ensure that Bermuda remains a premier destination in global tourism.

Mr. Speaker, before I conclude, allow me to bring this closer to home with a real life example. There is a young Bermudian man who attended The Berkeley Institute and resides on Glebe Road. Today, he is employed as a successful and thriving bartender at the St. Regis Hotel, an opportunity made possible in part by the Tourism Investment Act 2017. This young man not only possesses the potential but also has a clear opportunity to advance within his professional environment, with a viable path toward management. His story is just one example of many of how this initiative is not only attracting investment but also creating meaningful employment opportunities for our people. It is a reflection of this Government’s mission to ensuring that Bermudians benefit directly from the growth and revitalisation of our tourism sector.

Mr Speaker, Thank you.

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