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Navigating Change and Charting the Course for the Future

January 2020 Sophia Greaves

Despite the present challenges faced by all international financial centres, in particular global volatility in financial services and demands for greater regulation, Bermuda’s perennial resilience and ability to adapt to market demands will continue to ensure that the Island maintains its status as a premier international business jurisdiction.

There is no denying that offshore business centres are facing strong winds of change. The pressures facing international business are very real, ranging from the uncertainties caused by global economic and political volatility, to ever increasing regulatory requirements. Of course, these pressures have an impact on jurisdictions such as Bermuda that facilitate international business.

Notwithstanding the changes, Bermuda has remained resilient. The Island’s coat of arms bears the motto Quo Fata Ferunt (Wherever Fate Carries Us): this does not mean that we relinquish our fate to outside forces but that we must leverage the Island’s particular strengths, including its strategic geographical location and the ingenuity of its people, to harness the opportunities that underlie the challenges, come what may.

Bermuda has always been forward-looking and the Island has a long history of adapting to changing circumstances. The jurisdiction was a trailblazer, well ahead of the rest of the offshore world, through its development as a financial centre in the 1950s, complementing the existing economic pillar of tourism. From captive insurance to alternative investments and most recently fintech, the Island has always welcomed innovation, with government, regulators and the private sector successfully working together to foster thriving – but well regulated – new markets.

The following outlines the key features that make Bermuda one of the world’s most successful international financial centres and explores how the Island continues to build on its unique strengths and is constantly modernising, to remain a 21st century jurisdiction of choice.

 

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Navigating Change and Charting the Course for the Future

 


Sophia Greaves
Director

Bermuda   +1 441 294 5929


This article was first published in Bermuda Business Review.

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