And concerns were raised about the arrest of the Auditor General who was also thrown out of his office while he was off the Island. \”With recent changes to our funds legislation and many of the local industry players working together to market Bermuda, we are starting to see some success in changing the perception and to truly demonstrate to the world what Bermuda has to offer,\” he said. Bermuda is one of the world\’s top offshore financial services centres and an ideal place to set up hedge funds, according to a report in London-based publication Hedgeweek. \”I find it curious the Government waits until the completion of the second quarter to provide first quarter results.
But, on the flipside, it has led to the perception that incorporation in Bermuda is a difficult and time-consuming process compared to other places. The FAC also wants the Foreign and Commonwealth office to encourage Bermuda to continue to improve financial regulation, in particular in money laundering investigations. The report, entitled \’Bermuda continues to build on a strong reputation\’, quotes a number of the Island\’s big hitters in the hedge fund industry as backing Bermuda as a jurisdiction of choice for companies looking to incorporate over the likes of the Cayman Islands and other newer competitors. Fund administration in Bermuda, however, faces more competition across the globe from onshore locations such as London and New York to offshore bases like the British Virgin Islands, and even newer players to enter the market including Dubai and Qatar.
\”The report noted submissions from Bermudians alleging Government improprieties, including claims that contracts were given to the party faithful, while Special Development Orders had not been handled in a transparent manner. Bermuda, however, has responded by launching a \’Launch \’n\’ List\’ product last year as a result of a collaboration between the Bermuda International Business Association, the Bermuda Monetary Authority and the Bermuda Stock Exchange (BSX). The report said the FCO should review with Overseas Territories what steps they might take to improve their public accounting and auditing capability. The Department of Tourism attributed the slump to the US economic slowdown and said the high cost of fuel has also had an impact on visitor arrivals.
7 million, with average per person expenditure ranging from $1,013 $1,216, up from a range of $979 $1,088 in 2007 according to the Department. \”We considered the FCO\’s management of the risks and contingent liabilities to which Overseas Territories expose the UK. 01 percent, or four people according to the research, for the first quarter. Cruise visitors remained steady, reporting a slight increase of just over one percent.
If not for that silver lining I suspect the first quarter statistics would have been worse. However Chris Gauk, a partner at Ernst & Young, reckons that Bermuda has some work ahead of it to become considered as a viable alternative to other global offshore domiciles. Previously The Royal Gazette has obtained them independently of the Premier\’s luncheon. \”The first quarter results have helped strip away the spin that has attached itself to official statements on tourism.
The estimated visitor expenditures for the first quarter of 2008 ranged from $42. \”The statistics provided by the Department do not include a breakdown of how many people came for business or leisure travel, nor do they state the number of visitors arriving from the US, UK or Europe. The FAC recommended Government should propose that non-Belongers\’ rights be an agenda item for the next Overseas Territories Consultative Council (OTCC). If Bermuda struggles to compete with Cayman in sheer numbers of fund incorporations, with only 1,200 registered entities, the report adds, it attracts a fair amount of business from those funds domiciled in its competitor looking for an administrator.
In a press release accompanying the release of the findings Committee chairman, Mike Gapes MP, said: \”This is a wide-ranging report considering the FCO\’s discharge of its responsibilities with regard to the UK\’s 14 Overseas Territories and making recommendations across these Territories. Harkness. Last night Opposition Leader Kim Swan, who is the Shadow Minister of Tourism, said: \”The first quarter results shows a significant drop in business and sends a warning signal that Bermuda tourism is in for a rough year. Visitors from Canada are up 1.
\” Tourism arrivals dropped by more than eight percent during the first quarter of this year as people started feeling the effect of the economic slowdown, according to the Department of Tourism. Chris Harkness, managing director of Bermuda-based fund administrator Swiss Fund Services, agreed that one of the Island\’s best selling points was its highly respected regulatory body, with the country developing a tightly-knit culture in which the private and public sectors are able to operate with great efficiency over the past 50 years and offering innovative investment products and flexible client solutions. But it claims the Island still has a lot of work to do to make it the number one option. Harkness believes Bermuda has a bright future whatever the arguments for or against it as a leading financial offshore centre and destination for hedge fund start-ups.
The report noted that Bermuda is the only Overseas Territory whose government favours independence but that opinion polls still showed a majority against splitting from Britain. The Department said the next quarterly media luncheon will be \”later this month\”. The MPs wrote: \”During our visit to Bermuda, the Governor told us that his predecessor had objected strongly to the Bermuda government at the time. \” n influential group of British MPs has recommended phasing out conscription, a review of voting rights for long-term residents and the outlawing of discrimination based on sexual orientation.
Premier Ewart Brown, who is also Minister of Tourism, said: \”The first quarter visitor statistics reveal Bermuda is not immune to the economic slowdown in the United States. I\’m also encouraged that visitors coming to visit during this economic downturn are staying more than six nights per visit on average. 3 million to $50. \”Fortunately for us, our core market remains affluent travellers who have proven less susceptible to an economic slowdown.
