The recent Budget announcement by the Bermuda government included one significant policy proposal which has the power to provide a welcome stimulus to the Bermuda economy over the course of the coming years. The Premier, also Minister of Finance, David Burt, indicated that a relaxation of the business ownership ‘60:40 rule’ was to be implemented to boost investment by non-Bermudians.
For those not familiar with this rule, Bermuda companies fall into two principal categories:
(i) local companies, which are usually incorporated by Bermudians to trade primarily in Bermuda; and
(ii) exempted companies, which are usually incorporated by non-Bermudians for the purpose of conducting business outside of Bermuda.
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MJM advised on the HomeStart Programme, announced today by Clarien Bank and Bermuda Housing Corporation. The programme documentation was drafted by MJM’s Jeremy Leese, advising Clarien Bank.
Press coverage of the Programme can be viewed online on the Royal Gazette and Bernews websites.
As I sat in my hotel room in New York in the early hours of Wednesday, 9th November 2016, having been awoken from my slumber by the screaming and cheering from across the road at the Hilton’s Trump Election Party, my first thought was that the world in which we live will most certainly change once President-Elect Trump vacates his golden palace for a White House early in the new year.
Change for sure, but for the better? And, if so, who is most likely to benefit? Much closer to home, what does it mean for us here in Bermuda?
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With effect from 1st October 2016, the governmental departments responsible for the oversight of the aviation and shipping sectors became “quangos” newly titled as the Bermuda Civil Aviation Authority and the Bermuda Shipping and Maritime Authority.
The aim of granting such status is to boost revenue from the registration of both vessels and aircraft, by making Bermuda more competitive in the global shipping and aviation markets.
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Setting aside the effects on the UK economy, which are already being felt with political turmoil, the fall of the pound, billions being slashed from UK stocks worldwide and the potential break-up of the United Kingdom itself, one little examined effect is how its overseas dependent territories, of which Bermuda is one of the largest, would fare in the post-Brexit world, particularly in their relationship with the EU that the UK is leaving behind.
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