In case you missed it the first time back in January 2016, on June 16, 2017, this post was awarded “silver” in the “Best International Real Estate Story” category by the National Association of Real Estate Editors (NAREE).
Bermuda is a cluster of 130 picturesque islands you think is located in the Caribbean, but it’s actually in the North Atlantic Ocean about 650 miles east of North Carolina and 950 miles north of the Bahamas. Bermuda is known as much for its beauty as it is as a tax haven for multinational businesses.
Driving around Hamilton, you’d think the world consisted of bars, restaurants, insurance companies, and banks surrounded by ocean. That’s because while 400,000 tourists visit the island annually, 60 percent of the island’s GDP is derived from financial services.
As much as I detest corporate tax avoidance, I understand that without it, this island would be a lot poorer than it is. Certainly Bermuda has fallen into a sleepiness since its heyday in the 1960s as a jet set destination. While meticulously maintained, large hotels tend to be of that era. Tourists tend to be visiting executives eager for sun, sand, and high finance as well as east coasters wanting something more tranquil than some of the other more touristy islands of the Caribbean.
Bermuda is a British Overseas Territory so driving is on the left, but oddly the Bermudian Dollar is pegged to the US dollar (1-to-1) which makes currency conversion as easy as it gets. The local population of about 67,000 consists of those who trace their lineage to the UK and Africa (a legacy of the slave trade). Like many conquests, the original populace were wiped out by smallpox and STDs brought over by the original Europeans (how cheerful).