{"id":11472,"date":"2017-10-20T11:22:57","date_gmt":"2017-10-20T11:22:57","guid":{"rendered":"http:\/\/www.bnreport.com\/look-out-london-bermuda-is-trying-to-lure-fintech-startups\/"},"modified":"2017-10-20T11:22:57","modified_gmt":"2017-10-20T11:22:57","slug":"look-out-london-bermuda-is-trying-to-lure-fintech-startups","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/look-out-london-bermuda-is-trying-to-lure-fintech-startups\/","title":{"rendered":"Look out London \u2013 Bermuda is trying to lure fintech startups"},"content":{"rendered":"

On the sunny shores of Bermuda, a new tech industry is just waiting to come to life.<\/p>\n

David Burt, the leader of Bermuda\u2019s Progressive Labour Party, was sworn in as Premier of the island nation \u2013 Britain\u2019s oldest overseas territory \u2013 over the summer.<\/p>\n

Burt is the youngest ever Bermudian Premier, and with the experience of having started up his own IT consulting company, the new leader is hoping to spark life in the islands\u2019 robust insurance sector by luring in fresh fintech and insuretech startups.<\/p>\n

Read more<\/strong>: Another stock exchange tie-up? Bermuda and Channel Islands explore options<\/a><\/p>\n

Bermuda is an international business and offshore financial centre with no corporate income tax, and it describes itself as a world capital for insurance and reinsurance.<\/p>\n

Burt\u2019s Progressive Labour Party ran on a platform including a commitment to develop a technology hub on Bermuda\u2019s shores. He hopes this will reel in tech startups that \u201crequire little more than a computer and an internet connection to use our regulatory environment while developing their new products and services in Bermuda\u201d.<\/p>\n

Burt\u2019s new government plans to funnel investment domestically, particularly into education, to boost locals\u2019 skills so they can fill the jobs of the future.<\/p>\n

\u201cWe have to compete in the new global economy,\u201d Burt told City A.M. \u201cWe want to expand industries like insurance to be on the leading edge of new products.\u201d<\/p>\n

Bermuda\u2019s status as an offshore financial centre comes with a reputation for tax avoidance, but Burt defended the territory\u2019s stance on tax and transparency.<\/p>\n

\u201cWe certainly feel we\u2019ve been unfairly targeted in these ongoing campaigns. Our best response is to demonstrate that we\u2019re a leader in international compliance.\u201d<\/p>\n

In August, the Global Forum, a leading international body enforcing the internationally agreed standards of transparency and tax information exchange, rated Bermuda\u2019s tax practices as \u201clargely compliant\u201d with international standards. It also adheres to the Base Erosion and Profit-Shifting Inclusive Framework, which refers to tax planning strategies that exploit gaps and mismatches in tax rules to artificially shift profits to low or no-tax locations where there is little or no economic activity.<\/p>\n

\u201cWe can\u2019t control what others say, but we can put across facts of Bermuda\u2019s importance to the global economy and leadership on issues of tax compliance to make sure there is transparency in these issues.\u201d<\/p>\n

Burt is also chair of the UK Overseas Territories Association and, in the wake of \u201ccatastrophic\u201d destruction caused by Hurricane Irma, he wants to ensure the UK government meets its obligations not only with immediate assistance, but also to \u201cexamine and develop the long-term economic self-sustainability of the overseas territories\u201d.<\/p>\n

While Bermuda escaped the worst of the damage, the British Virgin Islands, Anguilla and Turks and Caicos Islands were badly hit.<\/p>\n

Burt said the immediate assistance in the aftermath of the storm was recognised as \u201cinadequate\u201d, but he added: \u201cOnce the British government came to grips with the catastrophic scale [of destruction], they were able to marshal resources and assist in the short-term.\u201d<\/p>\n

\u201cWe want to ensure that the partnership with the UK government continues.\u201d<\/p>\n

Read more<\/strong>: PMQs: Theresa May defends the UK's response on Hurricane Irma<\/a><\/p>\n

Let's block ads!<\/a><\/strong> (Why?)<\/a><\/p>\n

Original Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

On the sunny shores of Bermuda, a new tech industry is just ..<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[50],"tags":[],"class_list":["post-11472","post","type-post","status-publish","format-standard","hentry","category-tech"],"yoast_head":"\nLook out London \u2013 Bermuda is trying to lure fintech startups - Business News Report<\/title>\n<meta name=\"description\" content=\"On the sunny shores of Bermuda, a new tech industry is just ..\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bnreport.com\/en\/look-out-london-bermuda-is-trying-to-lure-fintech-startups\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Look out London \u2013 Bermuda is trying to lure fintech startups - 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