BDA supports three events in Bermuda

The Bermuda Business Development Agency [BDA] supported the return of three “major in-person net worth service events” to Bermuda.

A spokesperson said: “The Bermuda Business Development Agency has been instrumental in bringing three major high net worth in-person service events back to Bermuda, the first since 2019.

“First, the BDA co-sponsored the ‘Private Client Exchange Bermuda 2022’ event on June 28-29. This sold-out event brought together approximately 50 of the world’s top lawyers at the St Regis Bermuda Resort. June to July 1, the BDA was proud to be an associate sponsor of the “Transcontinental Trust: Bermuda 2022” event which brought together 200 delegates at the Hamilton Princess & Beach Club.Finally, the BDA sponsored the Institution of Private Investors ‘ [IPI] Campden Wealth’s three-day summer forum, attracting around 70 delegates to the St Regis from July 10-12.

David Hart, CEO of BDA, said: “These events not only brought trusted and legal global leaders to the island to discuss important hot topics and best practices, but also the immediate economic impact of the first two, including accommodation, transportation, food and beverage, retail, and entertainment, was estimated to be worth more than half a million dollars and supported about 240 jobs.

“BDA looks forward to continuing its relationship with Private Client Exchange and is delighted to participate in the International Private Client Forum to be held in Italy in November. The BDA also has a long-standing relationship with Transcontinental Trust, having been involved since the first event held in Bermuda in 2015. We were also proud to be able to maintain this relationship when the event was held virtually in 2020 and 2021.”

The spokesperson said: “BDA Board Member Susan Pateras and Bermuda Minister of Economy and Labor Jason Hayward welcomed delegates on the morning of the opening of the Transcontinental Trust Forum. .

Minister Hayward said, “On behalf of the government, I had the pleasure of welcoming foreign delegates to Bermuda, the jewel of the Atlantic. Given the high net worth focus of the event, I was also pleased to provide delegates with an update on the Government Economic Investment Certificate. [EIC] initiative.

“The EIC allows individuals who invest at least $2.5 million in qualifying investments on the island the right to residency in Bermuda as well as a path to long-term residency after a period of five years. Since the IEC came into effect on March 1, 2021, 19 IEC applications have been approved, representing investments of over $325 million in the local economy.

The spokesperson said: “Bermuda Premier David Burt welcomed IPI delegates to Bermuda today, July 11, while Mr. Hart and Collin Anderson, Permanent Secretary to the Department of Economy and Labour, will present the Bermuda EIC initiative tomorrow, July 12.

“As supporting the affluent services sector is one of BDA’s top strategic priorities, in addition to providing financial support for in-person events, BDA assists this well-established sector of a myriad of other ways throughout the year. For example, since 2021 the BDA has hosted over a dozen webinars for the Bermuda branch of the Society of Trust and Estate Practitioners [STEP] and the Bermuda Association of Licensed Trustees [BALT] and holds monthly trust and private client advisory group meetings.

“If you would like to learn more about Bermuda’s high net worth industry, contact Korrin Lightbourne, Senior Business Development Coordinator at [email protected] or +1 441 292 0632.”

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Jennifer C. Burleigh