BDA Supporting Three Events In Bermuda - Bernews

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

A spokesperson said, “The Bermuda Business Development Agency has played an important role in the return of three major in-person high-net-worth services events to Bermuda, the first since 2019.

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

David Hart, BDA CEO, said, “These events not only brought global trust and legal leaders to the Island to discuss important hot topics and best practices but the immediate economic impact of the first two, including lodging, transportation, food and beverage, retail and recreation, was estimated at over half million dollars, and supported around 240 jobs.

“The BDA looks forward to continuing our relationship with the Private Client Exchange and is excited to participate in the International Private Client Forum being held in Italy this November. The BDA also has a longstanding 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 being conducted virtually in 2020 and 2021.”

The spokesperson said, “BDA board member Susan Pateras, and Bermuda’s Minister of Economy & Labour Jason Hayward welcomed delegates on the opening morning of the Transcontinental Trust Forum.”

Minister Hayward said, “On behalf of the Government, I was pleased to welcome overseas delegates to Bermuda, the Gem 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’s 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 reside in Bermuda along with a path to long-term residency after a period of five years. Since the EIC came into effect on March 1, 2021, 19 EIC applications have been approved, representing investments of over $325 million into the local economy.”

The spokesperson said, “Bermuda’s Premier David Burt welcomed IPI delegates to Bermuda today, 11 July, while Mr. Hart and Collin Anderson, Permanent Secretary, Ministry of Economy & Labour will highlight Bermuda’s EIC initiative tomorrow, 12 July.

“Since supporting the high-net-worth services sector is one of the BDA’s key strategic priorities, in addition to providing financial support to in-person events, the BDA assists this well-established sector in 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 organises monthly trust and private client advisory group meetings.

“If you would like to learn more about Bermuda’s high-net-worth services sector, contact Korrin Lightbourne, Senior Business Development Coordinator at info@bda.bm or +1 441 292 0632.”