David Burt, the Premier and Minister of Finance, held a “seaside chat” with Suzanne Williams-Charles, the chief executive of Bermuda International Long-Term Insurers and Reinsurers during the association’s Life and Annuity Conference, to outline the Government’s strategy for encouraging international companies to invest more of their balance sheets in Bermuda, starting with infrastructure and housing.

When asked about areas of focus, the Premier said: “The main one is housing.” He referenced the island’s need for more investment to support population and job growth.

He explained that the Government was introducing new tax credit legislation as part of tax reform, which was intended to provide incentives for international companies to direct more capital into local projects.

“The reforms which we're doing, the upcoming tax credit legislation as part of the global tax reform, will allow us to provide more incentives for that to happen,” Mr Burt said.

Earlier this month, Mr Burt, as Minister of Finance, released a consultation paper to get public feedback on the proposed legislation, which followed the Tax Reform Commission Report that was published in August.

Among the recommendations in the report was a substance-based tax credit for regulated insurers.

Beyond financial incentives, Mr Burt concluded: “[Bermuda] is always a good place to raise a family. And I do not believe that is something that should inhibit someone who wants to set up a company in Bermuda, because I can say, and I'm sure, as you would know, there's no better place to set up an insurance company on the planet than right here in Bermuda.”

The Premier also discussed the importance of Bermuda’s regulatory framework in attracting high-quality companies to the jurisdiction.

“It has never been about quantity in Bermuda. It has always been about having the best companies that provide solutions to the world,” he said.

He added that the Government’s focus was on keeping up its reputation for quality and substance.

The Premier noted that Bermuda has a record number of international business jobs and expected continued growth in both the business and tourism sectors.

“We know that we're going to see a continued growth in tourism jobs but fair amounts of effort next year will be in tourism investments. So we know that there's going to be growth in jobs in the country,” he said.

Mr Burt also pointed to the need for collaboration between the Government, regulators and industry to ensure that Bermuda remained a competitive and attractive jurisdiction for international business.

“As long as that relationship between the Government, the regulator and industry continues to work, so they can work collaboratively to continue to build not only the various parts of the insurance equity, but I think it would only lead to more jobs and more investment,” he said.