The Government is intensifying efforts to attract high-net-worth individuals and private wealth business to Bermuda, according to the Minister of Economy and Labour.

Jason Hayward said initiatives under Strategic Priority 2 of the Economic Development Strategy 2023-2027 are focused on strengthening the island’s ability to compete for global investment in sectors such as wealth management, trusts and private client services.

“Strategic Priority 2 focuses on consistent, credible investment promotion and a smoother investor journey, supported by modern tools and fit-for-purpose policy,” Mr Hayward told the House of Assembly.

A key element of the strategy is expanding Bermuda’s presence in the global private wealth market by targeting the professionals who direct this type of business, including law firms, private client advisers, accounting firms and investment managers.

Meanwhile, the Bermuda Business Development Agency is working to deepen relationships between Bermudian-based firms and their international counterparts in financial centres where wealth management activity takes place.

The promotion efforts are focusing on jurisdictions such as London, New York, Miami, Geneva and Zurich, which are major hubs for family offices and high-net-worth investment structures. The Government said outreach in these markets includes business development missions, roundtables and collaboration with industry networks.

Mr Hayward said the strategy also aims to strengthen Bermuda’s appeal as a jurisdiction for private wealth structures.

“Alongside stronger promotion, the BDA has focused on the practical factors that investors weigh when choosing where to locate,” he said.

That work has included legislative amendments affecting benefit entities and trusts, changes identified through industry working groups to help maintain Bermuda’s competitiveness on this front.

The Government said the BDA is also adopting new technology to identify potential investors and business opportunities.

“Because modern investment promotion requires better use of technology to identify and pursue prospects, the BDA is rolling out lead-sourcing technology and sector analysis,” Mr Hayward said.

The tools are intended to help the agency identify high-value prospects in priority jurisdictions and tailor their outreach efforts.

The strategy also emphasises improving the experience for investors once they come to Bermuda, including stronger follow-up and relationship management.

Mr Hayward said the BDA has been engaging with holders of Economic Investment and Residential Certificates as part of efforts to encourage reinvestment and strengthen Bermuda’s appeal to wealthy international residents.

“In summary, Strategic Priority 2 is strengthening how Bermuda promotes investment by improving messaging, tools, relationships, and investor experience, while keeping policy and legislation aligned with opportunity and reputation,” he said.

The initiative forms part of a broader push to position Bermuda as a leading global centre for business and investment, while expanding activity in sectors seen as offering strong long-term growth potential.