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Soares: Island is no longer ‘overcrowded’

Doug Soares of Expertise

The perception that Bermuda is overcrowded and it is difficult to get work permits for international business - as reported in insurance industry magazine Reactions - couldn’t be further from the truth.That is according to Doug Soares, partner at employment firm Expertise Ltd, who said that Bermuda is in a much stronger position today to accommodate international business start-ups than it was during the first waves in 2001 and 2005.Mr Soares said that a construction boom over the past decade has meant there was now ample office space and sufficient housing - in contrast to the magazine report which cited a growing feeling that the Island had become “overcrowded” - while the regulators were more efficient than ever, particularly the Immigration Department.He added that the notion that it was hard to recruit re/insurance personnel from overseas bore little resemblance to the reality, with the country’s work permit policies remaining unchanged from those which attracted the 2001 and 2005 start-ups.“Employers that submit properly prepared applications have no trouble getting work permits for key personnel, particularly executive officers, underwriters, actuaries and accountants,” he said. “The only change has been that their work permits are being processed very quickly nowadays.”Describing the claim in the report that Bermuda had no room for additional “bricks and mortar” as very peculiar, Mr Soares said so was the assertion that it is difficult for international businesses to get places in schools for their children or that it is difficult to get a car.“The fact is that there remain many properties in Hamilton with redevelopment plans that are on hold pending an increase in demand for office space,” he said. “It is also a fact that many private schools are actively seeking students and that it has never been difficult to own and obtain a licence for a car.“I think these perceptions may be left over from a period about five or six years ago when the post Katrina start-ups did cause a strain on Bermuda’s infrastructure. But Bermuda is well-prepared for growth now.”