Awareness is steadily growing of Bermuda's role on the global stage and what it has to offer the international community at large, according to the latest survey by the Bermuda International Business Association (BIBA).

The 2009 Bermuda Awareness Survey, which canvassed 250 lawyers, accountants, financial services and re/insurance executives in North America, the UK, Europe, Latin America and Asia, revealed that 73 percent of respondents were very familiar or familiar with the Island and its international business offerings, up from 70 percent in the 2008 survey.

Bermuda's strengths remained consistent in most major markets, including sophistication, credibility of service providers, market reputation, with 40 percent of the 73 percent of respondents who were aware of the Island and its work, highlighting the sophistication and ability of Bermuda to deal with complicated matters, while 32 percent referred to the experience of the service providers and 28 percent cited the reputation of the jurisdiction.

The study showed that the main challenge to overcome in 2009 will be the perception onshore that all offshore jurisdictions are threatened by the same global regulatory and tax issues.

"Awareness of Bermuda and its international business products and services continued to grow in the second half of 2008 and the first half of 2009," said Cheryl Packwood, CEO of BIBA.

"Despite the overall challenges in the global economy and the real or perceived threats to offshore centres, Bermuda's reputation remains strong, underscored by a highly credible reputation, the experience of our service providers and the real ability to solve the complicated problems of our clients around the world.

"While the great news is the continued growth in awareness of Bermuda, there are some real threats to our international business sector of which we need to remain vigilant.

"Switzerland, Ireland and Singapore have all emerged as competitive threats.

"In addition, there is a lingering concern about the anticipated recovery of the global economy and what that will mean for financial services businesses. There are deepening concerns about the impact of new regulation and tax harmonisation on offshore centres.

"Against the backdrop of our continued success in marketing Bermuda and increasing awareness around the world, we must be even more aggressive in marketing Bermuda as the international business jurisdiction of choice to meet the competitive threats that exist in the marketplace today. We appreciate the solid financial support of Bermuda's government and our members.

"Their efforts are making a meaningful difference and it shows. Bermuda remains in a strong position and we are confident of our continued success with the government, business and all stakeholders working together."

Of the other respondents questioned on their awareness of Bermuda, 13 percent were somewhat familiar/had heard of the Island and 17 percent had no awareness of the country.

This compares to the following 2008 results where 16 percent of respondents were somewhat familiar/had heard of Bermuda; and 14 percent had no awareness of it.

Traditional bases of business in North America and London/the European Union (EU) demonstrated significant awareness/familiarity with Bermuda, as 87 percent of those surveyed were very familiar/somewhat familiar with the Island among key audiences in North America and 82 percent were very familiar/somewhat familiar with Bermuda among those in London and the EU.

Meanwhile the new markets, such as Asia and Latin America, were becoming increasingly familiar with Bermuda, with 53 percent very familiar/somewhat familiar with the Island among key audiences in Asia, while 52 percent were very familiar/somewhat familiar with it in Latin America.

Elsewhere there was 100 percent awareness of Bermuda among re/insurance executives, while within traditional financial services – funds, wealth management – awareness of the Island rose over 2008, despite the broader concerns about the market overall, with more than 20 percent very familiar with Bermuda among financial services executives in North America this year compared to 15 percent in 2008, and more than 21 percent very familiar with Bermuda among financial services executives in London/EU in 2009 versus 15 percent last year.

Among the same 73 percent of respondents who were very/somewhat familiar with Bermuda, 55 percent said the overwhelming concern and most important weakness was over Bermuda's label as a tax haven, while 25 percent said its biggest fear was costs relative to the overall economy.

Anecdotal responses derived from conversations with those who knew Bermuda the best and understood and valued the jurisdiction indicated that the single best point of differentiation was direct contact with Bermuda's business community representatives at companies and services providers in the jurisdiction.

The survey, conducted between June 30, 2009 and July 30, 2009, was designed to assess the progress Bermuda is making in reaching its core clients.