The Bermuda First made 32 recommendations on how Bermuda could ensure its economy continues to be prosperous until 2015.

The recommendations were compiled after months of meetings with 66 leaders of Bermuda's commercial, public and non-profit sectors.

They were broken into four categories, international business, tourism, diversifying the economy and socioeconomic policies.

To ensure the continued vitality of Bermuda's international business sector, Bermuda should:

• Better anticipate and influence policy changes of foreign governments and regulators

• Provide additional resources to the Ministry of Finance and the Bermuda Monetary Authority to support their efforts to improve Bermuda's standing in the international community

• Better coordinate efforts to promote Bermuda to businesses that might locate in Bermuda

• Consider extending the corporate tax exemption beyond 2016

• Consider the establishment of an international arbitration centre

• Continue to educate Bermudians about the benefits of international business to Bermuda.

To reinvigorate Bermuda's tourism sector, Bermuda should:

• Study how to improve the tourist value proposition

• Decrease taxes on the sale of fractional units

• Consider the results of the study on the impact of gaming

• Study whether to create a tourism authority

• Increase subsidies for accommodation in non-peak seasons

• Invest in recreational activities in Hamilton

• Continue modest vouchers or airfare subsidies for overnight leisure visitors

• Educate Bermudians about career opportunities in the hospitality industry

To grow and diversify the economy, Bermuda should:

• Expand into new lines of insurance and reinsurance

• Create a risk-management institute

• Deepen Bermuda's primary market in insurance-linked securities

• Attract fund managers and administrators

• Become a global centre for intellectual property

• Provide privileged residency for wealthy individuals who create jobs in Bermuda

• Increase ocean exploration and sustainable exploitation.

To improve the socioeconomic foundations for Bermuda's long-run prosperity, Bermuda should:

• Complete the adoption of an internationally-recognised curriculum in the public school system

• Streamline scholarship management

• Strengthen training in vocational schools

• Waive term limits and work permits for occupations that historically have permits approved 100 percent of the time

• Intensify efforts to reduce crime

• Continue to encourage development of affordable housing

• Study the drivers of the cost of living and cost of doing business in Bermuda

• Make Bermuda a leader in green technology

• Attract additional high-calibre Bermudians to serve in government

• Continue investing to make government more efficient,

• Further improve the transparency of government processes.

To see the complete report, click here