Tourism minister to highlight new investment opportunities
The Government is inviting tourism entrepreneurs to learn about new investment opportunities in the industry at a public meeting next week.
Vance Campbell, the Minister of Tourism and the Cabinet Office, will highlight recent changes to tourism investment laws designed to spark fresh investment into Bermuda’s tourism product.
Under new guidelines passed in the House of Assembly this year, the Government will provide a scale of tax relief for new or existing small or medium-sized businesses and local entrepreneurs who provide visitor attractions in the arts, culture, entertainment, water and natural activities, and museum and historical experiences.
Concessions for new hotels will be extended from ten years to 15 years, a refurbished hotel from five years up to 15 years, a new restaurant from three years up to five years, an existing restaurant from one year up to three years and an attraction from three years up to five years.
The amended regulations also repeal provisions for developers to maintain full and proper records of the goods to which customs duty has been applied.
Mr Campbell had previously said: “It is imperative that we encourage and support investment in Bermuda’s restaurants and tourist attractions, because a high-quality tourism product that boasts opportunity and diversity is essential in delivering an unforgettable visitor experience."
The information session will take place at the Bermuda Economic Development Corporation’s office on Water Street in St George on August 24, starting at 6pm.