Page 57 - Caribbean-Central America Profile 2018

BERMUDA

CARIBBEAN-CENTRAL AMERICA PROFILE 2018

Annual government fees are payable as follows: GOVERNMENT Ministry of Economic Development and
Where the “assessable capital” (i.e. in the case Although self-governing, the United Kingdom Tourism
of a joint stock company, its authorised share remains responsible for Bermuda’s defence, 3rd Floor, Government Administration Building
capital and share premium account; in the case external affairs, internal security, and the 30 Parliament Street
of a mutual company, its reserve fund; in the administration of the police force. These Hamilton HM 12, Bermuda
case of a mutual fund, its authorised capital) is: responsibilities are vested in a Governor who Tel: (441) 296-1574
resides in Bermuda and who is appointed by Fax: (441) 296-0137
$0 - $12,000 1,995 Ministry of Education and Workforce
the reigning Monarch of the United Kingdom.
$12,001 - $120,000 4,070 The Legislature consists of a 36 seat House of Development
Assembly elected under universal franchise, 14 Waller’s Point Road
$120,001 - $1,200,000 6,275 and an appointed Senate. The House sits for a St. George’s DD 03
$1,200,001 - $12,000,000 8,360 term of up to five years. Bermuda
Tel: (441) 278-3300
The premier comes from within the ruling party
$12,000,001 - $100,000,000 10,455 Ministry of Finance
and appoints a Cabinet of no fewer than six 2nd Floor, Government Administration Building
$100,000,001 - $500,000,000 18,670 ministers. There is a Court of Appeal, as well as 30 Parliament Street
Supreme and Magistrates Courts. The Supreme Hamilton HM 12, Bermuda
$500,000,001 or more 31,120
Courts have unlimited civil jurisdiction and Tel: (441) 295-5151
jurisdiction over all serious criminal matters. Fax: (441) 295-5727
TRADE AGREEMENTS AND They also hear civil and criminal appeals
INVESTMENT TREATIES Ministry of Government Reform
Since Bermuda does not levy direct taxes, from the three Magistrates’ Courts that have 105 Front Street
there are no double taxation treaties between jurisdiction over all petty offences and have a Hamilton HM 12
Bermuda and other nations. limited civil jurisdiction. Bermuda
Tel: (441) 295 5151
BERMUDA MONETARY ELECTIONS Ministry of Health
AUTHORITY General elections were held in Bermuda on
The Bermuda Monetary Authority (BMA) July 18, 2017 to elect all 36 members to the Continental Building
is the integrated regulator of the financial House of Assembly. The result was a victory 25 Church Street
services sector in Bermuda. Established under for the opposition Progressive Labour Party, Hamilton HM 12, Bermuda
Tel: (441) 278-4900
the Bermuda Monetary Authority Act 1969, which won 24 of the 36 seats. The next General Fax: (441) 292-2622
the BMA supervises, regulates and inspects Elections are due in 2012.
financial institutions operating in or from Ministry of Home Affairs
within the jurisdiction. It also issues Bermuda’s 1st floor
national currency; manages exchange control GOVERNMENT LEADERS Government Administration Building
transactions; assists other authorities in Governor 30 Parliament Street
Bermuda with the detection and prevention of John Rankin Hamilton HM 12, Bermuda
financial crime; and advises the Government Government House, Tel: (441) 297-7590
and public bodies on banking and other financial 11 Langton Hill, Fax: (441) 292-4568
and monetary matters. Pembroke HM 13, Bermuda
Tel: (441) 292-3600 Ministry of National Security
The Authority develops risk-based financial Fax: (441) 292- 6831 Global House, Ground Floor
regulations that it applies to the supervision of 43 Church Street
Bermuda’s banks, trust companies, investment Premier Hamilton HM 12
businesses and insurance companies. It also Edward David Burt Bermuda
regulates the Bermuda Stock Exchange. In The Cabinet Office, Tel: (441) 297-7819
addition, as required by the relevant financial 105 Front Street, Ministry of Social Development and Sports
services legislation, the Authority provides Hamilton HM 12, Bermuda Dame Lois Browne-Evans Building,
specific reports on its activities to the Minister Tel: (441) 292-5501 4th Floor, 58 Court Street
of Finance on an annual basis. In carrying out its Fax: (441) 292-8397 Hamilton HM 12
role, the Authority both follows and helps to set Bermuda
international best practice. MINISTRIES Tel: (441) 294-9146
Attorney General and Ministry
Bermuda Monetary Authority of Legal Affairs Ministry of Transport and Regulatory
BMA House 4th Floor, Global House Affairs
43 Victoria Street TCD Building
Hamilton 43 Church Street, 11 North Street
Tel: (441) 295-5278 Hamilton HM11, Bermuda Hamilton, Bermuda
Fax: (441) 292-7471 Tel: (441) 292-2463 Tel: (441) 295-3130
E-mail: info@bma.bm Fax: (441) 292-3608 Fax: (441) 295-1013

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