The CEO of the Bermuda Business Development Agency (BDA), Ross Webber, has claimed that that while Bermuda will be affected by the UK’s decision to leave the EU, it remains well placed to work with business partners from both jurisdictions in the future.
“Bermuda is better placed than ever to cater to the contemporary needs of international business. Attributes such as our stand-alone Solvency II equivalence with the EU and our progressive path towards Alternative Investment Fund Managers Directive (AIFMD) passport rights in Europe may now appear even more attractive than they were a day ago,” Webber said.
“These are examples of regulatory votes of confidence given to Bermuda as a robust jurisdiction in its own right, and not contingent on our relationship with Britain.
“Our island enjoys a strong relationship with Brussels nurtured over decades of collaborative efforts by our government, industry and regulator.”
He also said that the real question now becomes how the actual process of that exit will be carried out.
“There is naturally much speculation and uncertainty over the vote’s political implications, as well as its socio-economic impact, and industry around the world will be closely monitoring how this affects the markets and business landscapes of the EU, Britain and their respective trade partners,” Webber said.
“In a global economy, Bermuda is affected, like other nations, by such major events. We stand ready to deal with myriad eventualities. No matter how the exit unfolds, we remind our business partners in the UK that Bermuda continues to offer the same stable, attractive, effective and proven blue-chip international business domicile as it has for the past 70-plus years.”
EU Referendum, Brexit, Solvency II, BDA, Ross Webber, Bermuda, UK, Europe