|At Home in Bermuda
“You go to heaven if you want, I’ll stay in Bermuda” These are the words written by famous author, Mark Twain after his visit to this special island in the late 19th century.
Blessed with a temperate climate and magnificent pink sand beaches, Bermuda sits like a tiny atoll in the north-Atlantic, 950 miles north of the Caribbean islands of the Bahamas and 650 miles due east of North Carolina. Bermuda is officially known as The Bermuda Islands and is an overseas territory of the United Kingdom. With beaches galore and an interesting history, it is a popular holiday destination, as well as a smart yet restricted choice for island real estate investment. Bermuda’s rich culture and history can be much appreciated by exploring the island. In spite of its small size, the Bermuda islands have an almost unending list of visitor attractions and caters to all tastes.
Bermuda Real Estate, Economy and Infrastructure
The economy of the islands of Bermuda is based on tourism and international business and boasts one of the highest per capita incomes in the world. Tourism is a substantial contributor, with 400,000 people vacationing annually in Bermuda. Real Estate investment is popular here, due to the close proximity to the United States. The Bermuda dollar is on par with the American dollar. Financial services account for 60% of the GDP.
Bermuda has a stable and intelligently run economy, and a sophisticated infrastructure. From the earliest Victorian era until recently, the economy was led by tourism. However, it has now shifted to the high-tech international businesses. Successful and fast economic growth, coupled with local investment has resulted in the increase of wealth through Bermuda real estate holdings. Today, the Bermuda real estate market continues to offer exciting opportunities, although demand has driven prices up in the recent years. Bermuda island real estate investors will find that property sales to foreign purchasers are regulated by the Government to protect the balance of foreign ownership on the island.
Whether you are an island real estate investor, part-time resident, or simply an adventurous vacationer, the north-atlantic Island of Bermuda will cast her spell on you!