“Our tourism product extends beyond the hotel. Restaurants and attractions are an essential component of the visitor experience and have long been associated with visitor satisfaction. This amended legislation will stimulate local investment in the delivery of an enhanced Bermudian product,” said the Minister of Tourism and the Cabinet Office, Vance Campbell, who reminded the public about the recently amended the Tourism Investment Act 2017.
Minister Campbell continued, “A high quality tourism product that boasts opportunity and diversity is essential in delivering an unforgettable visitor experience. It is therefore imperative that we encourage and support investment in Bermuda’s restaurants and tourist attractions.”
And the Minister advised that he will be reaching out and engaging with key tourism partners in this space to explain more about how this amended Act will work harder to assist them. To that end, the Minister will be conducting a series of stakeholder meetings, community engagement discussions and industry site visits to related businesses to enhance awareness of the new amendments.
Some of the recent amendments in the Act will provide incentives for new or existing restaurants or attractions. As an example:
- For a New Restaurant - Increasing the period of full relief from customs duty from the commencement of the tourism investment order from three to a period not exceeding five years; Increasing the period of full exemption from the employer’s share of payroll tax from three to a period not exceeding five years from the restaurant’s opening date.
- For an Existing Restaurant - Increasing the period of full relief from customs duty from the commencement of the tourism investment order from one to a period not exceeding three years.
- For an Attraction - Increasing the period of full relief from customs duty from the commencement of the tourism investment order from three years to a period not exceeding five years.
Minister Campbell said, “Tourism is a key driver of economic growth and development for Bermuda. Our Government’s aim is to continuously enhance the framework for sustainable tourism investment. Bermuda boasts more than 100 restaurants, and the Tourism Investment Act provides an enhanced package that stimulates sustainable investment in the product, particularly for new restaurants.”
Regarding Attractions, the Minister explained that the Tourism Investment Act will provide support for those attractions that qualify as new businesses as well as support for existing attractions seeking to enhance their offering.
The Tourism Investment Act 2017 will assist those small or medium sized business and local entrepreneurs who provide visitor attractions in the arts, cultural, entertainment, water and natural activities, and museum and historical experiences.
Minister Campbell concluded, “We have such a diverse visitor product offering in Bermuda and we want to help our local entrepreneurs thrive in this space. This Government appreciates that it can be a challenge owning and operating a business in the tourism space. But we are here to help them thrive. In the upcoming weeks, I and my team will be directly meeting with key organisations to share how the Tourism Investment Act 2017 amendments will support them and the continued development of Bermuda’s tourism product. This will result in a sustained tourism recovery for all.”
More information about the Tourism Investment Act 2017 can be found here: https://www.gov.bm/tourisminvestmentact2023