Mr Speaker, I rise today to update this Honourable House on the latest independent assessments from international credit rating agencies. These ratings confirm Bermuda's improving fiscal position and strengthening economy, boosting investor confidence, which is an important factor in continued business growth and investment.

The Government of Bermuda welcomes the latest ratings action from S&P Global Ratings, which has improved Bermuda’s outlook to Positive from Stable and affirmed the Island’s A+ long-term sovereign credit rating and A-1 short-term rating. 

S&P said the positive outlook reflects its expectation that, over the next 12 to 24 months, “corporate income tax collections will remain strong” and that the Government will “pay down its debt and strengthen fiscal balances.”

The Government of Bermuda welcomes the latest ratings action from Kroll Bond Rating Agency (KBRA), which has affirmed Bermuda’s long-term issuer ratings at A+ and its short-term issuer ratings at K1+, while improving the outlook on the long-term ratings from Stable to Positive. The improved outlook to Positive signals that KBRA sees the potential for an upgrade in Bermuda’s long-term ratings if current positive trends are sustained.

The Department of Workforce Development, in collaboration with ViableEdu, invite applications for the ViableEdu Professional Development Program.  Registration is open until May 4, 2026.

Now in its sixth year, the four-week virtual programme will run from June 2 to June 30, 2026, and is designed for students and early-career professionals seeking to build careers in finance and fintech.

Mr Speaker and Honourable Members, I rise today before this Honourable House to share a matter of grave concern – the increasing incidence of bullying, harassment and assaults directed towards Public Officers as they fulfil their duties. These troubling behaviours manifest in various forms, including physical attacks, intimidation both in the workplace and online, and even the reckless sharing of personal information with calls to incite aggression against public officers. 

Hamilton, Bermuda -- The Premier and Minister of Finance, the Hon David Burt, JP, MP, will travel to Europe this week to strengthen relations with national and EU decision-makers and advance Bermuda’s interests. The Premier was invited to Dublin, Ireland, to deliver a keynote speech at the European Insurance Forum. 

Mr Speaker, earlier today I tabled the regulations entitled the Banks and Deposit Companies (Over-the-Limit Fees and Unauthorised Overdraft Fees) Regulations 2025. These Regulations represent an important step in ensuring that Bermuda’s financial services framework provides fair treatment for consumers, while also aligning Bermuda with global best practices in banking conduct.

Payroll Tax Amendments for 2024

The budget statement which was read on Friday, February 16^th, 2024, by the Premier and Finance Minister, the Hon. David Burt, JP, MP included the following amendments to the Payroll Tax Act 1995.

New Hire Relief: 2024 

The New Hire Relief of 2024 repeals and replaces the relief granted in both 2018 and 2020. The 2024 New Hire Relief is offered to:

The Ministry of Finance has published a Consultation Paper covering the Appeals Tribunal Framework for public consultation. The financial services sector together with other interested parties are invited to submit their views on the proposals set out in the Consultation Paper.

The NAMLC provides important and current information related to sanctions to assist you with Bermuda’s Sanctions Regime compliance.