Tourism is a key driver of economic growth and development for Bermuda, and the Government’s aim is to remain oriented towards continuously enhancing the framework for sustainable tourism investment.
Restaurants and attractions are an essential component of the visitor experience and have long been associated with visitor satisfaction. A high quality product packed with opportunity and diversity is essential in delivering an experience that stimulates word of mouth and generates repeat visitation. It is therefore imperative that we encourage investment in Bermuda’s restaurants and tourist attractions.
What is the purpose of the Tourism Investment Act 2017?
"The amended Tourism Investment Act 2017 will stimulate local investment in the delivery of an authentic Bermudian product. It is imperative that we encourage and support investment in Bermuda’s restaurants and tourist attractions, because a high quality tourism product that boasts opportunity and diversity is essential in delivering an unforgettable visitor experience." - Minister of Tourism and the Cabinet Office, Vance Campbell.
How does the Tourism Investment Act 2017 provide support?
The amended Tourism Investment Act 2017 will provide a scale of tax relief for new or existing 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.
Who can benefit from the Tourism Investment Act 2017?
The Tourism Investment Act 2017 provides a scale of tax relief for five types of tourism products including
- attractions - small and medium businesses, catering to visitor experiences
- a new restaurant
- an existing restaurant
- a new hotel
- a refurbished hotel
How long will a businesses receive tax relief, and in which areas?
For an attraction, the Act provides for 5 years relief from:
- Customs duty
For new restaurants, the Act provides for 5 years relief from:
- Customs duty
- The employer’s share of payroll tax
For an existing restaurant, the Ace provides for 3 years relief from:
- Customs duty
For new hotels, the Act provides for 10 years relief from land tax and 15 years relief from:
- Customs duty
- Hotel occupancy tax
- The employer’s share of payroll tax
- Land-holding charges
For refurbished hotels, the Act provides for 15 years relief from:
- Custom’s duty
- Hotel occupancy tax
- Land-holding charges
- The employer’s share of payroll tax
To apply, please email tourisminvestmentact2017@gov.bm .