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A new member for OCTA: Bermuda joins the association of overseas countries and territories

2 July 2014

OCTA is pleased to welcome Bermuda as a new member of the association. Bermuda submitted its request for membership last May after having joined the revised OAD (Overseas Association Decision) which entered into force as of the 1 January 2014. Bermuda’s membership brings the total of OCTA members to 22 countries.

Bermuda is a British overseas territory located in the North Atlantic Ocean. Often mistaken as a Caribbean island, Bermuda lies over 1,200 km (746 miles) to the north of the nearest Caribbean island. Bermuda consists of a group of over 150 islands and islets with a total area of 53.6 km2, a population of 64,237 inhabitants and a GDP per capita of $ 84,381.

There are six main islands comprising Bermuda (also called Great Bermuda and Main Island) which is the largest, Somerset Island, Ireland Island, St. George’s Island, St. David’s Island and Boaz Island. The islands are connected by causeways and bridges to form a continuous fishhook-shaped landmass that stretches approximately 21 miles in length and averages less than a mile across.

Offshore finance (especially reinsurance) and tourism are the main pillars of the economy. Tourism accounts for 15 per cent of Bermuda’s overseas earnings. Few natural resources and little manufacturing activity are also part of the island’s economy. More than 15,300 Bermuda-based international companies, 2650 local companies, 430 overseas partnerships and 940 other non-resident companies are located in the territory.

Bermuda is one of the largest respected service providers in the global insurance market. Moreover, it can now boast a consolidated experience in providing international trained and qualified professionals in the financial services industry and offer high standards of education and healthcare system.

Furthermore, being home to 4,597 marine and 3,702 terrestrial species [1] (of which about 3% are endemic) and several inland marine ponds that are rare worldwide, Bermuda provides a significant example of the rich biodiversity of OCTs.