| GLOBAL MOBILITY
BERMUDA
KEY TAKEAWAYS Strategic advantages and accessibility. Bermuda’s prime location between North America and Europe, direct flights to major cities, and advanced technological infrastructure make it an ideal hub for global markets. Its political stability, progressive legislation, and tax-neutral status further enhance its appeal for businesses and individuals seeking seamless cross-border operations. Regulatory excellence and business opportunities. With a robust regulatory framework emphasising compliance with international
Bermuda’s enduring blue-chip appeal
standards (e.g. AML, FATCA), Bermuda offers credibility and security for global investors. The jurisdiction provides diverse investment vehicles, such as trusts and funds, supported by a pro-business culture and sophisticated international workforce.
and reshaped global mobility patterns, the world economy remains deeply interconnected. Globalisation is not on the wane – it is merely evolving. And evolution brings opportunity. Recent political events have created new opportunities in global mobility. For example, more businesses and individuals than ever before are looking beyond their own borders for new, more stable, and more advantageous jurisdictions in which to invest. Perhaps the most interesting new opportunity in global mobility has been the introduction of the digital nomad visa. Nomad workers boost the local economy through spending without competing for local jobs, they bring diverse perspectives and create opportunities for cultural exchange and global networking, and they provide the opportunity to tap into a diverse pool of talent that might not otherwise be available locally. Even as corporate giants make headlines with their return-to-office mandates, the digital nomadism movement continues to open more and more borders.
Innovative residency and work options.
Bermuda’s Economic Investment Certificate, Residential Certificate, and Digital Nomad Visa encourage foreign investment and attract high-net-worth individuals and remote workers. These programs support long-term residency and foster a dynamic, globally connected community.
Edward Allanby President and Chief Executive Officer Leman Management
Q2 How can service providers help clients
jurisdictions to whom they can turn to when navigating issues beyond their areas of expertise. By leveraging their expertise and that of their local and global networks, service providers can ensure a seamless alignment of regulatory, operational, and financial needs. Q3
Q1 What are the key considerations for businesses and individuals navigating cross-border mobility in your jurisdiction? Bermuda is one of the world’s premier jurisdictions for cross-border mobility. With an enviable blend of strategic location, accessibility, international credibility, innovative business solutions, and welcoming immigration policies, Bermuda enables businesses and individuals to effectively navigate the complexities of cross-border mobility while positioning themselves for success in an ever-evolving global economy. Located between North America and Europe, Bermuda is ideally situated for businesses serving global markets. The island has direct flights to and from London, Toronto, New York, and other major U.S. gateway cities. Bermuda’s enduring success is evidenced by its 70+ year status as a blue-chip jurisdiction. Its international credibility is further enhanced through its gold-standard regulatory framework, which emphasises stringent compliance with relevant local and international laws, regulations, and best practices including those related to AML/
ATF, international sanctions, privacy, economic substance, CRS, and FATCA. Bermuda offers a stable political climate and progressive legislation and has a strong pro-business and pro- foreign investment culture. The island offers robust investment and wealth management options for international clients including various trust structures, investment holding companies, and funds. Bermuda is tax-neutral with no income, withholding, or capital gains taxes, apart from a corporate income tax applicable to those businesses with global revenue of €750 million or more. Bermuda offers several residency and work permit options which encourage and support the migration of foreign workers to the island’s shores. High- net-worth individuals and families find Bermuda particularly appealing due to programs like the Economic Investment Certificate and Residential Certificate, which allow for long-term residency and working privileges in exchange for significant economic contributions. Remote workers also find Bermuda appealing as the government offers a Digital Nomad Visa, which allows them to live in Bermuda while maintaining employment with companies or clients based elsewhere. As a result, the island boasts a highly qualified and sophisticated international workforce, which spans multiple industries.
structure global mobility strategies (e.g. regulatory, tax, financial efficiency)? For clients to successfully navigate globalisation, service providers must be prepared to provide comprehensive and tailored guidance for building their clients’ globally focused portfolios. A client’s global mobility strategy should ensure that their financial goals are being seamlessly met. This means that service providers must be informed. First and foremost, they need to know their client. What does their current portfolio look like? What jurisdictions are they currently invested or operating in? What are their immediate and long-term goals? What is their risk appetite? Service providers also need to know the intricacies of the jurisdictions in which their clients operate or would like to operate. Is there political stability? Is there economic stability? Is there a strong infrastructure in place? Is the regulatory environment robust? Service providers should have a working knowledge of the local laws as they relate to foreign investment, setting up and operating a company or trust, taxes, immigration, etc., and they should have a strong, well-established, and reliable network of professionals across multiple
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Is globalisation on the wane? How do recent political events create new opportunities in global mobility?
Globalisation has faced significant challenges in recent years. Political events such as Brexit and the ongoing U.S.-China trade tensions are viewed by many as targeted rejections of globalisation and a movement towards reshoring and protectionism. The COVID-19 pandemic disrupted both global supply chains and cross-border mobility due to widespread illness and lockdowns. Russia’s invasion of Ukraine has resulted in worldwide sourcing challenges for food, raw materials, and fossil fuels. Globalisation is not a policy created by governments, it is a state that exists out of necessity. It merges economic spaces, essentially ignoring political borders. While recent events have slowed down the pace of globalisation
Edward G. C. Allanby is an FCA of the Institute of Chartered Accountants in England and Wales, a CPA with the Chartered Professional Accountants of Bermuda, and a TEP with The Society of Trust and Estate Practitioners. Edward is the cofounder, President, and CEO of Leman Management Limited (Bermuda). He sits on The Barristers & Accountants AML/ATF Board (Bermuda) and on the boards of numerous private entities, as well as serving as Protector and Enforcer of numerous private trusts and trust companies. Edward leverages his extensive knowledge and leadership skills to deliver strategic vision and exceptional results to his clients.
Leman Management, independently owned and operating in Bermuda since 2001, provides expert, tailored services to high-net-worth and ultra-high-net- worth individuals, families, and corporate entities. Specialising in the personalised coordination and control of private market asset portfolios, Leman Management’s team delivers innovative strategies to meet their clients’ diverse and comprehensive needs. Leman Management’s well-established and extensive network spans 11 countries. Their global reach and expertise allow them to craft and execute solutions that expertly align with each client’s unique financial goals and requirements.
+1 441 296 0541 eallanby@leman.bm irglobal.com/advisor/edward-allanby
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