Monday, August 21, 2023
Tourism entrepreneurs in Bermuda are being given the chance to to learn about new investment opportunities in the industry at a public meeting next week by the Government.
In order to encourage new investment in Bermuda’s tourism industry, Vance Campbell, the Minister of Tourist and Cabinet Office, will outline recent revisions to the rules governing tourism investment.
The Government will offer a range of tax relief for new or existing small or medium-sized businesses and local entrepreneurs who provide visitor attractions in the arts, culture, entertainment, water and natural activities, and museum and historical experiences under new rules passed in the House of Assembly this year.
The concession period will be increased from ten to fifteen years for new hotels, from five to fifteen years for renovated hotels, from three to five years for new restaurants, from one to three years for existing restaurants, and from three to five years for attractions.
The revised laws also eliminate requirements that developers keep complete and accurate records of the items on which customs tax has been levied.
Campbell had previously said. “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.”
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