Over
Countries
0
Since 1924
Years
0
Over
Since 1924
Area
53 sq. km.
Population
72,800 (2024).
Capital
Hamilton.
Currency
Bermuda dollar (BMD); the U.S. dollar is in unofficial parallel circulation (with a fixed official exchange rate). Purchase of foreign currency requires payment of foreign currency purchase tax (FCPT) usually included with the bank exchange fee. USD is the generally accepted currency for IP transactions in Bermuda.
Language(s)
English is the official language; Portuguese is widely spoken.
Industries
International business, insurance and reinsurance, tourism.
Natural resources
Fishing, sandy beaches.
Exports
Historically, salt, onions (as a result of which Bermudians are often referred to as Onions) and lilies.
Trading partners
United Kingdom, Canada, United States of America, Caricom Countries.
Bermuda is the oldest of the remaining British Overseas Territory and most populous. Although usually referred to in the singular, Bermuda consists of approximately 138 islands. It lies in isolation in the northwest Atlantic somewhat detached from the Caribbean with the closest land mass being the United States, just over 1,000 km away. Strong cultural ties exist between Bermuda and the other islands in the Caribbean. The discovery of Bermuda is attributed to the Spanish explorer Juan de Bermúdez in the early 1500s, but it was not until the early 1600s that settlement occurred. The British ship Sea Venture was wrecked off Bermuda leaving the survivors in de facto possession of a new territory. Beginning with the American War of Independence, the British began fortifying the “Gibraltar of the West”. Thereafter, Bermuda had a large military presence until 1995 when the last of the British, Canadian and United States bases closed. Bermuda is a premier offshore jurisdiction and is a well respected insurance and reinsurance center. The demonym is Bermudian.
Remarks on intellectual property: the Bermuda government is currently involved in a review of the IP Law and changes can be expected.
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