(WIPO code: BM) (latest review October 2020)

by FIRSTMARK INTELLECTUAL PROPERTY, Hamilton - Mr. John Cunningham

Area

53 sq. km.

Population

71,750 (estimated July 2020).

Capital

Hamilton.

Languages

English is the official language; Portuguese is widely spoken.

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.

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.

General Remarks

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.