WEDNESDAY, JANUARY 30: Commenting on today’s announcement on the elimination of the Term limit policy, the Bermuda Employers’ Council said that it removes a stumbling block for International Business (IB) to stay and to choose Bermuda for its operations. This decision with our sophisticated business support infrastructure will make the Island significantly more competitive in the international arena. The Island earns an estimated 80% of its income from IB and the more we can do to keep IB here and to improve upon it the better.
We recognize the Term Limit policy was introduced to inhibit long-term residents; work permits were considered separately. However, the consequences of the policy in our view compounded the impact of the recession. Changing the policy on its own will not solve our economic problems. It is a meaningful message to the world we are seriously open for business. It provides confidence in Bermuda.