AGP Executive Report

Tax Rules Update: CITA has opened a consultation on proposed amendments to Bermuda’s Corporate Income Tax (Administrative) Regulations 2025 and new regulations to support the Tax Credits Act 2025, with submissions due by June 3, 2026. Taste of Bermuda Build-Out: The City of Hamilton is inviting Bermuda-based catering and culinary operators to bid on two immersive dining experiences for Taste of Bermuda 2026, including a projection-mapping dinner at Pier Six on Oct 10 and a Ratatouille-themed event at Fort Hamilton on Oct 11. Harbour Nights Returns: After last week’s weather cancellation, Harbour Nights 2026 kicks off on Front Street this Wednesday (May 20) and runs weekly through Sept 16. Sailing Tech Boost: Deloitte Bermuda is backing RHADC’s Wednesday Night Racing with live tracking, analytics and on-demand replays for the RS21 fleet. Entrepreneur Support: Ignite Bermuda is beta-testing Spark AI, a free, Bermuda-specific business coach for 200 entrepreneurs via WhatsApp. Space Economy Step: Home Affairs has launched public consultation on licensing ground-based Earth stations, aiming to strengthen Bermuda’s satellite and cybersecurity framework.

Space & Spectrum Consultation: Bermuda has opened a public review on licensing ground-based Earth stations, aiming to build a “trusted jurisdiction” for the space and satellite economy with two-tier authorisations, spectrum discipline, and cybersecurity obligations. Bermuda Day Logistics: Trash collection is shifting for the holiday—Friday pickups move to Saturday, while recycling stays on schedule. Digital Finance Push: Ignite Bermuda is inviting 200 entrepreneurs to beta-test Spark AI, a free WhatsApp-accessible business coach trained on local know-how. Cyber Readiness: A new business-focused reminder urges companies not to treat backups as optional, warning that outages and data loss can hit fast. Energy Policy Debate: Home Affairs Minister Alexa Lightbourne says LNG infrastructure would be “costly” as Bermuda revises electricity targets. Local Economy & Culture: A St George’s resin art shop opens, while Bermuda Day Grand Marshals are named under the “For the Culture” theme. Markets: DHT Holdings reports a near fourfold Q1 profit jump on strong VLCC conditions.

Electoral Reform Push: Bermuda is moving toward a sweeping overhaul this September, with an Electoral Reform Working Group set to be formally appointed after months of consultation—aimed at improving voter access, election-day administration, campaign finance transparency, and oversight. Single-Use Plastics Act: MPs have passed the Single-Use Plastics Act 2026, with phased restrictions and customs duty relief for alternatives—no instant blanket ban, and prohibited items will only be added once practical substitutes are ready. Space & Licensing: The Ministry of Home Affairs has opened a consultation on a consolidated framework for licensing Earth Stations, positioning Bermuda for the satellite economy with a two-tier licensing model and cybersecurity obligations. Housing Costs: The Landlord and Tenant Act 2025 is still in motion, with a new consultation phase expected by June. Finance & Ratings: Bermuda’s credit story continues to strengthen, with recent ratings reviews cited by the Premier as boosting investor confidence. Community & Business: ABIR kicks off its internship pipeline again with Amelia Othman returning as a junior analyst.

Water Fight in the Desert: A new dispute in Borrego Springs, California, is reigniting questions over whether the town’s mesquite forest depends on the same groundwater being pumped for farms, resorts, golf and residents—after a UC Irvine study said they’re linked, and local water-right holders pushed back. Bermuda Digital Push: Bermuda’s Government says its new digital portal is now live, aiming to make services and official information easier to find by topic, task and life event. Power & Weather: BELCO reports two recent outage causes—an underground cable fault in the west and storm damage including a waterspout in St. David’s that left about 40 customers without power. Housing Costs: MPs heard that landlord-tenant reforms are moving through a new consultation phase, with more work expected by June. Caribbean Connectivity: Jamaica announced it will host the second CTO Air Connectivity Summit on Feb. 23, 2027, following Bermuda’s inaugural event. Local Business Boost: BEDC’s Love Local Market brought vendors and shoppers together to support Bermudian trade.

Digital Government Launch: The new Government digital portal is now live, with services and official updates organised by topic, task and “life event” to make information easier to find. Power & Weather Disruptions: BELCO says recent outages were driven by an underground cable fault and storm damage, including a waterspout in St. David’s that left about 40 customers without power. Community & Business Momentum: BEDC’s Love Local Market put vendors and shoppers front and centre, while the Bermuda Digital Finance Forum pushed hands-on digital payments with an airdrop and vendor market at Pier 6. Policy Watch: MPs have advanced the Single-Use Plastics Act 2026, with customs duty relief for alternatives and a phased rollout rather than an instant blanket ban. Sports & Local Cricket: Clubs report delays in receiving Omtex T20 training balls, forcing some matches to use leftover or higher-cost Kookaburra balls. Regional Tourism: Jamaica will host the CTO Air Connectivity Summit in Feb 2027, building on Bermuda’s inaugural event.

Middle East Shipping Stress: A fresh “Bermuda Triangle” is being drawn in the Strait of Hormuz, with Iran framed as trying to choke a key global trade artery and ripple shocks into energy, shipping and insurance. Digital Finance Push: Bermudians got hands-on with digital wallets after a weather-hit forum activation, with a Pier 6 market letting vendors accept payments and spend up to $100 in digital assets. Local Sports Fallout: Cricket clubs say delayed Omtex T20 balls forced some matches to use last season’s stock or pricier Kookaburras, while the BCB says it has received no complaints. Housing & Plastics Policy: MPs advanced the Single-Use Plastics Act 2026 with phased restrictions and customs relief for alternatives, while landlord-tenant reforms are still in consultation with an expected June update. Business & Markets: Walkers won a Marine Money award for a cross-border marine finance deal; the BSX saw no trades on May 15 and closed unchanged at 3,540.87. Regional Tourism: Jamaica will host the next CTO Air Connectivity Summit in Feb 2027, building on Bermuda’s inaugural event.

Single-Use Plastics Take a Step Into Law: MPs have passed the Single-Use Plastics Act 2026, with restrictions rolling in phases and a blank list of banned items left for later—so nothing is prohibited until Bermuda has practical alternatives; customs duty relief for approved substitutes is also promised. Housing Reform Timeline: Home Affairs Minister Alexa Lightbourne told MPs landlord-and-tenant reforms are heading back out for consultation, with the next phase due by June. Digital Finance Goes Local: After weather disrupted the Bermuda Digital Finance Forum community day, an airdrop to digital wallets and a Digital Payments Market are now set for today at Pier 6, with up to $100 in digital assets for residents to spend with participating vendors. Culture in the Spotlight: Bermuda Day grand marshals were unveiled, including dancehall artist Demeka “Tiny T” Tacklyn, plus reggae musician Jules Roberts and others. Markets Watch: Bermuda’s RG/BSX index was flat on a no-trading day; Butterfield shares dipped slightly in New York. Weather Disruption: Belco reported hundreds of customers without power as a cold front brought heavy showers and gusty winds.

Digital Finance Push: Bermudians got hands-on with digital payments last night after an airdrop to new digital wallets at Pier 6, with the Digital Payments Market now set for today 4pm–9pm after weather forced a reschedule; the Government is backing attendance and giving recipients up to $100 in digital assets to spend with participating Front Street vendors. Caricom Membership Debate: A West End town hall heard fresh pushback on Bermuda seeking full Caricom membership, with residents questioning the extra $2 million price tag and saying the public has too little say—Home Affairs Minister Alexa Lightbourne argued the move could help solve local challenges by borrowing proven tools from other islands. Regulation Meets Innovation: The Bermuda Monetary Authority is working with an international consortium on “embedded supervision” for digital assets, aiming to enforce regulatory requirements directly in infrastructure in real time. Community & Culture: OutBermuda says two thirds of LGBTQ+ people don’t feel safe to be open, while a new Bermuda Dive Festival runs today through Sunday. Business Watch: Brookfield is deepening its Bermuda insurance footprint as it moves to merge its parent with wealth solutions, targeting a more integrated insurance-and-investment platform.

Town Hall Milestone: Rae Nelson was sworn in as mayor of Bermuda Run, becoming the town’s first woman mayor after serving as mayor pro tem. AI for Everyday Bermuda: Rize Technologies soft-launched Compass AI, a free Bermuda-only guide on web and WhatsApp for local schedules, hours, beaches and events. Digital Asset Oversight: The BMA and partners advanced an “embedded supervision” model aimed at enforcing digital asset rules directly in infrastructure in real time. Onchain Government Push: Stellar’s Development Foundation says Bermuda will begin moving key payment and financial-services activity onto the Stellar network. Weather Disruption: Belco reported hundreds without power as inclement weather brought heavy showers, thunderstorms and gusty winds. Finance Sector Update: AM Best lifted MS Reinsurance’s issuer credit rating to “aa,” while IGI raised its quarterly dividend to $0.075 per share. Electoral Reform: Diallo Rabain said appointments for an electoral reform working group are imminent, with the group expected to meet several times a week.

AI in government: Bermuda’s Premier David Burt says the public sector will deploy “secure AI” with Near AI, using confidential-computing infrastructure so citizen data stays protected even from the provider. Onchain payments push: At the same SALT forum, Bermuda and the Stellar Development Foundation announced a live move of key payment and financial-services activity onto the Stellar network, aiming to cut merchant card fees and enable wages, merchant payments, and government fees via digital wallets. Digital finance momentum: Bitcoin Suisse’s Bermuda unit secured BMA approvals for a Class F digital asset licence and Class B investment registration, setting up regulated digital asset management for professional and institutional clients. Corporate payouts: IGI lifted its quarterly dividend 50% to $0.075; AXIS Capital declared a $0.44 quarterly dividend; Teekay and Teekay Tankers also announced special dividends. Local business & community: Harbour Nights opening was cancelled due to weather, with the season kickoff moved to next Wednesday on Front Street. Markets: No trades on the BSX; Butterfield fell 0.55% in New York.

Crypto & Payments Rollout: Bermuda is moving key payment and financial-services activity onto the Stellar network, with residents set to receive wages, pay merchants, settle government fees, and use digital wallets on-chain as stablecoin-based pilots are expected. Regulatory Push for Digital Assets: Bitcoin Suisse (International) says it has secured Bermuda Monetary Authority approvals—a Class F Digital Asset Business Act licence and Class B Investment Business Act registration—positioning it for regulated digital asset management for professional and institutional clients. Financial Services in Motion: AXIS Capital declared a $0.44 quarterly dividend; Teekay and Teekay Tankers also announced special dividends alongside their quarterly payouts. Local Business & Community: Waterfront Group and Socialprise launched new e-commerce platforms, while Harbour Nights was cancelled tonight due to weather and rescheduled for next Wednesday on Front Street with fireworks. Skills & Compliance: Bermuda Police officers trained in asset recovery in South Korea as Bermuda strengthens its FATF-facing framework; Bermuda College will host a PIPA access-request workshop. People & Purpose: Martello Re scholarships launched at Bermuda College, and Focus Counselling opens its Root & Rise Healing Earth project to the public.

On-chain government push: Bermuda’s payments and financial services are set to move onto the Stellar network, with Premier David Burt saying the goal is a “fully on-chain national economy” and lower costs for residents and merchants. Digital finance licensing: STS Digital secured a full Bermuda Monetary Authority licence after earlier testing stages, while Bitcoin Suisse’s Bermuda unit received a Class F digital asset licence and Class B investment registration on a pre-operational basis. Stablecoin momentum: Jewel Bank is reviving its digital banking and stablecoin plans after Genius Group bought a 9.9% stake tied to stablecoin issuance ambitions. Privacy compliance: Bermuda College hosts a June 9 workshop on managing PIPA access requests, aimed at directors, HR, compliance and legal teams. Enforcement focus: DENR head Geoffrey Smith urged stronger penalties for illegal fishing as marine protection planning ramps up. Community calendar: Harbour Nights returns to Front Street today (7pm–10pm) with vendors, performers and a fireworks finale around 9:30pm.

On-chain payments push: Bermuda is moving parts of government payments and financial services onto the Stellar network, aiming to cut high processing costs (reported up to 10%) and keep more value on-island via digital wallets and stablecoin pilots. Regulatory momentum: The move follows Bermuda’s broader crypto push, including BMA licensing for Bitcoin Suisse’s international arm and continued work to strengthen oversight ahead of FATF’s 2027 mutual evaluation. Finance & business: Butterfield shares slipped 0.6% in New York, while KBRA affirmed Bermuda’s ratings at A+/K1+ and flipped the outlook to Positive. Community & culture: Harbour Nights kicks off tomorrow on Front Street with fireworks, and Lumina’s Financial Literacy Summit returns Sept 25 at the National Museum of Bermuda. Public safety & training: BPS detectives joined international asset recovery training in Seoul as Bermuda tightens its anti-financial-crime toolkit.

Tourism Launchpad: Skydive Bermuda has completed its first test jumps from 13,000 feet over Dockyard, with solo and tandem dives planned for a 2027 debut once permits are secured. Digital Finance Push: Genius Group says its Bermuda-linked Jewel Bank move is setting up regulated stablecoin issuance and digital banking, tied to its AI education platform. Sovereign Credit Boost: Moody’s upgraded Bermuda’s ratings to A1, citing improving fiscal strength after corporate income tax. Caricom Debate: FDM accuses Government of “mixed messaging” on full Caricom membership, arguing immigration and labour benefits are being framed inconsistently. Local Business & Community: Terceira’s service stations switch to Esso under Sol Petroleum; CRG holds a Mangrove Bay ribbon cutting; and Warwick Academy wins the KPMG Senior School Investment Challenge. Sport & Culture: Bermuda’s Kole Hall scores in the Baller League UK; and the National Museum hosts a free lecture on heritage tourism and public memory.

Sovereign credit boost: Moody’s upgraded Bermuda’s ratings to A1 (stable outlook), citing the structural revenue lift from corporate income tax and expectations of sustained fiscal surpluses and faster debt reduction. Courts and governance: Pakistan’s Supreme Court dismissed three appeals tied to a TRG Pakistan shareholding dispute, clearing the way for founder Zia Chishti to regain influence after a Sindh High Court order. Privacy compliance moves to the front line: Bermuda College will host a June 9 workshop on managing PIPA access requests, as organisations shift from policy planning to day-to-day handling. Life reinsurance under US scrutiny: US Treasury Secretary Scott Bessent met regulators on Bermuda’s growing life reinsurance exposure, including private-credit concerns. Local community and business: Raleigh Bermuda’s “Brave Conversations” on May 16 targets parents on teenage spending habits; Global Atlantic Re Foundation and BEDC will run a November pitch contest with up to $25,000 grants. Public safety: A yearlong child sexual abuse material operation led to 42 arrests in Riverside County, including four locals.

Bermuda’s tax compliance gets a new home: The Corporate Income Tax Agency (CITA) has officially taken over Bermuda’s Economic Substance and international tax compliance work, including CRS, CbCR, FATCA-related duties and exchange-of-information requests—effective March 13 and March 31 after the Economic Substance Amendment Act 2026. Life reinsurance under US scrutiny: US Treasury Secretary Scott Bessent met with NAIC regulators to discuss Bermuda’s fast-growing life and annuity reinsurance exposure, including concerns around private-credit links and liquidity. Small business funding push: The Wave of Opportunity Pitch Competition will award five grants of up to $25,000 each (plus training and a People’s Choice prize) during Global Entrepreneurship Week in November. Caricom labour debate: Home Affairs Minister Alexa Lightbourne says deeper Caricom ties are meant to fill hard-to-staff roles without “open borders.” SailGP spotlight: Australia’s Bonds Flying Roos won the Bermuda event’s final day, extending their championship lead after a dramatic Great Sound weekend.