David Burt the Premier and Finance Minister of Bermuda
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What makes Bermuda a significant player in the global insurance market?
Joe Lynham, the Prime Minister of Bermuda is in Ireland to see what it can learn from this country's insurance sector. Yeah, the tiny island of Bermuda in the North Atlantic is home to some of the largest insurance and reinsurance companies in the world. They pay for much of the Bermudan economy, which has the fourth highest GDP per capita in the world on paper. Very large companies based in Bermuda had paid a cool 0% corporation tax until January this year when the new 15% rate was introduced in line with the OECD reforms. Ordinary companies still pay zero corporation tax.
Why did Bermuda raise corporation taxes for multinational companies?
David Burt is the Premier and Finance Minister of Bermuda and is visiting Ireland and attending the European Insurance Forum starting this morning. Good morning, Premier Burt.
Good morning to you, Joe, and good morning to Ireland.
You've raised corporation taxes in Bermuda for the big multinationals. That can't have been very popular with some of the giant insurance companies based there.
How does Bermuda's GDP per capita compare to its economic reality?
Well, I don't think it's a question of popular, Joe. I think it's a question that Bermuda, like Ireland, is a cooperative and transparent jurisdiction that adheres to international standards. And there was an international agreement and we followed through to implement that international agreement, working with our insurance sector and other companies to make sure that we can continue to be credible global players that Bermuda has demonstrated to be over the years.
So you wouldn't describe yourself as a tax haven?
I don't think anyone would describe ourselves as being a low-tax jurisdiction. I say it from the perspective that I can assure you that my companies and the citizens of my country do not believe that they are under tax.
Okay. Now, we have very high GDP per capita in Ireland, which doesn't reflect the true value or wealth of the economy. I presume that's also the case for Bermuda.
Well, I would say that from a Bermuda perspective, the reason why we're here in Ireland is to deepen our links between our insurance companies.
What lessons can Bermuda and Ireland learn from each other?
I think insurance is a very major tool for continuing to look after the welfare of persons, whether it's recovery from disasters or whether it's also planning for pensions. And so I think that our economies deliver value for the world far more than our relatively small sizes.
What can Ireland learn from Bermuda and what could Bermuda learn from Australia?
Well, we've been working together for a very long time, whether it's a coordination and cooperation between our central bank and our regulator. And I think the spirit of innovation works. I gave a speech last night at a dinner for the European Insurance Forum. And one of the things that I said is that for small island countries like ours, Ireland, of course, much bigger than Bermuda, but still island states, resilience is a matter of survival and national survival. And in order to be resilient, you have to continue to innovate and reinvent yourself and look at what's next. And I think that is two things that Bermuda and Ireland have demonstrated well. And we just want to make sure we share what we're doing in insurance and also share what we're doing in digital finance so that we can make sure that our companies continue to work well together across borders.
Now, we know Bermuda has a favorite type of shorts and that your least favorite shape is a triangle. But apart from Guinness, what do Bermudans know about Ireland?
What do Bermudas know about Ireland? Bermudas know that Ireland is a business powerhouse. There's a number of companies that are based in Bermuda that are here located as well.
What cultural connections exist between Bermuda and Ireland?
There is also students that do come to study in Ireland as well. So it is a place where we certainly like and enjoy friendly relationships with.
Well, thank you very much for joining us. And I hope you have a nice time here in Ireland. That is David Burt, the Premier and Finance Minister of Bermuda. Breakfast Business with Enterprise Ireland on Newstalk.
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Chapters
5 chapters
1
What makes Bermuda a significant player in the global insurance market?
0:01–0:43
2
Why did Bermuda raise corporation taxes for multinational companies?
0:43–1:05
3
How does Bermuda's GDP per capita compare to its economic reality?
1:05–2:00
4
What lessons can Bermuda and Ireland learn from each other?
2:00–3:23
5
What cultural connections exist between Bermuda and Ireland?
3:23–3:45