Money Matters

Calling all executives: Want a great place to do business? According to the folks at SwiftJet—a private jet charter company based in Toronto—Bermuda is one of the most popular destinations for executives flying by private plane. Why is that you might ask? "When executives charter private jets they want to maximize their best assets, employees and time," says Bassam Al-Sarraj, president of SwiftJet. "Being able to travel on your own schedule down to the minute is essential and that's the flexibility of private jet charter."
Gotcha. But why Bermuda? Unfortunately Mr. Al-Sarraj wasn’t available for further comment, but his PR team was quick to point out the findings of the Bermuda International Business Association (BIBA), an organization of island-based companies, which provide services and products to offshore clients. “The principal attraction of Bermuda is its established reputation,” says a recent BIBA press release. “Specifically, Bermuda has long been established as a financial centre, having sanctioned its first exempted company in the 1930s and now boasting a client base that includes many of the world's blue-chip companies and high net worth individuals.” And here I thought it was the island’s pink sand beaches and its close proximity to the East coast! Although there’s no doubting Bermuda’s well-respected standing within the international financial community. Major insurance and banking institutions have long set up shop here to profit from Bermuda’s favorable tax structure. It’s not quite Switzerland or the Cayman Islands for that matter, but there are indeed incentives for doing business here, which is largely the reason why Bermuda is such a special place. Tax deductions mean profit and profit leads to community incentives—what amounts to huge reinvestments in island infrastructure, education and outreach. So, the next time you execs consider chartering a Falcon 20 F-5 (see above), be sure to tell the captain you’re headed to Bermuda.