Bermuda government approves America’s Cup concessions

Published on February 14th, 2015

The Royal Gazette reports on recent government action in Bermuda…

Hamilton, Bermuda (February 14, 2015) – Legislation offering America’s Cup-related concessions was approved by the House of Assembly last night, with both parties promising unequivocal support.

Minister of Economic Development Grant Gibbons explained that the legislation represented the Government carrying out its promises to the America’s Cup Events Authority (ACEA), made during the bidding process.

“What they said is, in order to consider Bermuda, here’s what we need, here’s what we need to do,” Dr Gibbons said. “We were in competition against a number of other jurisdictions and we all know Bermuda is an expensive place to live and do business.

“When the announcement was made we knew we only had a week or so because we had to put a piece of legislation down and needed to get it passed by February 28. If not, the board can change its mind if they want to.

“This is all about fulfilling our commitment under the bid document.”

Under the legislation, ACEA, Team Oracle and various partners would be able to avoid various fees, including Customs Tariff duty on vehicles and the employer’s portion of payroll tax.

The concessions also allow organisers to bring a number of limousine-size vehicles to be used during the event, under the condition that the vehicles be driven by qualified Bermudians. Show cars may also be brought to the Island specifically for marketing purposes, with Dr Gibbons noting that past America’s Cup events have been sponsored by car companies.

Dr Gibbons said as many as five helicopters would be used along with unmanned drones to record the event and capture the Island’s beauty.

Meanwhile, he said as there were not enough charter boats on the Island to meet demand, visiting charter boats up to 50ft in length would be brought to Bermuda, adding that Bermudian charters and companies would be given priority. – Full story

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