QU OF NT AT A FE RU

BERMUDA

TOURISM INVESTMENT (HAMILTON PRINCESS AND BEACH CLUB) ORDER 2024

BR 53 / 2024

WHEREAS Hamilton Properties Limited has submitted an application dated 11 July

2023 for a tourism investment order under section 3 of the Tourism Investment Act 2017 in respect of the Hamilton Princess and Beach Club Phase IV hotel development; WHEREAS the Minister responsible for tourism, having considered the application, is satisfied that the hotel development is in the national economic interest of Bermuda; The Minister responsible for tourism, with the written agreement of the Minister of Finance, in exercise of the power conferred by section 5 of the Tourism Investment Act 2017, makes the following Order:

Citation

1 This Order may be cited as the Tourism Investment (Hamilton Princess and Beach Club) Order 2024.

Interpretation

2 In this Order— “customs duty” means the duty payable under the Customs Tariff Act 1970; “hotel” means the Hamilton Princess and Beach Club, as developed by the hotel developer; “hotel developer” means Hamilton Properties Limited, a company incorporated in Bermuda on 11 February 2015; “hotel occupancy tax” has the meaning assigned by Part V of the Miscellaneous Taxes Act 1976;

TOURISM INVESTMENT (HAMILTON PRINCESS AND BEACH CLUB) ORDER

“opening date” means the date on which the development of the hotel is certified as complete, in writing, by the Minister.

Relief

3 Subject to paragraph 4, the hotel developer shall in respect of the hotel be entitled to the following relief—

(a) full relief from customs duty for a period not exceeding ten years from the operative date of this Order in respect of any building materials, furnishings, fixtures and equipment which are necessary for the building, furnishing and equipping of the hotel;

(b) for a period beginning with the opening date and ending with the twelfth anniversary of that date, full exemption from hotel occupancy tax otherwise payable in respect of the hotel;

(c) for a period beginning with the sixth anniversary of the opening date and ending on the eleventh anniversary of that date, full exemption from land tax otherwise payable in respect of the hotel;

(d) for a period beginning with the opening date and ending with the fifteenth anniversary of that date, exemption from the employer’s share of the payroll tax otherwise payable in respect of persons employed by the hotel.

4. Terms and Conditions

(1) To qualify for the exemption of land tax under paragraph 3(1)(c), the hotel developer shall, for the relevant period, confirm in writing to the Minister that in years six through eleven, 70% of the hotel’s staff are Bermudian.

(2) To qualify for the exemption from the employer’s share of the payroll tax under paragraph 3(1)(d), the Minister responsible for workforce development shall, for the relevant period, confirm in writing to the Minister, annually, that a management training programme for Bermudians is in operation at the hotel.

(3) In this paragraph, “relevant period” means the period for which the exemption is claimed.

Made this 29th day of May 2024

Minister of Tourism, Culture and Sport

TOURISM INVESTMENT (HAMILTON PRINCESS AND BEACH CLUB) ORDER

[Operative Date: 29 May 2024]