WHAT DO YOU KNOW ABOUT BERMUDA?

Most of us probably know Bermuda as a little island in the Atlantic, a British territory where English is spoken, and a beautiful place to visit.

But there is a lot more to Bermuda than beaches and tourism. I learned that on my recent trip there with L3.

A LITTLE HISTORY

Bermuda was uninhabited when it was discovered by Europeans. It was settled by the English in the early 1600s and developed largely because of its strategic location in the Atlantic.

That location has made Bermuda important to the United States, Britain and the rest of the world for more than 400 years.

American Revolution:
British gunpowder stored in Bermuda was secretly obtained by American forces and helped Washington’s army. So, in a small way, Bermuda helped the American Revolution!

War of 1812:
Bermuda became an important British naval base in the Atlantic. British forces operating from Bermuda played a major role in the campaign against the United States, including the attack on Washington, D.C. Bermuda also provided valuable intelligence to the Americans.

American Civil War:
Bermuda’s location, about 650 miles east of Charleston, made it an important stopping point for ships involved in the blockade-running trade between the Confederacy and Europe.

World War II:
Bermuda again became strategically important. American and British military forces operated there, and the island served as a base for aircraft and ships involved in Atlantic patrol and anti-submarine operations.

Bermuda also became an important intelligence and censorship center. Mail and communications crossing the Atlantic were examined there, and British intelligence operations in Bermuda helped uncover German espionage networks.

After World War II:
Bermuda continued to play a role in Atlantic anti-submarine operations during the Cold War, including efforts to detect Soviet submarines.

NASA:
Bermuda also had a role in America’s space program. Beginning in the early 1960s, NASA used a tracking station at Cooper’s Island to provide down-range tracking for the Mercury, Gemini and Apollo missions.

BERMUDA TODAY

Bermuda is much more than a tourist island.

Its major economic strengths are international business, insurance and reinsurance, financial services, and real estate. Insurance and reinsurance are especially important and remain a cornerstone of Bermuda’s economy.

Bermuda is sometimes described as a low-tax jurisdiction, although it is not tax-free. There are payroll, land, hotel, passenger, stamp and other taxes.

The Bermudian dollar is equal in value to the U.S. dollar, and U.S. dollars are widely used.

Tourism remains important, but it is not the dominant part of the economy that many visitors might assume. In 2022, tourism directly contributed about 3.8% of Bermuda’s GDP and about 13.6% of government revenue.

Bermuda imports most of what it consumes, with the United States being its most important trading partner. This helps explain the Bermudian saying:

“If the United States sneezes, Bermuda gets a cold.”

Bermuda’s location, warm waters, boating, fishing and diving are among its greatest natural assets. And, of course, there is the famous Bermuda Rig sailboat.

A FEW MORE THINGS

Bermuda never developed the large plantation economy found on many Caribbean islands.

Cricket is the national sport and has been played in Bermuda since the 1800s.

And although tourism may be what most visitors notice first, the real story of Bermuda is its strategic location and its remarkable influence on events far beyond this tiny group of islands.