Tax relief extended to 15 years for Fairmont Southampton – The Royal Gazette

Created: April 22, 2022 10:18

Concessions for the Fairmont Southampton development will be granted for 15 years, the government announced today.

Introducing the Fairmont Southampton Hotel Act 2022, new Tourism Minister Vance Campbell said: “This honorable house has returned today so that a bill of national importance can be introduced.

“The Fairmont Southampton Hotel Act 2022 continues to deliver on a promise to the people of Bermuda.”

He added: “The legislation to be introduced today also delivers on a key commitment made by the government in negotiating the full scope of support needed to make this redevelopment a reality.

“I can inform this honorable Chamber that these discussions are at a technical and advanced stage, involving lawyers from both parties working on the various practical aspects of the agreed Heads of Warrant.”

The Minister said the Department of Finance ‘is fully engaged in these matters and I expect the Prime Minister and Minister of Finance will be able to further brief this honorable House when this Bill is debated’ .

He said the bill’s 15-year grant of concessions represented a “flexible approach”. Mr Campbell said the extension of concessions for this period retains the same protections contained in the 2017 Tourism Investment Act.

“I also want the public to know that this bill deliberately contains necessary protections for employment in Bermuda and Bermuda’s upward mobility in the industry.

“The government is committed to ensuring that Bermudians who choose a career in hospitality are treated fairly and given every opportunity to grow in the industry based on their work ethic, interest and commitment,” added the minister.

“Today represents another critical step in advancing economic recovery and tourism renewal for Bermuda. I emphasize that this is an important step as there are many more to meet before to see tourists welcomed again in this hotel.

“There is still considerable work to be done. Mr. Chairman, global travel demand has returned. Bermuda hotel bookings for the coming months are reportedly strong, which is encouraging for all elements of the tourism economy.

The government is committed to taking this redevelopment forward, signaling that tourism can renew its claim as the twin pillar of this economy, providing economic activity, economic growth and career opportunities for the people of Bermuda.