Bermuda’s investment business regulations have been updated to cover remote work and digital nomads, the House of Assembly has been told.

David Burt, the Premier and Minister of Finance, launched the debate on the Investment Business Amendment Act 2022.

The definition of “carrying on investment business in or from Bermuda” includes “entities formed or incorporated outside Bermuda and carrying on investment business in or from Bermuda”.

Mr Burt said it would encourage innovation in the industry, similar to “sandbox” regimes set up for insurance and digital asset business to try out new business models on the island.

The amendments also increase protection for customers with clarity on supervision covering the promotion of investment services.

The legislation also allows for a 12-month transition period to give time for compliance.

Cole Simons, the Leader of the Opposition, signalled the One Bermuda Alliance’s support.

Jarion Richardson, the Opposition whip, said updates to the 2003 legislation would make the island “far, far more competitive”.