Bermuda is one of the best places in the world for cross-border mobility says the head of a local investment services firm.

In an article published on professional services network website IR Global, Edward Allanby, said Bermuda’s strategic location, international credibility and welcoming immigration policies were contributing to its “enduring blue-chip appeal”.

The president and chief executive of Leman Management said Bermuda’s international credibility was further enhanced through its gold-standard regulatory framework, emphasising strict compliance with relevant local and international laws, regulations and best practices.

He also mentioned Bermuda’s diverse investment vehicle offerings, such as trusts and funds, supported by a pro-business climate and sophisticated international workforce.

“The island offers robust investment and wealth management options for international clients including various trust structures, investment holding companies and funds,” Mr Allanby said. “Bermuda is tax-neutral with no income, withholding, or capital gains taxes, apart from a corporate income tax applicable to those businesses with global revenue of €750 million (about $795 million) or more.”

He said globalisation was not on the wane, but was evolving.

“With that evolution comes opportunity,” he said.

Mr Allanby said Bermuda offered several residency and work-permit options, which encouraged and supported the migration of foreign workers to the island’s shores.

“High-net-worth individuals and families find Bermuda particularly appealing due to programmes like the Economic Investment Certificate and Residential Certificate, which allow for long-term residency and working privileges in exchange for significant economic contributions,” he said.

He also pointed to Bermuda’s digital nomad visa as an example of an opportunity presented by globalisation.

“The Digital Nomad Visa allows them to live in Bermuda while maintaining employment with companies or clients based elsewhere. As a result, the island boasts a highly qualified and sophisticated international workforce, which spans multiple industries.”

The chief executive said that digital nomad workers boosted the local economy through spending without competing for local jobs.

“They also bring diverse perspectives and create opportunities for cultural exchange and global networking,” he said.

Mr Allanby said globalisation had faced significant challenges in recent years including Brexit in Britain, the continuing US-China trade tensions, Covid-19 and the Russian invasion of the Ukraine.

“These are viewed by many as targeted rejections of globalisation and a movement towards reshoring and protectionism,” he said.

However, he said globalisation was not a policy created by governments but a state existing out of necessity.

“It merges economic spaces, essentially ignoring political borders,” he said. “While recent events have slowed down the pace of globalisation and reshaped global mobility patterns, the world economy remains deeply interconnected. The need for efficient cross-border solutions persists.”