Bermuda's Parliament has published the Tourism Investment Amendment Act 2023, which was tabled on 19 May 2023. The Act would amend the Tourism Investment Act 2017 in order to extend the years of relief available to developers of, or investors in, new or refurbished hotels, new or existing restaurants, and attractions ("tourism products"). Under the Tourism Investment Act 2017, applications can be made to the Minister for Tourism for a tourism investment order that may provide certain relief. The relief is as follows with the proposed amendments:

• Full relief from customs duty in respect of any building materials, furnishings, fixtures, and equipment that are necessary for the building, furnishing, and equipping of a tourism product from the commencement of the tourism investment order for a period:
  • not exceeding 15 years for a new hotel (currently, 10 years);
  • not exceeding 15 years for a refurbished hotel (currently, 5 years);
  • not exceeding 5 years for a new restaurant (currently, 3 years);
  • not exceeding 5 years for an attraction (currently, 3 years); and
  • not exceeding 3 years for an existing restaurant (currently, 1 year);
• Full exemption from hotel occupancy tax for a period:
  • not exceeding 15 years from a new hotel's opening date (currently, 10 years); and
  • not exceeding 15 years from a refurbished hotel's opening date (currently, 5 years);
• Full exemption from an employer's share of payroll tax for a period:
  • not exceeding 15 years from a new hotel's opening date (currently, 10 years);
  • not exceeding 15 years from a refurbished hotel's opening date (currently, 5 years); and
  • not exceeding 5 years from a new restaurant's opening date (currently, 3 years);
• Full exemption for a new hotel from land tax commencing 6 years after the hotel's opening date, subject to the hotel verifying in writing to the Minister in years 6 through 15 that 70% of the hotel's staff are Bermudian (currently, years 6 through 10).

Related amendments are also made to Schedule 2 of the Tourism Investment Act 2017, which concerns the scale of relief for different tourism products including the maximum number of years. The amendments align Schedule 2 with the relief amendments listed above.