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:
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.