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Bermuda

Overseas territory of the ‌United Kingdom
Flag of Bermuda Coat of Arms of Bermuda
Motto
Quo Fata Ferunt
Anthem
God Save the Queen
Location of Bermuda
CapitalHamilton
Status Overseas territory
Monarch
- From 1952Elizabeth II
Governor
- From 2007Sir Richard Gozney
Premier
- From 2010Paula Cox
Legislature Parliament
History
- 1684Established
Area53.2 km²
Population
- 200967,837
 Density1,275.1/km²
GDP2009 (PPP)
- TotalUS$ 6.5 billion
- Per capitaUS$ 97,000
CurrencyBermudian dollar
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Bermuda is an overseas territory of the United Kingdom located in North America.


Background

Bermuda was first settled in 1609 by shipwrecked English colonists headed for Virginia. Tourism to the island to escape North American winters first developed in Victorian times. Tourism continues to be important to the island's economy, although international business has overtaken it in recent years. Bermuda has developed into a highly successful offshore financial center. Although a referendum on independence from the UK was soundly defeated in 1995, the present government has reopened debate on the issue.[1]

Economy

Bermuda enjoys the third highest per capita income in the world, more than 50% higher than that of the US; the average cost of a house by the mid-2000s exceeded $1,000,000. Its economy is primarily based on providing financial services for international business and luxury facilities for tourists. A number of reinsurance companies relocated to the island following the 11 September 2001 attacks and again after Hurricane Katrina in August 2005 contributing to the expansion of an already robust international business sector. Bermuda's tourism industry - which derives over 80% of its visitors from the US - continues to struggle but remains the island's number two industry. Most capital equipment and food must be imported. Bermuda's industrial sector is largely focused on construction and agriculture is limited, with only 20% of the land being arable.[2]

Monarch

  • Elizabeth II () (February 6, 1952 - )

Governor

  • Sir Richard Gozney () (December 12, 2007 - )

Premier

  • Paula Cox () (October 29, 2010 - )

Nation

British Overseas Territories

References

  1. The CIA World Factbook: Introduction - Background
  2. The CIA World Factbook: Economy - Overview

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