1. A Commitment to Stable Public Finances

The forthcoming corporate income tax represents a new paradigm for Bermuda. 

Due to strategic reforms of our previous Governments, the country will have the opportunity to implement meaningful tax reform that will reduce the cost of living while also reducing the national debt. Further, it is projected that over the next 10 years, Bermuda will be able to eliminate its national debt while also building a sovereign wealth fund to benefit all Bermudians with strategic investments for the future.

We have made fiscal responsibility a key area of focus during our time in office, positioning Bermuda to achieve its first budget surplus in 21 years.  This budget surplus was achieved while the Government made fiscal changes to support Bermuda’s residents, including reducing taxes for all local businesses, customs duty on essential goods, the tax on energy bills, and vehicle licensing fees. 

As we move forward with the transformative corporate income tax, we will demonstrate that we are prepared to manage the new receipts in a manner that will deliver a fairer, forward-thinking, and balanced economy.

We are focused on ensuring that the benefits of Bermuda’s strong economic position serve the present and the future. We want Bermudian businesses to succeed, our older members of society to remain active and competitive in the workforce, and young generations and consumers to enjoy their present while building strong financial futures.

The PLP is committed to:

• Implementing the recommendations from the forthcoming report from the Tax Reform Commission to ensure that appropriate fiscal guardrails are established for the new revenue from the Corporate Income Tax. 
• Balancing debt reduction and infrastructure investment with the significant need for increased investment in social services, education, and healthcare required to execute the pledges in this platform.
• Finalising public sector pension reforms to ensure public sector pensions are sustainable for future generations and restoring annual cost of living increases for public sector retirees. 
• Establishing a Sovereign Wealth Fund for Bermuda with an independent board to invest excess proceeds from the Corporate Income Tax for the benefit of future generations. 
• Creating a Bermuda Trust Fund with an equal share held by every person with Bermuda Status. This fund will receive profits from government-supported projects like the Fairmont Southampton redevelopment.
• Delivering on the commitment to lower banking fees while ensuring that all Bermudians have access to basic banking services, and establishing a financial watchdog to protect Bermudians from unfair banking practices. 
• Implementing the tax reductions outlined in the 2025/26 Pre-Budget Report.
  • - Reduce the tax on energy by a further 20%, representing a total reduction of 80% in taxes on energy.
  • - Eliminate customs duties on all building materials and all motor vehicle parts.
  • - Reduce private car licensing fees by a further 10%.
  • - Reduce the base rate of land tax for all residential properties by 50% to $150.
  • - Reduce the monthly tax on mobile phones by 50%.
    
• Revising the import duty system to implement reduced rates for local businesses registered with the Bermuda Economic Development Corporation, easing operational costs and supporting economic growth.
• Eliminating employer payroll taxes to encourage the retention of Bermudians over 65 who wish to continue working. 
• Introducing participatory budgeting to give Bermudians a greater say in the spending of taxpayer funds that support the third sector and charities. 
• Launching a comprehensive financial literacy survey to assess community needs and designing initiatives that equip Bermudians with the tools for better financial decision-making. 

2. Transitioning to a Climate-Resilient Economy

As part of our vision for a greener, more sustainable Bermuda, the PLP proposes to create a Bermuda that is prepared to meet the challenges of a changing climate while unlocking new opportunities for economic growth. 

Our focus is on building resilience in critical infrastructure capable of withstanding more powerful hurricanes and extreme weather events. Further, we are dedicated to reducing environmental impact, promoting sustainable resource management, and ensuring long-term stability, affordability, and opportunity for all Bermudians.

These solutions will not only advance Bermuda’s environmental goals, but also uphold our commitment to fairness for this generation and the next – ensuring no one is left behind in a strong transition to a more sustainable future.

The PLP is committed to:

• Executing a plan to develop a more climate-resilient energy grid with hurricane-resistant infrastructure, ensuring reliable and affordable energy distribution in response to anticipated worsening climate conditions.
• In the long term, positioning Bermuda as a climate-safe haven to attract investment and drive economic growth through sustainable development.
• Advancing significant infrastructure projects such as upgrading Bermuda's water supply and waste treatment systems to ensure sustainability and resilience.
• Implementing a Green Energy Fund to support affordable access to renewable energy by residents with programmes such as Community Solar and battery storage systems for qualified homes and businesses.
• Finalising a ban on single-use plastics to reduce environmental pollution and protect marine life.
• Enforcing the Clean Air Act 1991, including the 2024 Amendment, to hold businesses more accountable for maintaining clean air and reducing air pollution, including nuisances such as particle fallout.
• Immediately act on the findings of the recently completed,  comprehensive Bermuda  Climate Study and its recommendations for Bermuda to respond to the impact of Climate Change in the short, medium, and long term.

3. Improving Our Business Ecosystem and Promoting Sustainable Economic Development

Through the dedication of its people, Bermuda continues to attract and support businesses across various industries. From small businesses meeting everyday needs to cutting-edge technology firms and leaders in the (re)insurance sector, many have chosen Bermuda as their professional home.

We are committed to creating an environment where small and mid-sized Bermudian enterprises can grow and succeed. Supporting local businesses is key to building a balanced and resilient economy for the future.

At the heart of our efforts are the people of Bermuda. We will continue developing community-centric initiatives that encourage industry growth without compromising the financial stability of Bermudians.

The PLP is committed to:

• Continuing the implementation of Bermuda’s Economic Development Strategy to drive business expansion, support entrepreneurs, attract investment, and develop local talent.
• Pausing the implementation of new marine protected areas until an agreement is reached with local fishermen on better enforcement and fairer data collection rules to support any new marine protected areas. 
• Completing the implementation of cooperative legislation and establishing a Registrar for Cooperatives, supported by a dedicated Government department to administer and promote the sector.
• Developing and implementing a National Entrepreneurship Strategy and a Digital Entrepreneurship Strategy that will support an expansion of small and medium-sized business ownership focusing on women, youth, and Bermudian business owners.
• Advancing Bermuda’s position as a digital finance hub by supporting voluntary digital identity solutions and innovation-friendly regulations to attract more investment while ensuring Bermudians benefit from new opportunities.
• Cutting red-tape by streamlining business setup and operation processes while finalising a “one-stop shop” for registration and licensing to encourage entrepreneurship and new local businesses.
• Exploring the potential for government partnerships to support the expansion of financial cooperatives to expand opportunities for Bermudians to access shared ownership and modern, inclusive financial services.
• Advancing policies to promote greater pay equity between Bermudians and expatriates, including by requiring businesses to report detailed, categorised remuneration data, such as housing allowances and other benefits, in addition to further pay transparency measures.

4. Preparing a Skilled, Future-Ready Workforce and Advancing Greater Fairness for Workers

As a government, we recognise that a strong workforce is key to the long-term success of our country.

Bermudians are commercially agile and resilient, with the drive and ability to build meaningful careers and shape our economic future. We are committed to making sure that those who want to contribute to our workforce have the opportunity to do so.

The PLP will work to create real opportunities for Bermudians, not just to enter their chosen fields, but to advance in them. By fostering career growth and development, we can reduce the need for work permits and help businesses strengthen their succession plans with skilled Bermudian talent.

The PLP is committed to:

• Introducing an immigration scheme to incentivise Bermudianisation beyond entry-level positions, by tying streamlined work permit processes for companies to commit to implement and adhere to a formal plan for recruiting, retaining, and promoting Bermudians at mid and senior management levels.
• Enhancing the Bermuda Youth Employment Strategy, which has already reduced youth unemployment in Bermuda by 50%.
• Increasing the minimum wage and developing a standard for a living wage.
• Refining and enhancing the current Employment and Labour Relations Tribunal process to provide increased support and greater fairness to workers. 
• Partnering with Bermuda’s unions to encourage collective bargaining, union organising, and enhancing workers’ rights.
• Developing a data-driven system to support career planning, align education with industry needs, and provide critical insights for economic and workforce planning.

5. Growing Tourism, Creating Opportunities

We remain committed to strengthening Bermuda’s tourism industry with a focus on supporting local businesses and diversifying our tourism offerings.

Bermuda is renowned for its hospitality and warmth, and we are dedicated to preserving that legacy by fostering growth and sustainability within the industry. For example, we will continue to encourage the redevelopment of the Fairmont Southampton to boost tourism, jobs, and the economy.

By empowering the growth of our tourism sector through strategic engagement with stakeholders and ongoing collaboration with industry leaders, the PLP aims to keep tourism strong – now and for future generations.

The PLP is committed to:

• Phasing out the holiday rental certificate fee scheme once local housing market conditions improve, to support the growth of Bermuda’s tourism industry, encourage short-term rentals, and ease the financial burden on property owners.
• Expanding the Tourism Investment Act to include smaller guest houses, health and medical tourism.  
• Equipping Bermudians for careers in tourism via opportunities through education programmes such as the Hospitality and Tourism Signature School, the Bermuda College, and the Department of Workforce Development.