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Bermuda is a British overseas territory located in the North Atlantic Ocean. Its official name is the Bermuda Islands or the Somers Isles. It is also known for various names such as la Garza, Virgineola, and the Isle of Devils. The Bermuda Islands is considered as the oldest and most populous among the remaining British overseas territory.
The first capital of Bermuda was St. George's. It was settled in 1612 and enjoys the distinction of being the oldest continuously inhabited English town in the Americas.
The Bermuda Islands may be commonly referred to in singular but in actuality, it consists of about 138 islands. Compiling a complete list of all these islands is complicated since, just like the entire archipelago, many of them have more than one name. Also, the islands may have limited land mass but there is a high tendency for the names of places to be repeated. For instance, there are two islands in the territory which have the name "Long Island" and there are three bays known as "Long Bay". The name "St. George's" may refer to St. George's Town, St. George's Island, and St. George's Parish. The current capital of Bermuda, the City of Hamilton, is located in Pembroke parish but not in Hamilton Parish.
Geography
Bermuda is situated in the North Atlantic Ocean. There are currently two incorporated municipalities in the archipelago namely the City of Hamilton and the Town of St. George. It is divided into different parishes. Each parish has some localities that are called villages.
Bermuda is located off the east coast of the United States. It is 1,770 kilometers (1,100 miles) from northeast of Miami, Florida and 1,350 kilometers (840 mile) from the south of Halifax, Nova Scotia, Canada. By far, the nearest land mass is Cape Hatteras, North Carolina which is about 1,030 kilometers (640 miles) from the west-northwest parts.
The total land area of Bermuda is 53.3 square kilometers (20.6 square miles)
Climate
Photo by Phillip Gee |
The latitude of Bermuda is similar to that of Savannah, Georgia. However, Bermuda is warmer during the winter season and is also cooler during summer. The islands have a subtropical climate that is warmed by the Gulf Stream through the westerlies that carry warm, humid air eastwards. This is one of the reasons why winter temperatures in Bermuda are kept above freezing point.
The climate across the archipelago is humid. As such, the heat index during summer season can be extremely high. Temperatures around mid-August do not exceed 30 degrees Celsius. The winter season, on the other hand, is mild. The average daytime temperature around this time or between January and February is about 20 degrees Celsius. The cold front that dominates the local weather for most of the year, bring Arctic air masses. This results to rapid temperature drops. Atlantic winter storms are oftentimes associated with cold fronts and can produce powerful gusty winds and heavy rains. With the additional effect of wind chills, the felt air temperature during winter season can fall below freezing or o degrees Celsius. The actual temperature in Bermuda, however, rarely drops below 10 degrees Celsius.
One disadvantage of Bermuda's location is that it makes the islands very susceptible to hurricanes. With its position in the Gulf Stream, the archipelago oftentimes finds itself directly in the path of hurricanes especially those that have re-curved from the westerlies. The good thing about this is that by the time they reach the Bermuda islands, the hurricanes have most probably weakened. Also, with the size of the islands, direct landfalls are actually very rare.
By far, the only source of freshwater in the islands is rainfall which local people collect from their rooftops and catchments. These are then stored in tanks. Each residential or commercial structure in Bermuda is equipped with at least one of these tanks forming a part of their foundation.
Economics
Originally, the currency in the islands was the Bermuda pound but after its abolishment in 1970, the official currency in the islands is the Bermudian dollar. The Bermudian dollar is pegged to the U.S. dollar. As such, U.S. notes and coins can be used interchangeably with the Bermudian notes and coins within Bermuda's boundaries for practical purposes. In most cases, banks levy a small exchange rate for the purchase of U.S. dollars with the Bermudian dollars.
Photo by Benjamin Peterson |
The Bermuda Monetary Authority is the main issuing authority for all the bank notes and coins. It is also responsible for the regulation of financial institutions.
The Bermuda Islands has a highly affluent economy. By far, the largest contributing sector to the economy is the finance sector. Tourism is another huge sector.
The per capita income in the islands is estimated to be 50% higher than that of the United States. It also has the highest gross domestic product per capita in the world, according to the Bermuda Government's Economic Statistics Division.
Offshore Finance Services
The islands likewise serve as an offshore financial center. This is primarily attributed to the low direct taxation on both personal and corporate income. The local tax system in Bermuda is based on import duties, payroll taxes, and consumption taxes.
To date, the islands serve as the offshore headquarter for a lot of foreign companies, Bermuda has a highly-developed international business economy. It is currently a financial exporter of services like insurance, re-insurance, investment funds, and special purpose vehicles.
Tourism
Tourism is the second largest industry in Bermuda. Recent data shows that the islands attract more than half a million visitors per year, 80% of which are from the United States. The remaining 20% are usually from Canada and the United Kingdom. Most of the tourists arrive via cruise ships and air. |
