Bermuda is a British Overseas Territory comprising a number of islands, with an area of 54 km2 (20.8 sq mi), located in the North Atlantic Ocean, which in 2016 had a population of 65,331.

Tourism accounts for an estimated 28% of gross domestic product (GDP), 85% of which is from North America.

The industrial sector is small, and agriculture is now severely limited by a lack of suitable land.

A failed independence vote in late 1995 can be partially attributed to Bermudian fears of scaring away foreign firms.

The major Bermudian industry since the 1800s was the export by sea of early vegetables and flowers to New York: Bermuda had three crops per year.

In 1922, complete, concise and clear acts dealing with agriculture were placed on the Bermudian statute book; inspection of produce was initiated; and seed testing began.

For a year in 1921–23, Professor H H Whetzel[13] of Cornell University advised remedies for the cash crop diseases of potato blight, onion thrips, celery leaf spot, lily Botritis, and melon mildew.

During this time, exports of agricultural products to the United States contributed the most to Bermuda's economy.

He introduced regulations in 1924 governing the control of local diseases and pests, and the import of plants – so vital for an island.

The early Easter-lily bulb exports to New York and the Isle of Man – high-value and vital financially to Bermuda – became badly diseased from the late 19th century to the mid-1920s.

In 1924 Lawrence Ogilvie (age 25) saved the industry by identifying the problem as a virus (not aphid damage as previously thought) and instituting controls in the fields and packing houses.

Both currencies circulate in Bermuda on an equal basis, but the Bermudian dollar is not normally traded outside the territory.

[19] In September 2020 it was reported that "Bermuda faces a fiscal cliff if its debt-to-revenue ratio, currently at 340 per cent, continues to rise.

[23] It is the domicile of 6% of offshore funds (at 2010)[24] and has a presence in aircraft registration and maintains an open ship registry.

An October 2000 KPMG report titled "Review of Financial Regulation in the Caribbean Overseas Territories and Bermuda" stated that the island's legislative framework was not compliant with international standards, which led critics to conclude that Bermuda is committed to the facilitation of money laundering and other financial crimes.

The Bermuda Government has since signed tax transparency and compliance agreements with the United States and Seychelles.

parliamentary session to further streamline the incorporation process, facilitate registration of foreign names and address conflicts in law for registered securities, again consistent with the KPMG report.

Amendments are being proposed to the BMA (Collective Investment Scheme Classification) Regulations 1998, part of a strategic plan for the development of financial services in Bermuda.

Some companies, however, are considering or planning a move to Ireland in search of "a more stable environment", including Willis Group.

[26] The growing importance of international business is reflected in its increased share of GDP, which grew from 12.6% in 1996 to 13.8% in 2000.

Foreign companies directly and indirectly supported 9,450 jobs in Bermuda and strongly influenced a further 4,670.

The move brought in additional hundreds of thousands in annual fees to a registry that already takes in about $3 million a year.

Following the September 11, 2001, attacks in the United States, a number of new re-insurance companies located to the island, contributing to an already robust international business sector.

On the other hand, Bermuda's already weakening tourism industry was hit hard, as American tourists chose not to travel.

The island's tourism industry, in which many Bermudians have historically been employed, continues to experience tough times, made even worse by 11 September.

The United Kingdom, Canada, Seychelles and the Caribbean countries (mainly the Netherlands Antilles) also are important trading partners.

Exports from Bermuda, including imports into the small free port, which are subsequently re-exported, increased from US$35m in 1993 to almost US$51m in 1999.